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..." »

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 November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels. Continue reading "FASB Proposes Updates for Future Taxonomy..." »

On November 29th, the SEC’s Office of the Chief Accountant and the Division of Corporation Finance published Staff Accounting Bulletin (SAB) No. 120, an interpretive guidance for public companies which details how to properly identify and disclose compensation costs for “spring-loaded awards” made to executives. Spring-loaded awards are share-based compensation arrangements in which a company grants stock options or other awards shortly before it announces market-moving information, for example, the disclosure of a substantial transaction or an earnings release that surpasses expected results. Continue reading "SEC Staff Issues Accounting Guidance on..." »

On November 1st, the Financial Accounting Standards Board (FASB) issued proposed improvements to references for the 2022 US GAAP Financial Reporting Taxonomy (GRT) and proposed improvements for the Accounting Standards Update (ASU) on Interim Financial Disclosure Requirements. These changes are intended to improve the usability of the taxonomy and enhance financial statement disclosures. Continue reading "FASB Seeks Comment on Proposed Improvements for..." »

The Financial Accounting Standards Board (FASB) will host its semiannual webcast, titled “IN FOCUS: FASB Update for Private Companies and Not-for-Profit Organizations”, which will outline its standard-setting efforts. The event takes place on Monday, December 13, 2021, from 1:00 p.m. to 3:05 p.m. ET. The event is free and open to the public but registration is required. {expires: 2021-12-14} Continue reading "FASB Announces Virtual Semiannual Update on Its..." »

On October 1st, the Financial Accounting Standards Board (FASB) issued proposed technical and other conforming changes for the 2022 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the associated release notes for public comment. The Financial Accounting Foundation (FAF) and the FASB are jointly responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy (GRT). Along with maintenance of the GRT, technical and other conforming improvements are made in addition to those concerning Accounting Standards Updates issued in 2021. These improvements are now open for public review. Continue reading "FASB Releases Proposed Changes for 2022 US GAAP..." »