All Financial Accounting Standards Board articles – Page 3
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ArticleFASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
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ArticleFASB Q&A tackles coronavirus effect on hedge accounting
FASB staff issued a question-and-answer document to address uncertainty about the effects of the coronavirus pandemic on cash flow hedge accounting under Accounting Standards Codification Topic 815.
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ArticleFASB Q&A addresses lease concessions related to coronavirus
FASB staff has issued interpretative guidance in the form of a question-and-answer document addressing accounting for lease concessions related to economic effects of the coronavirus pandemic.
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ArticleFASB votes to approve leases, rev rec delays amid coronavirus response
The Financial Accounting Standards Board ruled unanimously on tentative effective date delays to standards affecting revenue recognition and leases in response to the ongoing coronavirus pandemic.
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ArticleFASB to address coronavirus impact at April meeting
The Financial Accounting Standards Board announced its intent to meet April 8 and address standard-setting issues related to the ongoing coronavirus pandemic.
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ArticleNew FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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ArticleFASB agenda on hold amid chair transition
Outgoing FASB Chair Russell Golden said at a Financial Accounting Foundation meeting this week the rulemaker will look to get his successor, Richard Jones, settle before determining its second-quarter agenda.
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ArticleFASB Q&A tackles revenue recognition implementation
Determining transaction price and identifying performance obligations are among the most challenging implementation issues in accounting for revenue recognition, according to recent guidance from FASB.
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ArticleEY chief accountant to succeed Golden as FASB chair
The Financial Accounting Standards Board announced the appointment of EY Chief Accountant Richard Jones to succeed Russell Golden as chair, effective July 1, 2020.
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ArticleFASB finalizes simplification of income tax standard
The Financial Accounting Standards Board has issued an Accounting Standards Update to finalize changes to income tax accounting meant to simplify the process.
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ArticleLiabilities and equity, LIBOR among priorities for FASB’s Golden
In a speech Tuesday, FASB Chairman Russell Golden laid out the accounting areas he hopes to finalize changes to before his term ends June 30, 2020.
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ArticleFASB finalizes tweaks to CECL standard
The Financial Accounting Standards Board has issued an update to the upcoming standard on credit losses that addresses negative allowances and expected recoveries.
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ArticleFASB finalizes standard delays, including CECL
The Financial Accounting Standards Board has finalized long anticipated delays in effective dates for several accounting standards, including the controversial rule on credit losses.
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ArticleBig Four to FASB: Guidance needed on supplier financing arrangements
The Big Four accounting firms are asking FASB to provide guidance regarding the financial statement disclosures that should be provided by companies that have entered supplier finance programs involving their trade payables.
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ArticleFASB announces upcoming CECL implementation workshops
FASB has announced upcoming workshops designed to help community banks and credit unions of all sizes implement the standard on current expected credit losses.
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ArticleFASB votes to approve standard delays, including CECL
FASB has voted to approve a previously proposed delay to its upcoming rule change for credit losses, in addition to standards for hedging and leasing.
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ArticleProposed bill targets FASB rulemaking procedures
Rep. Blaine Luetkemeyer (R-Mo.) on Friday introduced a bill that would subject the Financial Accounting Standards Board to the rulemaking guidelines of federal financial regulators.
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ArticleBanks finalize CECL prep, but others have work to do
Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
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ArticleLIBOR report suggests steep uphill climb still ahead
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.
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ArticleLease rule implementation still a slog, poll says
Halfway through the first year reporting under new lease accounting rules, only one-fourth of public companies said their implementations were complete, according to a recent Deloitte poll.