Accounting Standards Update

A&A

FASB OKs New Rules on Consolidations

New accounting guidance intended to increase transparency and consistency of financial reporting about consolidations was agreed upon by members of the standard-setting board on Wednesday. The final standard will be released in the coming months.
A&A

FASB Wants to Wipe Out Requirements for Extraordinary Items

As part of a new initiative to make US accounting rules less complex, the standard-setting board on Tuesday also proposed new guidance that would simplify the measurement of inventory.
A&A

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.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
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FASB Issues Exposure Draft on Development Stage Entities

On November 7, FASB issued an exposure draft of a proposed accounting standards update that is intended to improve financial reporting about public and private development stage entities.
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FASB to Host Roundtable Meetings on Insurance Proposal

The Financial Accounting Standards Board will host public roundtable meetings in December on its proposed accounting standards update "Insurance Contracts (Topic 834)."
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PCC Finalizes Two GAAP Standards for FASB to Endorse

Two alternatives within US GAAP – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – were finalized by the PCC during a meeting on October 1.
A&A

Public Comment Period on Lease Accounting Draws Near

September 13 is the final day individuals and organizations can submit comments on the revised proposals to the guidelines for lease accounting that were published in May by the FASB and the IASB.
A&A

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.
A&A

FASB Standards Update Defers Certain Benefit Plan Disclosures

The FASB published a new accounting standards update on July 8 that defers indefinitely certain disclosures about investments held by nonpublic employee benefit plans in their plan sponsor's own nonpublic equity securities.
A&A

FASB Issues Three PCC Proposals for Public Comment

The FASB on July 1 issued for public comment three accounting proposals from the PCC in response to concerns raised by private company stakeholders about the complexity of certain aspects of US GAAP.
A&A

FASB Proposes Improvements to Financial Reporting of Going Concern Uncertainties

On June 26, 2013, the Financial Accounting Standards Board (FASB) issued a proposal intended to improve disclosures of uncertainties related to an organization's ability to continue as a going concern.