On June 29th, the Financial Accounting Standards Board (FASB) issued its 2021 FASB Agenda Consultation Report. The document summarizes comments submitted by investors during the 2021 agenda consultation project and demonstrates how those responses have shaped the FASB’s technical and research agendas and standard-setting process as of June 29, 2022. Continue reading "FASB Releases 2021 Agenda Consultation Report" »

On June 30th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) that improves financial reporting for investors and other financial statement users. The ASU is designed to enhance comparability of financial information for all reporting entities with investments in equity securities measured at fair value and are subject to contractual restrictions preventing the sale of those securities. Continue reading "FASB Releases ASU to Improve Fair Value..." »

On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

The Financial Accounting Standards Board’s (FASB) Investor Advisory Committee (IAC) will convene a meeting on Tuesday, May 24th to address matters of interest to financial statement users including income tax disclosures, digital assets, segment reporting, disaggregation of income statement expenses, and ESG-linked financial instruments. Continue reading "FASB Announces Meeting of Investor Advisory..." »

The Financial Accounting Standards Board (FASB) has announced that it will convene a meeting of its Small Business Advisory Committee (SBAC). The meeting will take place on Thursday, May 12, 2022, from 1:00 p.m. – 3:00 p.m. ET. Continue reading "FASB to Hold Small Business Advisory Committee..." »

On April 20, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that includes two issues concerning reference rate reform. The first concerns the transition from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) toward new reference rates that are more dependable and stable. LIBOR is presently the most widely used reference rate in the global financial markets. The second expands the use of Secured Overnight Financing Rate (SOFR)-based interest rates available as benchmark interest rates. Continue reading "FASB Announces Proposed Updates to Reference..." »

The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

On March 31st, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) in which a new standard addresses troubled debt restructuring (TDR) and vintage disclosures. The update is designed to provide investors with sufficiently detailed disclosures so they may gather useful information about certain loan refinancings, restructurings, and write-offs. The new ASU undertakes remarks submitted by investors and other stakeholders during the post-implementation review of the credit losses standard. The revisions both create a single model for loan modification accounting by creditors and provide enhanced write-off disclosures and loan modification. Continue reading "FASB Broadens Disclosure Requirements and..." »

The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to promote synergy between hedge accounting and an organization’s risk management procedures. The latest ASU builds on the FASB’s 2017 issuance of a hedging standard which improved alignment between the two entities. The earlier standard also increased transparency concerning how results of hedging activities are presented – on the face of the financial statements and in the footnotes – for investors and analysts when hedge accounting is applied. Continue reading "FASB Enhances and Broadens Hedge Accounting" »

The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06} Continue reading "FASB to Host Webinar: 2022 GAAP and SEC..." »

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..." »

On December 15th, the SEC voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the associated 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 Announces Approval of PCAOB Budget and..." »