Accounting Standards Codification | AccountingWEB

Accounting Standards Codification


Final US GAAP Framework for Private Companies Issued by FASB and PCC

The Financial Accounting Standards Board and the Private Company Council on December 23 issued a final decision-making framework for users and preparers of private company financial statements.

FASB: Final Revenue Recognition Standard Coming Soon

A revenue recognition standard for US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is close to being finalized.

FASAC Survey Identifies Top Five Projects for FASB

The primary advisory group for the FASB released results of a recent survey that solicited stakeholder views about the standard-setting board's future agenda, including the top five projects the FASB should pursue in the next three to five years.

FASB Issues Proposal to Define Public Business Entity

A proposal that defines a public business entity was issued by the Financial Accounting Standards Board (FASB) on August 7. The FASB is encouraging stakeholders to review and provide comments on the proposal by September 20.

FASB Approves Deferral on Certain Benefit Plan Disclosures

The FASB voted on June 12 to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor's own nonpublic equity securities.

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.

GASB Offers Governmental Accounting Research System Online Platform

The Governmental Accounting Standards Board (GASB) has launched a new Governmental Accounting Research SystemT (GARS) platform – GARS Online. Previously, GARS was available only on CD-ROM.

FAF Releases Updated Print Edition of FASB Accounting Standards Codification

On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) "Accounting Standards Codification."

FASB Issues ASU 'Technical Corrections and Improvements'

The FASB has issued amendments to the FASB Accounting Standards Codification® based on feedback from stakeholders. The amendments, issued as ASU No. 2012-04, are the product of a standing FASB project.
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