FASB issues 2 new financial accounting concept statements
Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
FASB Financial Accounting & Reporting
FASB ASU addresses supplier finance programs
A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.
Digital assets, intangibles among priorities on FASB’s new research agenda
FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
FASB working to balance desires of investors and preparers
Investors want more disaggregated information. Financial statement preparers are concerned about the costs of preparing that information. FASB Chair Richard Jones is seeking to balance those priorities.
Revenue recognition: Tips for challenging circumstances
Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
Revenue, SPACs, and LIBOR pose year-end accounting challenges
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
FASB reconsiders accounting for troubled debt restructuring by creditors
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
New FASB standard requires businesses to disclose government aid
Businesses that receive certain forms of government assistance will be required to disclose that aid in the notes to their annual financial statements under a standard the Financial Accounting Standards Board issued Wednesday.
Credit losses: 4 things you need to know
Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.
FASB issues risk-free rate rule to cut costs for nonpublic lessees
Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.
FASB declines to extend nonpublic lease accounting effective date
Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.
FASB proposal would amend interim disclosure requirements
Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
FASB addresses contract assets, liabilities acquired in a business combination
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
FASB provides new private company practical expedient
Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
FASB proposal addresses fair value and equity security sale restrictions
A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
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 report describes investor outreach
FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.
Revenue, lease accounting still challenge private companies
After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.
FASB alters accounting for certain leases with variable lease payments
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
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).
