FASB votes to delay effective dates for 3 major standards
Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.
Accounting Compliance and Reporting (US)
Opinion: FASB proposal jeopardizes health care entity financing
A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
A new path for private companies with VIEs
FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.
FASB tackles difficult liabilities and equity topic
The guidance was described as inconsistent and overly complex.
FASB proposes delay in 3 key effective dates
Accounting for leases, hedging, and credit losses would be affected.
FASB proposes clarifying interaction between 2 standards
The change addresses the measurement alternative and the equity method.
FinREC issues credit loss standard working drafts
The material is being developed for a guide to help preparers.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Hidden in plain sight: Accounting for embedded leases
Locating and reporting on lease arrangements hidden in contracts that are not labeled as leases can be a challenge under FASB’s new rules.
FASB makes a second effort to improve balance sheet debt classification
FASB issued a reproposal that is designed to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet.
FASB proposes guidance to ease transition to new benchmark rates
A proposed Accounting Standards Update would establish temporary guidance designed to reduce the accounting burdens associated with the shift from LIBOR and other interbank-offered interest rates to new reference rates.
FASB proposes delays for certain preparers
Effective dates of 4 major standards would be affected.
How to make the most of FASB’s effective date delays
FASB has proposed delays in effective dates for some major accounting standards for certain financial statement preparers. Here’s how preparers can make the best use of the extra time.
FASAB clarifies cleanup cost liabilities guidance
A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
FASB proposes delay in long-term insurance standard effective date
The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
FASB proposes delays in 3 key effective dates
Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
FinREC issues credit loss standard working drafts
Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
Lessee accounting for governments: An in-depth look
These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
FASB tackles difficult liabilities and equity topic
FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.
FASB proposes clarifying interaction between 2 standards
FASB issued a proposal that would clarify the interaction between its standard on recognition and measurement of financial instruments and its standard on equity method investments.
