FASB

A&A

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.
A&A

Standard on Auditing Revenue May Be in PCAOB's Future

A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A&A

Called to Account: Preparing for Upcoming FASB Changes to Lease Accounting and Reporting

With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
A&A

FASB Offers Q&A Fact Sheet on Disclosure Framework

In an effort to clarify the facts about the FASB Disclosure Framework project, the standard-setting organization has created a questions-and-answers fact sheet about the initiative.
A&A

GASB Launches New User-Friendly Website

The GASB launched an updated website on September 30 that features more user-friendly navigation and "plain English" resources that provide information on accounting and financial reporting issues for state and local governments.
A&A

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)."
A&A

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

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.
A&A

FASB Chairman Russell Golden Outlines Plans for Future

In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
A&A

FASB OK'd Exposure Draft on Development Stage Entities

The FASB voted on September 11 to approve issuing an exposure draft containing proposals for improving financial reporting about public and private development stage entities.
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 Sets Deadline for Disclosure Field Study Registration

The Financial Accounting Standards Board (FASB) on Thursday set September 30 as the registration deadline for participation in a field study on disclosures in notes to financial statements.
A&A

AICPA Releases Decision Tool on Accounting Frameworks

The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
A&A

Proposed 2014 US GAAP Taxonomy Ready for Public Review

Individuals interested in reviewing the proposed 2014 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments.
A&A

FASB Proposes Variable Interest Entity Guidance Exemption

A proposal that would exempt many private companies from applying variable interest entity guidance under US GAAP to lessor companies under common control was issued by the FASB on August 23.
A&A

Two GASB Insurance-Related Standards Receive Good Review

A post-implementation review of two accounting standards that were established to improve the consistency and comparability of reporting US state and local governments' insurance activities concluded that the standards achieve their purposes.
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 and IASB Form Revenue Recognition Transition Group

A joint group created by the FASB and the IASB will be tasked to help organizations transition to the upcoming final converged standard on revenue recognition, the two standards-setting groups announced July 26.
A&A

FAF Appoints James Kroeker Vice Chairman of FASB

James Kroeker, a former chief accountant for the SEC who most recently served as a deputy managing partner with Deloitte LLP, was appointed a member and vice chairman of the FASB.
A&A

Fitch: Lease Accounting Proposal Expected to Challenge Lessors

The changes to the guidelines for lease accounting that were proposed in the recent exposure draft from the FASB and the IASB will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

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