FASB Financial Accounting & Reporting

Lease accounting: Private companies on the clock after delay

Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.

FASB asks for feedback on standard-setting agenda

FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).

FASB proposes hedge accounting changes

FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.

FASB to seek input on its standard-setting agenda

FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 





Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.