All FASB articles – Page 17
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Blog
FASB finalizes guidance on licensing, performance obligations
FASB has issued guidance related to the revenue recognition standard to clarify licensing and identifying performance obligations. The guidance says entities are not required to assess whether promised goods or services are performance obligations if they are immaterial in the contract with the customer. It also provides some clarification around ...
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Blog
FASB offers guidance on hedge accounting complexities
Image: Hedge accounting can help organizations manage exposures that range from changing interest rates to counterparty credit risk. But the rules that govern hedge accounting are extremely detailed and require close compliance consideration. CW columnist Robert Herz discusses how, with new regulations proposed, things are only going to get more ...
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BlogFASB plans new discussion on credit impairment effective date, guidance
Image: FASB is reconsidering the planned effective date for the final standard on credit impaiment and is promising clarifications after concerns were raised by community bankers and credit unions over whether the requirements would lead to difficult and costly accounting processes and procedures. FASB Chairman Russ Golden said the board ...
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Blog
FASB simplifies share-based payment accounting
Image: FASB has issued new guidance to smooth over several rough spots in the requirements around stock compensation, such as how to account for the tax consequences of share-based payments, classification of the awards as either equity or liability, and classification on the statement of cash flow. Chairman Russ Golden ...
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Blog
SEC staff call out custom axis tag use in XBRL filings
The SEC is advising companies to take a careful look at their use of axis tags in their XBRL filings. The SEC has been studying corporate filings from 2013 to 2015 in the “XBRL format looking for problems that lead to data quality concerns, with axis tags being one such ...
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Blog
FASB appoints transition group for pending credit loss standard
Image: FASB has seated a Transition Resource Group to help implement the pending standard on credit losses that will include 16 bigwigs from accounting firms PwC, KPMG, EY, Deloitte, Grant Thornton, and Crowe Horwath, as well as banking and insurance entities. The group, which will be chaired by FASB member ...
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FASB complete gross versus net guidance for revenue recognition
The Financial Accounting Standards Board has issued an update to accounting standards meant to put to rest any confusion that may still exist on how to apply the principal-versus-agent guidance in the new revenue recognition rule.
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BlogFASB issues new rules on gift cards, hedging, equity investments
FASB has issued guidance that enables companies to write off lingering gift card liabilities, shore up hedge accounting practice differences, and simplify transitions to equity method accounting. Crowe Horwath Partner James Dolinar says the guidance around gift cards is perhaps the most broadly applicable, as companies can now do some ...
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Article
New accounting standard for leases brings numerous compliance concerns
As public companies face a 2019 deadline for a new accounting standard that brings leases onto corporate balance sheets, compliance officers will have to consider a long list of implementation decisions and business implications, says Tammy Whitehouse.
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Blog
FASB wraps up revenue recognition technical decisions
FASB has determined how it wants to address questions around certain aspects of the disclosure requirements for unmet performance obligations in the new revenue recognition standard. The board plans to add a practical expedient to the disclosure requirements around certain types of variable consideration; it also will make some improvements ...
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Article
Accounting standards update brings lease contracts under the spotlight
Image: After years of reports that entities would one day be required to reflect all of their lease obligations on the balance sheet, companies finally have a major new accounting standard to adopt that will bring all but the tiniest assets and liabilities arising from lease contracts onto corporate balance ...
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BlogSEC advises caution on revenue recognition policies
While international regulators have finished up with revenue recognition, the SEC continues to advise companies to scrutinize U.S. regulators’ impending work on the standard. FASB has scheduled three meetings for the Transition Resource Group, which will be airing and discussing any implementation questions it has received. According to Deputy Chief ...
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BlogFASB publishes final lease accounting standard
Image: Marking another milestone in accounting history, the Financial Accounting Standards Board has published its final standard requiring all companies that lease any kind of asset—from real estate to heavy equipment to office copiers—to recognize leased property as an asset they have a right to use and a liability that ...
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Blog
FASB, SEC offer new insights on XBRL
The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL. The newest guide is the latest in a ...
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Blog
Pressure builds on FASB as it finalizes lease standard
As the Financial Accounting Standards Board dries the ink on its pending new lease accounting standard that will bring lease assets and liabilities on to corporate balance sheets, more than a dozen trade and professional groups are making an eleventh-hour appeal for FASB to exempt private companies. The groups, which ...
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Blog
FASB hits pause on revenue recognition disclosure provision
Image: FASB met recently to consider proposed guidance around collectibility, non-cash consideration, contract modifications, and more. It did not come to a final decision, however, on whether to add a practical expedient to certain disclosure requirements regarding remaining performance obligations. FASB member Marc Siegel offered some concern: “We tried to ...
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Article
The new VIE evaluation process is here, but what does it really change?
Image: With yet another change in the guidance on when a company needs to consolidate a particular entity onto its balance sheet, all public companies need to walk through a new evaluation process in the first quarter, even if it doesn’t change the outcome. “It is a thicket,” says Adam ...
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FASB Takes Heat on Impairment Proposal
Image: FASB is facing some fresh political pressure from Congress, this time to answer the outcry of smaller financial institutions objecting to the planned change to financial instrument impairment rules. According to FASB Chairman Russ Golden, a recent open meeting on the topic of impairment produced “insightful discussion that resulted ...
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BlogFASB Proposes Eight New Cash Flow Classification Rules
Current accounting rules are either unclear or silent on how to classify cash flows in certain instances, so FASB is proposing an update to the Accounting Standards Codification to fill the gaps. The board is looking to clarify several issues with such transactions as debt prepayments, settlement of zero-coupon bonds, ...
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Blog
FASB Member Daryl Buck to Retire
The Board of Trustees of the Financial Accounting Foundation (FAF) last week announced that Financial Accounting Standards Board member Daryl Buck will retire from FASB, effective December 31, 2016. Buck was appointed to the FASB in February 2011 and is currently serving in his second term.