FASB financial accounting & reporting

TOPICS / ACCOUNTING & REPORTING

April 20, 2020

GASB issues guidance on accounting for P3s and APAs

GASB issued guidance that is intended to improve state and local governments’ accounting for public-private and public-public partnership arrangements as well as availability payment arrangements.

April 16, 2020

Pandemic alters lease accounting landscape

The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.

April 10, 2020

FASB issues Q&As to clarify pandemic lease accounting issues

FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.

April 8, 2020

FASB staff clarifies lease modifications, other pandemic accounting issues

Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.

April 8, 2020

FASB effective date delay proposals to include private company lease accounting

The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.

April 3, 2020

Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says

Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.

April 1, 2020

FASB to discuss effective date deferral requests in response to pandemic

Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.

March 27, 2020

Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.

March 26, 2020

CARES Act would delay compliance with FASB credit loss standard

The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.

March 12, 2020

FASB provides accounting relief for LIBOR transition

Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.

March 9, 2020

FASB makes narrow changes to financial instruments guidance

FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.

March 4, 2020

Conditional coronavirus relief provided by SEC

The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.

February 27, 2020

FAF appoints Auchincloss to serve as executive director

The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.

February 12, 2020

FASB to propose private company expedient for share-based payment accounting

Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.

February 10, 2020

FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.

January 16, 2020

FASB clarifies interaction between standards

FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.

January 6, 2020

Accounting for cloud computing: What you need to know

Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.

December 19, 2019