FASB | AccountingWEB



FASB Proposal Aims to Make Accounting for Business Combinations Less Complex

Proposal is part of FASB initiative to make areas of US GAAP easier and less costly for financial statement users.

FASB Makes Improvements to Disclosure Requirements for Insurance Companies

Insurers that issue short-duration contracts will now have to provide more information about claim-related liabilities.

NASBA: Private Company Standard-Setting Process is ‘Effective and Efficient’

But NASBA officials urged the FAF not to limit the Private Company Council’s role in that process.

AICPA to FAF: Full Steam Ahead on Private Company Accounting Matters

Comments sent as part of an assessment of the Private Company Council’s effectiveness in standard-setting process.

FASB Proposes Improvements in Two Areas of New Revenue Standard

Stakeholders have until June 30 to comment on the proposed rule changes to performance obligations and licensing.

FASB Seeks Public Comment on One-Year Deferral of New Revenue Recognition Rule

US standard-setter issues proposed Accounting Standards Update on effective date delay; comment period ends May 29.

FASB Aims to Simplify Rules for Employee Benefit Plan Accounting

Another proposal focuses on whether certain electricity contracts within nodal markets qualify for a scope exception.

GASB to Look at Disclosures on Going Concern and Debt for Governments

Board members also voted to remove a project on economic condition reporting from its current technical agenda.

FASB Proposes Major Changes to Not-for-Profit Reporting Rules

Stakeholders have until Aug. 20 to review the Accounting Standards Update and provide written comments to the FASB.

Accounting Standard-Setters Issue Their 2015 Strategic Plan

The document, released on April 9, sets out the long-range vision and mission of the FAF, the FASB, and the GASB.

FASB Proposes Deferral of Revenue Recognition Standard for One Year

If enacted, US public companies would apply the new rule to annual reporting periods beginning after Dec. 15, 2017.

2015 US GAAP Financial Reporting Taxonomy Adopted by the SEC

The taxonomy, proposed by the FASB, contains updates for accounting standards and other recommended improvements.

Private Company Council’s Performance Up for Review by FAF Trustees

Feedback sought by May 11 on whether the PCC has helped improve accounting standard-setting for private companies.

Bramwell's Lunch Beat: Senators Make Another Attempt at Preparer Regs

The menu features new trends in self-employed workers, a proxy fight at DuPont, webinars at the PCAOB, and more.

5 Ways to Prepare for New Lease Accounting Rules

The changes to lease accounting rules are just the beginning. Do you know your exposure? Will your software be up to the job? The time for CPAs to find a solution is now.

PCAOB Urges Auditors to Follow Standards on Going Concern

In a staff audit practice alert issued on Monday, the US audit regulator reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a going concern.

Comment Period Opens for Proposed 2015 GAAP Taxonomy

Interested individuals have until October 31 to provide comments to the FASB about the taxonomy, which is a list of computer-readable financial reporting labels coded in XBRL.

FASB Share-Based Payment Rule Gets Mostly Positive Review

However, private company stakeholders told a Financial Accounting Foundation review team that the 2004 accounting standard is sometimes difficult to understand and is costly to apply.

FASB Gets into the Cloud Game

GAAP addresses accounting principles for cloud service providers, but there is no specific guidance for a customer's accounting of fees paid to the provider. Proposed guidance would change that.

IASB’s Decision Won’t Change FASB’s Plans for Leases Standard

The FASB remains unwavering in its support of a dual-model approach to bringing leases onto corporate balance sheets, despite its UK-based counterpart saying last week that it decided “tentatively” to back a single-lessee model.


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