FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
Accounting and Financial Reporting
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
All issuers will be allowed to 'test the waters.'
A separate standard for insurance contract accounting also was delayed.
Delays in effective dates for three key accounting standards provide preparers an opportunity for a more thorough implementation.
The standard setters are preparing for transaction-based rates.
A reduced corporate tax rate could encourage changeover.
FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.
An Accounting Standards Update makes improvements to certain technical and other aspects of implementing FASB’s new accounting standard for credit losses.
The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.
FASB issued two Accounting Standards Updates that finalize delays to various effective dates for new standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
FASB approved guidance to assist companies in their transition from interbank-offered rates to new reference rates.
FASB is attempting to enable a better, more consistent application of its new hedge accounting standard with proposed clarifications to certain sections of the guidance.
Share-based payments made to customers will be accounted for under FASB ASC Topic 718 as a result of new rules.
The wide variety of frameworks and standards initiatives prevents consistency in corporate reporting, according to the International Federation of Accountants.
Revised financial instruments standards that impact all industries and apply to a broad range of financial assets have begun to take effect. The effective date for SEC filers is years beginning after Dec. 15, 2019.
The board put forward a new philosophy on effective dates.
Reference rates are seen as less susceptible to manipulation.
The reproposal addresses unused long-term financing arrangements.