On December 13th, the SEC approved the 2024 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. The PCAOB monitors the audits and auditors of the financial statements that are submitted by registered broker-dealers and issuers. Section 109 of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish, with SEC approval, a reasonable accounting support fee to fund its operations. Continue reading "SEC Approves PCAOB Budget and Accounting..." »

On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staff’s ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASB’s Accounting Standards Codification. Continue reading "FASB Issues Improvements for 2024 US GAAP..." »

On October 6th, the Financial Accounting Standards Board (FASB) staff released proposed technical and other conforming improvements for the 2024 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment. Continue reading "FASB Publishes Technical and Other Improvements..." »

The Financial Accounting Standards Board (FASB) staff has released proposed technical and other conforming enhancements for the 2024 SEC Reporting Taxonomy and the related release notes for public review and comment. The proposed taxonomy enhancements include new elements related to disclosures about share repurchase programs and insurance and modified references changes which comprise a range of topics as part of the FASB staff's ongoing efforts to maintain current references for all of the elements. Continue reading "FASB Publishes Technical and Other Improvements..." »

The SEC’s Division of Economic and Risk Analysis (DERA) has announced that it has concluded its assessment of the way filers are tagging write-offs for their credit quality indicator disclosures in their Form 10-K and their allowance for credit loss. The assessment was conducted only on those filers that have financing receivables and follow Accounting Standards Codification (ASC), Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, a set of accounting standards that modernized the way entities measure credit losses on financial instruments published by the Financial Accounting Standards Board (FASB) in March 2022. Continue reading "SEC Issues Findings on Tagging Allowance for..." »

On July 31st, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) that would require public companies to provide disclosures in financial statements about that company’s expenses that would help investors make informed decisions concerning investments. Investors benefit greatly by understanding a company’s performance, assessing a company’s prospects for future cash flows, and having the ability both to observe a company’s performance over time and to compare with that of other companies. Continue reading "FASB Issues Proposed ASU to Enhance Income..." »

The Financial Accounting Standards Board (FASB) staff has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU), which addresses stakeholder concerns regarding comparability and complexity related to purchased financial assets. Continue reading "FASB Staff Issues Proposed GAAP Taxonomy..." »

On June 20th, the SEC updated the EDGAR system to Release 23.2, and the system now supports multiple new XBRL taxonomies, including the 2023 version of the International Financial Reporting Standards (IFRS) taxonomy, the Resource Extraction Payments (RXP) taxonomy, and the Open-End Fund (OEF) taxonomy. These taxonomies are now also supported in the GoFiler Suite. Continue reading "SEC Issues June 2023 XBRL Taxonomies Update" »

On May 11th, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) designed to enhance generally accepted accounting principles (GAAP) by including illustrative guidance to help entities determine whether profits interest and similar awards should be considered a share-based payment arrangement within the scope of Topic 718, Compensation—Stock Compensation. The FASB is inviting interested parties to submit feedback on the proposed update. Continue reading "FASB Releases Proposal to Clarify Accounting..." »

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced an enhancement that will facilitate stakeholders’ ability to raise potential concerns about compliance with the due process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). This is part of FAF’s continuing endeavor to improve its oversight activities and to further increase disclosure requirements for stakeholders. The enhancement gives stakeholders the ability to flag and report to the FAF’s Oversight Committee (Committee) supposed failures by either the FASB or the GASB to follow their due process procedures as defined in the FAF By-Laws. Continue reading "FAF Trustees Improve Stakeholder Feedback..." »

The Financial Accounting Standards Board (FASB) has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU) concerning income tax disclosures. Continue reading "FASB Proposes GAAP Taxonomy Improvements for..." »

On March 29th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) titled “Topic 323, Investments—Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”. The ASU is a consensus of the FASB’s Emerging Issues Task Force (EITF). Continue reading "FASB Releases ASU for Investments in Tax Credit..." »

The Financial Accounting Standards Board (FASB) has published proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU). Continue reading "FASB Proposes GAAP Taxonomy Improvements for..." »

On March 27th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) that adds enhancements to the guidance for applying Topic 842, Leases to arrangements between entities under common control. Some stakeholders shared concerns with applying Topic 842 to related party arrangements between entities under common control during the process of FASB’s post-implementation review (PIR) of Topic 842. Continue reading "FASB Releases ASU to Enhance Guidance for Topic..." »

On March 20, 2023, the SEC upgraded the EDGAR system to Release 23.1. The system now supports the 2023 reporting taxonomies. The SEC does not anticipate the removal of the 2021 versions of any taxonomies to occur before June 2023. For more information and a complete list of supported standard taxonomies, visit the Standard Taxonomies webpage on sec.gov. Continue reading "SEC Issues 2023 XBRL Taxonomies Update" »