In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates. Continue reading "FASB Publishes Proposed Revisions to Future..." »

In December 2021, the Governmental Accounting Standards Board (GASB) voted to approve pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022. The GASB also approved the addition of a major project focusing on “going concern” uncertainties and severe financial stress. An entity is a “going concern” if it is able to continue operating long enough to carry out its commitments, obligations, and objectives. The GASB is investigating how “going concern” states are influenced by severe financial distress. Continue reading "GASB Adds Pre-Agenda Research Activity and..." »

The FERC issued a Notice of Inquiry (NOI) on December 16th to assess the rate recovery, reporting and accounting treatment of industry association dues and certain civic, political, and related expenses. The NOI also evaluates the ratemaking impact of potential accounting and reporting developments and whether increased disclosure or guidance is needed concerning defining donations for charitable, social, or community welfare purposes. The notice also considers whether modifications are necessary to guarantee those expenses are appropriately accounted for and recovered in rates. {expires: 2022-02-23} Continue reading "FERC Solicits Comment on Recovery, Reporting of..." »

On December 22nd, the Financial Accounting Standards Board (FASB) appended its Conceptual Framework with two new chapters. The Conceptual Framework is comprised of complementary objectives and fundamentals that provide the FASB with a foundation for setting standards and concepts for it to use as tools for resolving accounting and reporting questions. Continue reading "FASB Appends Its Standard-Setting Conceptual..." »