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.
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.
The updated web page groups the standard-setting board's technical agenda into project “families” and informs visitors at a glance on where any given FASB project stands, the steps it took to get there, and what is coming up.
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.
As the FASB and the IASB continue to move away from full convergence of their standards, the prospects of international accounting rules being fully adopted in the US in the near future are growing less likely, according to a Fitch Ratings report.
During a speech at the IMA's 95th Annual Conference and Exposition on Monday morning, FASB Chairman Russell Golden said he did not expect the converged leases standard to be finished "until the latter half of 2015."
The new effort involves the FASB adding narrow-scope projects to its agenda that were identified by stakeholders as areas where US accounting rules could be simplified in a relatively short period of time.
The one-hour broadcast will provide an overview of the new accounting rule, as well as information on such topics as recognizing revenue over time, contract costs, disclosures, transition, and effective date.
The two standard-setting boards announced the release of the converged standard on the recognition of revenue from contracts with customers on Wednesday morning – the culmination of a joint project that has been in the works since 2008.