FASB Financial Accounting & Reporting

FASB provides goodwill triggering relief for private companies, not-for-profits

Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.

FASB approves private company and NFP goodwill triggering event alternative

Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.

FASB simplifies revenue recognition for private company franchisors

FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.

FASB clarifies scope of reference rate relief

FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

FASB addresses revenue contracts with customers acquired in a business combination

FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.

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.

Standard setters focus on costs vs. benefits, 'big three' projects

FASB Chair Richard Jones, CPA, and GASB Chair Joel Black, CPA, describe their visions and priorities in this Q&A.

FASB pursues impairment-triggering relief for certain private companies, NFPs

FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.

FASB provides implementation relief for insurance companies

FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.

Pandemic accounting: How to make the right judgments

Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.

FASB issues minor codification changes

FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.

FASB proposes scope clarification for reference rate relief

Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.

FASB staff weighs in on debt modifications and restructurings

FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.

FASB proposes clarifying forwards and options accounting

FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.

FASB proposes 3 targeted lease accounting changes

FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.

FASB clarifies callable debt securities accounting

FASB published a new standard that clarifies accounting requirements for callable debt securities.

Costs and benefits: A Q&A with FASB Chair Richard Jones

The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.

FASB proposes expedient for private company franchisors

FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.

Treasury report on CECL standard is inconclusive

The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.