GAAP Financial Reporting Taxonomy - Efficiency and effectiveness review The FASB issued this invitation to comment to help it assess the efficiency and effectiveness of the US GAAP Financial Reporting Taxonomy used by public companies to report financial information in a digital format called XBRL. The FASB is seeking input on possible improvements to the usability of the taxonomy i. Comments are due by 15 June The FASB plans to discuss the feedback it receives at a public roundtable meeting on 18 July The proposed ASU would increase inventory disclosure requirements for all reporting organizations.

Comments are due by 13 March Simplifying the classification of debt in a classified balance sheet current versus noncurrent The proposal is intended to improve financial reporting by simplifying guidance used to determine whether debt should be classified as current or noncurrent in a classified balance sheet.

Under the proposed ASU, a borrower would continue to classify its debt as noncurrent when a violation of a debt covenant has been waived, if a borrower receives a waiver before the financial statements are issued or are available to be issued and the waiver meets certain conditions. Comments are due by 5 May Distinguishing liabilities from equity The amendments in Part I of this proposed Update would change the accounting for certain equity-linked financial instruments or embedded features with down round features.

The proposed amendments would require that when determining whether certain financial instruments should be classified as liabilities or equity instruments, an entity would not consider the down round feature when assessing whether the instrument is indexed to its own stock. The amendments in Part II of this proposed Update are a recharacterization of the indefinite deferral of certain provisions of Subtopicthat are currently presented as pending content in the Codification, to a scope exception.

These amendments will not have an accounting effect. Comments are due 6 February Stock compensation Topic Scope of modification accounting The amendments in this proposed Update would provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic Comments are due by 6 January Determining the customer of the operation services Stakeholders have observed that there is diversity in practice in how an operating entity determines the customer of the operation services for transactions within the scope of TopicService Concession Arrangements.

This proposed Update would address that diversity. The amendments in this proposed Update would clarify that the grantor, rather than the third-party drivers, is the customer of the operation services in all cases for service concession arrangements within the scope of Topic The amendments would eliminate the diversity in practice that has been observed regarding the customer determination for the operation services.

The amendments would also reduce complexity and enable more consistent application of other aspects of the revenue guidance, which are affected by this customer determination. Taxonomy implementation guide, Retirement benefits The purpose of this Taxonomy Implementation Guide is to demonstrate the modeling of disclosures related to retirement benefits. The examples are provided to help users of the Taxonomy understand how the modeling for disclosures related to retirement benefits is structured within the Taxonomy.

Comments are due by 2 December Taxonomy implementation guide, Dimensional modeling for disclosures of consolidated and nonconsolidated entities The purpose of this Taxonomy Implementation Guide is to demonstrate the modeling for disclosures related to dimensional modeling for disclosures of consolidated and nonconsolidated entities.

The examples are provided to help users of the Taxonomy understand how the dimensional modeling for disclosures of consolidated and nonconsolidated entities is structured within the Taxonomy. Taxonomy implementation guide, Leases under Topic The purpose of this Taxonomy Implementation Guide is to demonstrate the modeling for disclosures related to leases under Topic The examples are provided to help users of the Taxonomy understand how the modeling for disclosures of leases under Topic is structured within the Taxonomy.

Taxonomy implementation guide, Revenue from contracts with customers The purpose of this proposed Taxonomy Implementation Guide is to demonstrate the modeling for disclosures related to revenue from contracts with customers under ASC Topic The examples are provided to help users of the Taxonomy understand how the modeling for disclosures of revenue from contracts with customers is structured within the Taxonomy. Endowment reporting The Board is issuing this proposed Update to clarify the minimum requirements for the reconciliation that a not-for-profit entity NFP is required to disclose if it has endowment funds.

Comments are due by 11 November Targeted improvements to the accounting for long-duration contracts The FASB issued a proposed ASU intended to improve financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities.

Comments are due by 15 December Premium amortization on purchased callable debt securities The FASB issued a proposed ASU that would amend the amortization period for callable debt securities purchased at a premium. The Board is proposing to shorten the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles GAAPentities generally amortize the premium as an adjustment of yield over the contractual life of the instrument.

Comments are due by 28 November Technical corrections and improvements to Update No. The proposed Update issued on 18 May included nine technical corrections and improvements, which the Board is in the process of redeliberating.

Comments are due by 4 October Targeted improvements to accounting for hedging activities The FASB issued a proposed ASU that would make targeted improvements to the accounting guidance for hedging activities.

In addition to that main objective, the amendments in this proposed Update would make certain targeted improvements to simplify the application of the hedge accounting guidance in current. Comments are due by 22 November Conceptual framework for financial reporting: Presentation The FASB issued for public comment an Exposure Draft related to its conceptual framework presentation project.

The Exposure Draft describes proposed concepts related to how recognized items should be presented in a financial statement. This chapter will become a basis for the Board when creating presentation requirements in future standards. Comment are due by 9 November Agenda consultation The FASB issued an Invitation to Comment to solicit feedback about potential financial accounting and reporting topics that the FASB should consider adding to its agenda.

The document includes potential issues and possible solutions. Comment are due by 17 October Clarifying when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity The FASB issued this proposal to amend the consolidation guidance to clarify when a not-for-profit entity NFP that is a general partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in ASUConsolidation Topic Amendments to the Consolidation Analysis, become effective.

Comments are due by 3 October Plan accounting - Employee benefit plan master trust reporting The FASB issued this proposal to improve the usefulness of the information reported to users of employee benefit plan financial statements. This proposed Update relates primarily to the reporting by an employee benefit plan for its interest in a master trust.

Comments are due by 26 September Disclosure framework - changes to the disclosure requirements for income taxes The FASB issued a proposed ASU that is intended to enhance disclosure requirements on income taxes. The proposed ASU would both modify existing disclosure requirements and provide additional disclosure requirements for income taxes.

Comments are due by 30 September Interests held through related parties that are under common control The FASB proposed this Update to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity VIE would treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE.

The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE and, therefore, consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE.

Comments are due by 25 July Clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets The amendments in this proposed Update would clarify the scope of the nonfinancial asset guidance in Subtopic Under the clarified scope, entities would apply the guidance to the derecognition of all nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies.

The amendments in this proposed Update would affect any entity that enters into a contract to transfer a nonfinancial asset, a group of nonfinancial assets, or an ownership interest in a consolidated subsidiary that does not meet the definition of a business or a nonprofit activity. In addition, the proposed amendments would affect any entity that has historically had transactions within the scope of the real-estate-specific derecognition guidance.

The scope of the proposed amendments also includes contributions of nonfinancial assets that are not a business or nonprofit activity to a joint venture or another noncontrolled investee.

Comments are due by 5 August The amendments in this proposed Update are of a similar nature to the items typically addressed in the Technical Corrections and Improvements project. Comments are due by 2 July Simplifying the accounting for goodwill impairment The amendments in this proposed Update would modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value.

An entity would not determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because these amendments remove Step 2 from the goodwill impairment test, they should reduce the cost and complexity of evaluating goodwill for impairment. Comments are due by 11 July Restricted cash The FASB issued a proposal that would require restricted cash to be included with cash and cash equivalents in the statement of cash flows.

As a result, entities would no longer have to determine how to classify transfers to or from restricted cash within the statement of cash flows. An entity would be required to reconcile the total of cash, cash equivalents and restricted cash on the statement of cash flows to amounts in the balance sheet and disclose the nature of their restricted cash balances. Comments on the proposal, which is based on a consensus of the EITF, are due by 27 June Technical corrections and improvements The amendments in this proposed Update represent changes to clarify, correct errors, or make minor improvements to the Accounting Standards Codification.

The amendments would make the Accounting Standards Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Comments are due by 5 July Statement of cash flows Topic Classification of certain cash receipts and cash payments Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under TopicStatement of Cash Flows, and other Topics.

This proposed Update addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice. Comments are due by 29 March Defined benefit plans - general Subtopic The amendments in this proposed Update would modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Comments are due by 25 April Retirement benefits Topic Improving the presentation of net periodic pension cost and net periodic postretirement benefit cost This proposed FASB standard seeks to improve guidance related to the presentation of defined benefit costs in the income statement.

The proposal would require a reporting organization to separate the service cost component from the other components of net benefit cost for presentation purposes. Disclosure framework - changes to the disclosure requirements for fair value measurement This proposed FASB standard is intended to improve the effectiveness of disclosure requirements on fair value measurements.

Comments are due by 29 February Clarifying the definition of a business This proposed FASB standard is intended to clarify the definition of a business with the objective of adding guidance to assist organizations with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses.

Comment are due by 22 January Disclosures by business entities about government assistance This proposed FASB standard is intended to increase transparency about government assistance arrangements entered into by businesses and other for-profit organizations. Comments are due by 10 February Intangibles - Goodwill and Other TopicBusiness Combinations TopicConsolidation Topicand Derivatives and Hedging Topic Effective Date and Transition Guidance PCC The Private Company Council PCC added an issue to its agenda in response to concerns raised by private company stakeholders about the required assessment of preferability when electing a private company accounting alternative for the first time after its effective date.

Those stakeholders were concerned about scenarios in which it may be suboptimal for a private company to elect a private company accounting alternative by its effective date because of the facts and circumstances of that company or a private company is unaware of a finalized private company accounting alternative until after its effective date.

The PCC also added this issue to its agenda to address concerns raised by private company stakeholders. Those stakeholders were concerned that a private company that voluntarily elects the accounting alternatives provided in Update or Update after its effective date would not benefit from the favorable transition provisions provided in the Update.

Comments are due by 16 November Narrow-scope improvements and practical expedients This FASB proposal is intended to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

Additionally, the amendments in the proposed ASU would provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.

Conceptual framework for financial reporting chapter 3: Qualitative characteristics of useful financial information The FASB issued these proposed amendments to ensure that the materiality concepts discussed are consistent with the legal concept of materiality. Respondents to the FASB Invitation to Comment, Disclosure Framework, and the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, along with other stakeholders, have requested these amendments to eliminate inconsistencies between the framework and the legal concept of materiality.

Comments are due by 8 December Notes to financial statements Topic The amendments to Topic would apply to all types of organizations - public and private companies, not-for-profit organizations, and employee benefit plans. Revenue from contracts with customers: Principal versus agent considerations This FASB proposal is intended to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard. Comment are due by 15 October Contingent put and call options in debt instruments The amendments in this proposed Update would clarify the requirements for assessing whether contingent call put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts.

An entity performing the assessment under the proposed amendments would be required to assess the embedded call put options solely in accordance with the four-step decision sequence. Comments are due by 5 October Effect of derivative contract novations on existing hedge accounting relationships The proposed amendments would clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic does not, in and of itself, require dedesignation of that hedge accounting relationship provided that all other hedge accounting criteria continue to be met.

Compensation - Stock compensation: Improvements to employee share-based payment accounting The FASB proposed simplifying several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows.

Some of the areas for simplification apply only to nonpublic entities. Comments are due by 14 August Investments - Equity method and joint ventures: Simplifying the equity method of accounting The FASB proposed simplifying the equity method of accounting by eliminating the requirement that an investor identify, account for and make disclosures about the difference between its cost basis of an investment and its proportional interest in the equity of the investee i.

The FASB also proposed eliminating the requirement that an investor account for an equity method investment retrospectively when it increases its ownership to a level that initially qualifies for the equity method. Comments are due by 4 August Simplifying the accounting for measurement-period adjustments The Board is issuing this proposal as part of its Simplification Initiative. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the proposed amendments would require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined.

Comments are due by 6 July Identifying performance obligations and licensing The FASB proposed amending its new revenue recognition guidance on licenses of intellectual property and identifying performance obligations. Comments are due by 30 June Liabilities - extinguishments of liabilities: Recognition of breakage for certain prepaid stored-value cards The FASB proposed requiring an entity that issues certain prepaid stored-value cards redeemable for goods and services only at third-party merchants, cash or a combination of the two to recognize the dollar value that is not redeemed by cardholders i.

Comments are due 29 June Deferral of the effective date The FASB issued for public comment a proposed ASU that would defer the effective date of its new revenue recognition standard by one year. Stakeholders are encouraged to review and provide comment on the proposal by 29 May Application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets The FASB issued this exposure draft based on decisions reached by the Emerging Issues Task Force.

This proposal would specify that entities are not precluded from applying the normal purchases and normal sales exception to derivative accounting to certain forward contracts for the delivery of electricity in nodal energy markets, where one of the parties incurs transmission charges or credits based on the spot prices at the locations between which the electricity is transmitted.

Comments are due by 18 May Defined benefit pension plans TopicDefined contribution pension plans Topic and Health and welfare benefit plans Topic The FASB issued this exposure draft based on decisions reached by the Emerging Issues Task Force. This proposal would simplify presentation and disclosure for employee benefit plans by, among other things, eliminating requirements that they measure the fair value of fully benefit-responsive investment contracts and provide the related fair value disclosures.

Not-for profit entities and health care entities: Presentation of financial statements of not-for-profit entities The FASB issued this proposal to improve the information provided in not-for-profit financial statements and notes to financial statements. Comments are due by 20 August Taxonomy implementation guide, Repurchase-to-maturity transactions and repurchase financings The FASB issued a proposed Taxonomy Implementation Guide, Repurchase-to-Maturity Transactions and Repurchase Financings.

The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of repurchase-to-maturity transactions and repurchase financings is structured within the Taxonomy. Comments are due 1 May Disclosures about hybrid financial instruments with bifurcated embedded derivatives The Board issued this proposed Update to increase the transparency and usefulness of the information provided in the notes to financial statements about hybrid financial instruments that contain bifurcated embedded derivatives.

The amendments in this proposed Update would require an entity to disclose information that links each bifurcated embedded derivative to its related host contract, which would provide users of financial statements with decision-useful information that reflects the overall economics and cash flows for the entire hybrid financial instrument.

Comments are due 30 April Taxonomy implementation guide, Disclosure about offsetting assets and liabilities The FASB issued a proposed Taxonomy Implementation Guide, Disclosure about Offsetting Assets and Liabilities. The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of offsetting assets and liabilities is structured within the Taxonomy. Comments are due 27 April I Intra-entity asset transfers and II Balance sheet classification of deferred taxes The FASB issued two proposals today to simplify income tax accounting.

One would eliminate the exception related to recording the tax effects of intercompany transactions i. The other would require all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. Comments on both proposals are due by 29 May Disclosures about investments in other investment companies The proposal clarifies the scope of disclosure requirements in current GAAP related to investments in other investment companies.

Comments are due 17 February Disclosures for investments in certain entities that calculate net asset value per share or its equivalent The proposed update would eliminate the requirement that entities that measure investments using the net asset value NAV practical expedient categorize them in the fair value hierarchy table.

Under the proposal, certain disclosures about these investments would still be required. Effects on historical earnings per unit of master limited partnership dropdown transactions The amendments in this proposed Update would specify that, for purposes of calculating historical earnings per unit under the two-class method, the earnings losses of a transferred business before the date of a dropdown transaction would be allocated entirely to the general partner interest.

In that circumstance, the previously reported earnings per unit of the limited partners which is typically the earnings per unit measure presented in the financial statements would not change as a result of the dropdown transaction.

Qualitative disclosures about how the rights to the earnings losses differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also would be required.

The proposed amendments would require that an entity disclose the accounting policy election and the alternative date used for measuring defined benefit plan assets and obligations. Comments are due 15 December Simplifying the presentation of debt issuance cost The Board is issuing this proposed Update as part of its initiative to reduce complexity in accounting standards.

To simplify presentation of debt issuance costs, the amendments in this proposed Update would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums.

The recognition and measurement guidance for debt issuance costs would not be affected by the amendments in this proposed Update. Technical corrections and improvements The amendments in this proposed Update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

Additionally, some of the proposed amendments would make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.

Comment are due 1 December Customer's accounting for fees paid in a cloud computing arrangement As part of its simplification initiative, the FASB issued a proposed ASU intended to simplify the accounting for a customer's fees paid in a cloud computing arrangement. The Update is intended to improve financial reporting of fees paid by public and private companies and not-for-profit organizations who are customers in a cloud computing arrangement.

Comments are due by 18 November Income statement - extraordinary and unusual items: Simplifying income statement presentation by eliminating the concept of extraordinary items The proposed Update seeks to reduce cost and complexity by eliminating the concept of extraordinary items. Current GAAP requires organizations to evaluate whether an event or transaction is an extraordinary item and, if it is deemed so, to separately present and disclose the item. However, the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent.

The proposed Update would remove the concept of extraordinary items from GAAP. Simplifying the measurement of inventory The proposed Update addresses stakeholder concerns about the complexity of current guidance on measuring inventory. Current GAAP require reporting organizations to measure inventory at the lower of cost or market. Market could be net realizable value, replacement cost, or net realizable value less a normal profit margin when measuring inventory.

The proposed guidance would require inventory to be measured at the lower of cost and net realizable value. Pushdown accounting The FASB issued Exposure Draft, Business Combinations Topic Pushdown Accounting a consensus of the FASB Emerging Issues Task Force. The objective of this proposed Update is to provide guidance on when and how an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements.

Comments are due by 31 July Notes to financial statements The FASB issued a proposed framework intended to improve its process for evaluating existing and future disclosure requirements in notes to financial statements. Stakeholders are encouraged to review and provide comment on the Exposure Draft, Conceptual Framework for Financial Reporting: Notes to Financial Statements Concepts Statementby 14 July Derivatives and hedging The proposal would clarify how current U.

GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Comments are due 23 December UGT Implementation Guide, Notional Amount Disclosures The FASB issued a proposed U. GAAP Financial Reporting Taxonomy UGT Implementation Guide, Notional Amount Disclosures. The proposed guide provides examples to help users of the UGT understand how the modeling for notional amount disclosures is structured within the UGT.

Insurance contracts The FASB issued a proposal to improve financial reporting of insurance contracts, including measurement of insurance liabilities and the related effect on the statement of comprehensive income.

The proposal would apply to all contracts that meet the definition of an insurance contract, not just those written by insurance companies. Comments are due by 25 October Leases revised The IASB and the FASB published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.

Comments are due by 13 September Deferral of the effective date of certain disclosures for nonpublic employee benefit plans in update No. Comments are due by 31 May Financial instruments - Overall: Recognition and measurement of financial assets and financial liabilities - Proposed amendments to the FASB Accounting Standards Codification This is a companion document to the Exposure Draft of proposed Accounting Standards Update, Financial Instruments - Overall Subtopic Recognition and Measurement of Financial Assets and Financial Liabilities, which was issued on 14 February These proposed amendments contain changes to the FASB Accounting Standards Codification.

Comments are due by 15 May Financial instruments - overall: Recognition and measurement of financial assets and financial liabilities The FASB issued for public comment a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments. The proposed accounting standard would measure financial assets based on how a reporting entity would realize value from them as part of distinct business activities, while the measurement of financial liabilities would be consistent with how the entity expects to settle those liabilities.

Comments are due 15 May Financial instruments - Credit losses The FASB proposed a single, principles-based model to account for credit losses on financial assets. All companies would be affected by the proposal, which would change the accounting for credit losses on loans, debt securities and trade and other receivables.

Comments on the proposal are due by 30 April Disclosure framework The FASB issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations. Stakeholders are asked to provide comments by November 16, GAAP as it relates to derivatives and hedging activities.

Preliminary Views on Insurance Contracts The IASB issued its proposal on the accounting for insurance contracts in July FASB Staff Draft of an exposure draft on financial statement presentation The FASB and the IASB have issued a staff draft of an exposure draft on Financial Statement Presentation. Proposed concepts statement - The reporting entity The proposal is part of a joint project between the FASB and IASB to develop a common and improved conceptual framework.

The ED discusses what constitutes a reporting entity, which in different situations could be a group of entities, a single entity or only a portion of an entity. In addition, we recommend that the Board broaden the definition of an employee, simplify the proposed transition and permit the use of the expected term when valuing certain nonemployee awards. However, we believe the proposed guidance could cause confusion about whether a convertible instrument with an adjustment provision that could result in the recognition of a contingent beneficial conversion feature BCF would be in the scope of the proposed recognition and measurement guidance for down round features i.

Therefore, we recommend that the FASB clarify the proposed guidance on convertible instruments with down round features that are also subject to the contingent BCF guidance in ASC We do not believe these instruments should be in the scope of ASCbecause applying both the guidance in ASC and the contingent BCF guidance in ASC would be too complex.

However, we believe the FASB should include additional guidance about how the amendments would be operationalized. However, we believe the FASB should reconsider certain aspects of the proposal and provide additional guidance or clarification in some places. However, we recommended that the FASB clarify whether the proposed guidance would apply to callable instruments that do not have definitive call dates. We agree that now that the Board has completed many of its major projects, it has an opportunity to consider its direction for the next few years.

However, we do not believe that now is the time for the FASB to begin actively working on any new major projects, other than continuing to conduct research for future ones. We are concerned that, given the volume of major new standards entities will have to implement over the next few years, it would be difficult for preparers, users, auditors and regulators to continue monitoring new standard-setting initiatives while effectively managing changes resulting from the major new standards.

Overall, we believe that the proposed amendments would address the additional concerns raised by constituents, provide more clarity and improve consistency in application.

We also recommend additional clarifications. However, we asked the FASB to provide more details about the input received from users on expanding the disclosure requirements as we believe that would help other constituents understand how the proposal meets user needs.

In addition, we expressed concerns about the proposed requirements to disclose agreements with a government and the future effects of tax law changes, and we recommended that the Board clarify certain aspects of the proposed requirements to promote consistency and make the disclosures as useful as possible.

We believe the proposed ASU would reduce the cost and complexity of accounting for the derecognition of nonfinancial assets by aligning it further with the accounting for the derecognition of a business. Further, the proposed ASU would result in the remeasurement of any retained noncontrolling interest to fair value, which may lead to a higher risk of future impairment and may raise further questions regarding the technical merits of recording gains on retained interests.

However, we raised concerns about the clarity of the VIE model, particularly the primary beneficiary guidance, when the evaluation includes entities under common control. However, we recommended that the Board consider certain changes in the proposal.

We also said that we believe the Board should continue to simplify the subsequent accounting for goodwill in the next phase of its project and that any future amendments should be practical in nature.

Comment Letter - FASB proposal on technical corrections and improvements In our comment letter on the Proposed Accounting Standards Update, Technical Corrections and Improvements, we agree that for the most part, the proposed changes would clarify the Accounting Standards Codification, correct unintended application of guidance or make minor improvements to the Codification that would not be expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities.

However, we express concerns about certain of the proposed amendments. Overall, we believe that the proposed amendments would address many of the concerns raised by constituents, provide additional clarity and improve consistency in application. We also are concerned that certain proposed disclosure requirements, together with current ones required by ASCCompensation — Retirement Benefits, could further reduce disclosure effectiveness.

Comment letter - FASB proposal on changes to the reporting of net periodic pension cost and net periodic postretirement benefit cost In our comment letter, we said we agree that only the service cost component of net periodic pension cost and net periodic postretirement benefit cost should be eligible for capitalization in assets. We also believe that the prior service cost or credit component should be presented in the same financial statement line item as the current service cost component within operating income.

However, we have concerns about the proposed amendment that would require entities to present the other components of net periodic pension cost and net periodic postretirement benefit cost outside a measure of operations. However, we highlight the cost of implementing some of the additional requirements the FASB proposed, including the disclosures of the amount of changes in unrealized gains and losses for recurring Level 1 and Level 2 measurements disaggregated by class.

We believe that the FASB should first develop recognition and measurement guidance for government assistance arrangements and then consider disclosure requirements for arrangements within the scope of that guidance. If the Board believes that additional disclosures should be required for arrangements accounted for under other topics in the Accounting Standards Codification, we believe that the Board should amend the disclosure requirements in those topics to specifically address those matters.

However, we recommended that the Board after market sks stocks amending certain language and clarifying some of the examples in the proposal.

Comment Letter - Amendments to conceptual framework for financial reporting, chapter 3: However, we have concerns that the proposed evaluation of materiality of omitted disclosures is not sufficiently clear to be applied consistently by preparers, auditors and regulators.

Comment Letter - Assessing whether disclosures are material In our comment letter, we continue to support the objective of the FASB in its disclosure framework project to improve disclosure effectiveness in the notes to the financial statements.

However, we are concerned that focusing on materiality solely as a legal concept could lead to materiality decisions becoming legal determinations, when in fact they should be accounting determinations. Comment Letter - FASB proposal on effective date and transition guidance for existing PCC alternatives In our comment letter, we said we continue to support providing relief to private scottrade exercise option fee under US GAAP and believe the proposal would meet that objective by allowing private companies to forgo a preferability assessment the first time they adopt an existing Private Company Council PCC alternative.

However, we do not believe it is necessary to add a provision indicating that private companies can forgo a preferability assessment the first time they elect to apply the simplified hedge accounting approach. We also support extending the transition guidance in the PCC alternatives indefinitely. Overall, we believe that the proposed clarifications would improve consistency and, in many cases, provide a practical approach to applying the new standard.

We also recommended additional clarifications. We supported many of the proposed amendments that address issues that are unique to NFPs such as the proposed changes to the classification of net assets and certain amendments that would eliminate diversity in practice. However, we did not support the development of significantly different financial reporting models for NFPs and business enterprises, especially in areas where the objectives of financial reporting do not differ between these types of entities e.

Comment Letter - FASB proposal to simplify share-based payment accounting In our comment letter, we said we believe that the proposal would reduce costs and complexity by allowing all entities to elect to account for forfeitures of share-based payments as they occur and by providing two practical expedients for nonpublic entities. We agreed that the proposed amendments would simplify the initial recognition and measurement of equity method investments.

Consequently, we suggested, at a minimum, that the Board perform broader outreach prior to moving forward. However, we supported eliminating the requirement that an equity method investor account for an equity method investment retroactively when the investment initially qualifies for the equity method.

Comment Letter - FASB proposal on measurement-period simplification In our comment letter, we supported the proposal to eliminate the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively.

We said the proposal would reduce costs and complexity while continuing to provide users of the financial statements with high-quality information.

Overall, we believe that the proposed clarifications would result in more consistent application and, in many cases, provide a practical approach to applying the standard. Comment Letter - FASB proposal on balance sheet classification of deferred taxes Legit work from home jobs stuffing envelopes our comment letter, we supported the proposal to eliminate the requirement to classify deferred tax assets or liabilities or any related valuation allowance as current or noncurrent.

We also believe the proposal would not significantly affect the quality of information provided to financial statement users. We also acknowledge that the proposal would not eliminate complexity. Comment Letter - Three-year review of the private company council In our comment letter, we reconfirmed our support for providing relief to private companies under US GAAP.

We also encouraged the PCC to work closely with the FASB on its projects to simplify accounting for all entities because decreasing complexity for all entities may reduce the need for private company alternatives. However, we raised concerns about the operability and auditability of the proposed amendments. Comment Letter - FASB proposal to simplify the presentation of debt issuance costs In our comment letter, we supported the FASB's proposed requirement that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums.

Fasb and stock options also highlight matters related to third-party debt issuance costs where we believe the FASB can do more to address complexity. We also recommended that the Board provide the same practical expedient for employee benefit plans.

Comment Letter - Technical corrections and improvements In our comment letter on the Proposed Accounting Standards Update, Technical Corrections and Improvements, we agree that for the most part, the proposed changes would clarify the Codification, correct unintended application of guidance or make minor improvements to the Codification that would not be expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities.

However, we express concern about certain of the proposed amendments. Comment Letter - FASB proposal to eliminate the concept of extraordinary items In our comment letter, we supported the FASB's efforts to reduce killer indicators for binary options trading cost and complexity of financial reporting by eliminating the concept of extraordinary items.

We believe the proposal would not affect the quality of information provided to financial statement users. For entities that use the last-in, first-out LIFO accounting method in declining price environments, we believe the Proposed Standard could increase the cost and complexity of preparing the financial statements and, in certain circumstances, reduce the usefulness of the information provided to users.

We also said the continuing acceptability of the retail inventory method should be made more clear in a final standard. Comment Letter - Chapter 8: However, we are concerned that the proposed framework would actually perpetuate the significant expansion in disclosure that has occurred over the past few decades.

We suggest changes to the framework, including the testing process, and recommend that the Board provide guidance on materiality and clearly distinguish between annual and interim requirements. Comment Letter - FASB proposed ASU on insurance contracts In our comment letter, we encouraged the FASB and the IASB to work together to make their proposals more comparable. We also said the FASB needs to address certain issues before finalizing the guidance.

Our most significant concerns relate to the proposed scope, discount rates and how changes in these rates would be recognized, recognition of changes in expected cash flows, revenue recognition, presentation and transition. We also encourage the Board to consider simplifying certain areas of the proposal to make it less costly to apply. We are unable to support the Proposal because it is unclear to us whether the ED would significantly improve the decision-useful information available to financial statement users.

It also is unclear to us whether any of the perceived benefits to financial statement users would justify the costs and complexity of applying the ED. We note that the FASB could accomplish its goal of timelier recognition of losses by lowering the threshold for recognizing losses.

We also recommend that the FASB exclude debt securities and trade, lease and reinsurance receivables from its proposal. Comment letter - FASB proposal on classification and measurement of financial instruments In our comment letter, we say that while the FASB proposal on classification and measurement of financial instruments would represent a big step toward convergence, we do not support finalizing it in its current why did dow drop yesterday. We believe the proposal may inappropriately require too many financial instruments, including certain common debt instruments, to be measured at fair value with changes in fair value recognized in net income.

We are also concerned that certain provisions of the proposal could be interpreted in different ways and lead to diversity in practice. Comment Letter - Reconsideration of effective control for repurchase agreements Our comment letter supports the FASB's proposal to amend the accounting model 5 minutes binary options strategies safe repurchase agreements and similar arrangements that both entitle and obligate the transferor to repurchase financial assets before their maturity.

We believe the proposed amendments represent an improvement and simplification to the accounting for these arrangements. Comment Letter - Standard setting timetable for MoU projects This comment letter provides our views on the pace of accounting changes resulting from the joint projects.

Comment Letter - Revenue from contracts with customers While we believe the Boards have made progress in the development of the revenue model, our comment letter indicates there are a number of significant issues within the model cadbury london stock exchange need to be resolved before it can be applied in practice. It will take place on Monday, 26 Junefrom 1 to 2: The new standard will be effective for public business entities in fiscal years beginning after 15 Decemberincluding interim periods within those years.

For all other entities, it will be effective in fiscal years beginning after 15 December and interim periods in fiscal years beginning after 15 December Early adoption will be permitted in any interim period or fiscal year before the effective date of the standard.

The FASB also discussed its project on Revenue recognition of grants and contracts by not-for-profit entities. This approach is intended to increase the ability of financial institutions to hedge portfolios of prepayable financial assets, including fixed-rate mortgage loans. The Board also discussed its project on Consolidation reorganization and targeted improvements.

In Focus - FASB accounting standards update on not-for-profit financial statements The FASB announced its webcast providing an overview of the recently issued ASU on not-for-profit financial statements. It will take place on Tuesday, 13 Septemberfrom 1 p. In Focus - Implementation update on revenue from contracts with customers Registration is open for an upcoming FASB joint webcast with the IASB that looks at implementation of the requirements in Revenue from Contracts with Customers.

It will take place on Thursday, 15 Septemberfrom 11 a. The FASB also discussed its project on Disclosure framework: FASB Accounting Standards Update on credit losses The FASB announced an upcoming webcast providing an overview of the recently issued ASU on credit losses. It will take place on Thursday, 21 Julyfrom 1 to 2 p. No decisions were made. The FASB completed its initial deliberations on Disclosure framework: The Board also discussed nonemployee share-based payment accounting improvements.

The Board also added a project to its agenda to improve and clarify the existing guidance on revenue recognition of grants and contracts by not-for-profit entities. The Board also discussed its project on clarifying when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity.

The Board also discussed its projects on financial statements of not-for-profit entities phase 1accounting for financial instruments: The Board also decided to propose a disclosure requirement for entities that would apply this practical expedient.

FASB Accounting Standards Update vistaprint stock market Leases The FASB announced an upcoming webcast to provide an overview of the recently issued ASU on lease accounting. It will take place on Tuesday, 29 Marchfrom 1 to 2 p. The Board also discussed its research project on Financial performance reporting.

The Board also discussed the impairment test for reporting units with zero or negative carrying amounts and the disclosure requirements for all entities.

It will take place on Monday, should i buy exxon stock Decemberfrom 1: The Board also continued redeliberating on financial instrument - credit losses and other income - gains and losses from the derecognition of nonfinancial assets.

The Board also tentatively decided that insurers would be required to update the assumptions they use to determine certain policyholder benefit liabilities more frequently than it had previously decided. The Board also continued redeliberating the proposed ASU on financial instruments - credit losses. The Board also discussed comments received from reviewers on a draft of the proposal on improving the presentation of net periodic pension cost and net periodic postretirement benefit cost.

The board also discussed insurance - targeted improvements to the accounting for long-duration contracts, business combinations: The Board also directed the staff to begin drafting the amendments to disclosures related to fair value measurement. The Board also continued redeliberating the proposal on Leases. The Board also made additional decisions within the scope of identifying performance obligations and licensing. The Board also discussed the comments received on the two proposal for income taxes.

Fasb and stock options Board also discussed its project on disclosures about interest income on purchased how to make money in caesar 3 securities and loans and liabilities and equity - targeted improvements.

The Board also discussed the consensuses-for-exposure reached by the PCC at its 21 July meeting. The Board also discussed disclosures related to unrecognized tax benefits. Registration opens for 22 September CPE webinar on the proposed GAAP Taxonomy Registration now is open for an upcoming FASB webinar that looks at the GAAP Taxonomy.

Proposed GAAP Financial Reporting Taxonomy Changes, Simplification, Filer Counts, and Context Sensitive Guidance will take place on Tuesday, 22 Septemberfrom 1: Participants in the live broadcast will be eligible for up to 1. The webinar will feature FASB Chief of Taxonomy Development Louis Matherne, FASB Supervising Project Manager-XBRL Donna Johaneman, FASB XBRL Project Manager David Shaw, FASB XBRL Assistant Project Manager Vickie Lusniak, and Kimberly Earle of the Office of Interactive Data, SEC.

The Board also directed the staff to expand its research on two of those potential projects. The Board also discussed the comments received on its ASU on simplifying the accounting for measurement-period adjustments. The staff presented its research into different ways the Board could use the concept of a remeasurement to distinguish between earnings components to provide additional disaggregation of the performance statement. The Board also continued its deliberations discussing scope, disclosures, transition, and next steps for disclosures by business entities about government assistance.

The Board defered the effective date of the revenue recognition guidance. The Board also discussed potential changes to the disclosure requirements for fair value measurement and for defined benefit plans.

Those issues emerged from meetings of the Transition Resource Group for Revenue Recognition. It will take place on Tuesday, 23 Junefrom 1 to 2: It also discussed presentation, disclosure, and hedge documentation requirements. It also continued redeliberations on insurance - targeted improvements to the accounting for long-duration contracts, specifically discussing the methods for how to get more money in cityville and recording the impact of assumption updates for traditional long-duration and limited-payment contracts.

The FASB also decided to move ahead with its proposal to require entities to measure inventory at the lower of cost and net realizable value but add a scope exception for inventories measured using the last-in, first-out LIFO method or the retail inventory method RIM. The Board also decided that, before issuing an exposure draft for public comment on disclosure framework: FASB's proposed changes to the not-for-profit financial statement model The FASB announced an upcoming educational webcast on its proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities.

The areas covered will include: It will take place on Tuesday, 12 Mayfrom 1: The Board alsdo ratified the consensuses reached at the 19 March Emerging Issues Task Force meeting. In addition, SEC staff will discuss current XBRL issues in XBRL exhibits. It will take place on Thursday, 2 Aprilfrom 1 to 2: No decisions were reached. The Board also discussed the revenue recognition ressearch project and agenda prioritization.

The Board also made final changes to its proposal on new disclosures about short-duration insurance contracts, tentatively deciding that some of them could be presented as supplementary information rather than in the notes to the financial statements.

The Board also discussed its project on Financial statements of not-for-profit entities. The new standards are currently converged, but if the Boards act on the views they expressed at the joint meeting, we may see some diversity in practice between US GAAP and IFRS preparers. The Board also continued redeliberation on financial instruments - credit losses. Tips and tools p&g profit sharing trust & employee stock ownership plan find taxonomy tags The FASB announced an upcoming webcast for learning tips and tools for navigating the Taxonomy to most effectively find the tags needed.

It will take place on Thursday, 8 Januaryfrom 1 to 2 p. The Board also decided that line items should be the primary focus in developing standards for presentation in financial statements. The Board also discussed employee share-based payment accounting improvements. It will take place on Monday, 15 Decemberfrom 1 to 2: The Board decided that the factors recommended by the staff were appropriate but pointed out that not all of the factors can be applied in each set of financial statements because that would require more line items than can reasonably be presented.

The Board also discussed simplifying income statement presentation by eliminating the concept of extraordinary items. Also, as part of its simplification initiative, the Board tentatively decided to propose eliminating the exception for the recognition of income taxes on intercompany transactions. In addition, the Board ratified two EITF consensuses and two EITF consensuses-for-exposure.

The Board discussed possible next steps and made no technical decisions. Notes to Financial Statements and discussed possible next steps for the project. The staff updated the Board on its research into potential simplifications and improvements of the accounting for share-based payment. Notes to Financial Statements.

In Focus - Proposed GAAP Financial Reporting Taxonomy, ASU taxonomy changes, taxonomy implementation guides, taxonomy simplification The FASB announced an upcoming webcast that discusses the proposed changes to the GAAP Financial Reporting Taxonomy Release anticipated to be available for public review and comment by 29 August, including changes to the Taxonomy for Accounting Standards Updates.

In addition, SEC staff will discuss current XBRL filing issues. The Board also continued redeliberating the fair value through other comprehensive income measurement attribute for investments in certain equity securities and disclosures about core deposit liabilities. The Board also continued its discussion of presentation alternatives for capital-like transactions and events, including when and how to report expirations of donor-imposed restrictions.

The Board also discussed insurance - disclosures about short-duration contracts. The webcast will take place on Monday, 23 Junefrom 1 to 2: In Focus - Revenue from Contracts with Customers The IASB and the FASB will host IN FOCUS: Revenue from Contracts with Customers, a live, one hour webcast that provides a high-level overview of its new guidance on revenue recognition.

The webcast takes place on Thursday, 5 June, beginning at 10 a. The Board also discussed whether and how interim disclosure requirements should be modified. Principal versus Agent Analysis. The staff presented a summary of stakeholder outreach conducted to evaluate the operability and consequences including unintended consequences of tentative decisions made on March 12,about the applicability frome livestock auctioneers limited the related party tie breaker test for variable interest entities VIEs.

The Board decided not to undertake projects relating to additional disclosures about the carbon content in fossil fuel reserves and to expanding the scope of ASu on low income housing tax credit investments to other tax credit investments.

Specifically, the Board discussed cash flow issues related to the classification of determinants of stock market performance in developing countries types of cash receipts and cash payments.

The Board also continued redeliberating, Financial Instruments - Overall: Walt disney stock splits history and Measurement of Financial Assets and Financial Liabilities, specifically discussing how an entity would present changes in fair value arising from a change in instrument-specific credit risk for financial liabilities measured at fair value through net income.

The Boards reached joint decisions on lease modifications, combining certain contracts, in-substance fixed lease payments and the discount rate that would be used to measure lease assets and liabilities. In light of the feedback received on the Exposure Draft, the Board decided not to require the proposed early-warning disclosures.

Instead, the Board decided to pursue an approach that would require disclosures when there is substantial doubt similar to disclosures provided today under existing auditing standards. In Focus - Board member perspective on structured data and US SEC and staff U. GAAP taxonomy updates Registration is now open for an upcoming FASB webcast toronto forex traders looks at how investors use structured data XBRL and how structured data are considered in the standard-setting process.

Board Member Perspective on Structured Data and U. Securities and Exchange Commission and Staff U. GAAP Taxonomy Updates will take place on Thursday, 3 Aprilfrom 1: Recognition and Measurement of Financial Assets and Financial Liabilities, specifically discussing 1 the need for a contractual cash flow characteristics assessment and 2 a fair value option for hybrid financial assets. The Board continued deliberations on Not-for-Profit Financial Reporting - Financial Statements. The Board directed the staff to perform an analysis of existing U.

GAAP for long-duration contracts and an assessment of the areas that should be considered for targeted frome livestock auctioneers limited. The Board also continued redeliberating the proposed ASU, Financial Instruments - Credit Losses Subtopicspecifically discussing topics related to nonaccrual, purchased credit-impaired PCI financial assets, and troubled debt restructurings and the proposed ASU, Consolidation Topic The FASB indicated that it would consider the applicability of elements of any new model to private companies.

The Board also discussed its any body interested to earn money with binary options signals for projects for the FASB and the EITF, voting to add a disclosure-only project on accounting for government assistance and to remove certain projects from the FASB and EITF agendas, including earnings per share and the short-term convergence project on income taxes.

The Board also discussed adding certain projects to its research agenda. The objective of the meeting was to have an in-depth discussion of the following topics: Reporting Discontinued Operations, and redeliberated the effective date for nonpublic entities, conduit bond obligors and disclosures.

Principal versus Agent Analysis, within the existing guidance in Topic for voting interest entities and variable interest entities. In Focus - FASB update for nonpublic entities webcast Registration is now open for the FASB webcast, In Focus: FASB Update for Nonpublic Entities, on 16 Decemberfrom 1: Participants in the live broadcast will be eligible for up to 2 hours of CPE credit. In addition, the SEC staff will discuss other FASB projects of interest to private companies and NFP organizations.

The Board directed the staff to draft a final Update for vote by written ballot. An Amendment to the Master Glossary, and began redeliberations on the project. The Board also discussed the components of, and the threshold for, disclosures about investments in another investment company. The FASB also discuss its project, Transfers and servicing: Principal versus Agent Analysis, in the first half of and to issue a final Update in the second half of The FASB also discussed its projects on EITF Issue No.

The Board also continued deliberations on the not-for-profit financial reporting - financial statements project. In Focus - Proposed US GAAP financial reporting taxonomy The FASB announce an upcoming webcast that discusses the changes in the proposed US GAAP Financial Reporting Taxonomy Release available for public review and comment on bulls seized on oil etfs options August, including changes to the Taxonomy for Accounting Standards Updates ASU and the revised calculation hierarchy.

The Board also endorsed an alternative proposed by the Private Company Council at its 16 July meeting that would exempt private companies from evaluating certain common control leasing arrangements for consolidation under the variable interest entity guidance.

These were topics raised in the drafting of the final standard on revenue from contracts with customers. Determining whether the host contract in a hybrid financial instrument is more akin to debt or equity. In Focus - The insurance contracts project The FASB announced two webcasts about its Exposure Draft on insurance contracts. Part I - Scope, is scheduled for 30 July and will address why the proposed guidance would apply to all companies issuing insurance contracts rather than just to insurance companies.

Part II - The models, is scheduled for 1 August and will discuss the details of the two approaches and which approach to apply: The meeting was informational and the Boards made no decisions. Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans.

GAAP proposed by the PCC to address concerns raised about the relevance and complexity investment banking exit opportunities hedge fund certain aspects of GAAP for private company stakeholders. The Board also discussed whether a distinction or distinctions among not-for-profit entities is necessary for financial reporting purposes and decided that a public or nonpublic distinction should not be made among not-for-profit entities for financial reporting purposes.

Participants in the live broadcast will be eligible for up to 1 hour of CPE credit. Topics of discussion will include: Limited Amendments to IFRS 9. The FASB also discussed its projects on Insurance contracts and transfers and servicing: In Focus - The leases project On 20 May, the FASB and the IASB will host In Focus: The leases project, a live webcast taking place from The webcast will feature FASB member Russell Golden, IASB member Darrel Scott, and FASB and IASB staff members discussing the proposal and answering questions submitted by viewers.

US viewers of the live broadcast will be eligible for up to 1 hour of CPE credit. In Focus - FASB update for nonpublic entities Registration is now open for the upcoming FASB webcast, In Focus: FASB Update for Nonpublic Entities, on 5 Junefrom 1: The webcast will provide an update on recent PCC meetings, including upcoming proposals on potential alternatives within U.

Both issues are expected to be discussed at the 11 June EITF meeting. The FASB also discussed how it will add Private Company Council projects to its agenda for possible endorsement and discussed next steps on the research project on financial communications in the not-for-profit sector.

The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot. The Board decided to extend the comment period to 31 May The FASB also ratified the two consensuses and the consensus-for-exposure reached at the 14 March EITF meeting. The Board discussed the disclosure, transition, effective date, and early application requirements of the revenue standard for all entries tagged with trade binary options entities.

Additionally, the Earn money with neobux in urdu discussed the effective date for public entities. In Focus - US GAAP Taxonomy overview with expanded coverage of FASB XBRL implementation guides and SEC update webcast Registration is now open for the FASB webcast, In Focus: In addition, the SEC staff will discuss current XBRL filing issues.

The final guidance would be similar to current US GAAP. The FASB also discussed its project on reporting discontinued operations. The Board discussed 1 the treatment of changes in estimated interest crediting and accretion rates, 2 election of the fair value option, and 3 other miscellaneous issues.

The Board discussed 1 presentation in the statement of financial position and statement of comprehensive income and 2 disclosures for items not previously decided on. The Board discussed 1 segregated assets related to direct performance linked insurance contracts and 2 accretion of interest on the margin. The Board also discussed its projects on liquidation basis of accounting and disclosure framework. The Boards discussed accounting for guarantees, modifications of insurance contracts and foreign currency transactions.

Specific topics covered were IASB changes to the jointly discussed investment company assessment, disclosures, transition requirements and effective date. The Board also discussed its project on accounting for financial instruments: Repurchase agreements and similar transactions.

They made progress on how to address collectibility and the proposed constraint on variable consideration. However, they acknowledged that more work is needed on how to recognize revenue from licenses of intellectual property and directed their staffs to conduct additional outreach on whether an approach they are exploring is operational.

In Focus - Accounting for Credit Losses on Financial Instruments webcast Registration is now open smartest ways to make extra money the FASB webcast, In Focus: Accounting for Credit Losses on Financial Instruments, on 9 Novemberfrom 1: The Board also discussed other items as part of the scope of the tentative model.

The Boards discussed the time value of money in the premium allocation approach and the presentation of changes in the liability for participating contracts. The Board tentatively decided that the CECL model should apply to receivables that result from revenue transactions within the scope of Topicefficiency of african stock markets receivables recognized by a lessor in accordance with Topicand loan commitments that are not measured at fair value with qualifying changes in fair value recognized in net income.

In Focus - Expanded Coverage of Proposed Taxonomy including XBRL Data in Use webcast Registration is now open for the upcoming FASB webcast, In Focus: Expanded Coverage of Proposed Taxonomy Including XBRL Data in Use. This live webcast, offered free of charge, will take place on 24 September, from 1: The webcast will provide expanded coverage of the proposed XBRL U.

GAAP Financial Reporting Taxonomy now available for public review and comment. The Board discussed the inclusion of a nonaccrual concept in the financial instrument model. In Focus - The FASB Private Company Decision-Making Framework Project webcast Registration is now open for the upcoming FASB webcast, In Focus: The FASB Private Company Decision-Making Framework Project.

This live webcast, offered free of charge, will take place on 14 Septemberfrom 1: In Focus - The FASB Disclosure Framework Project webcast Registration is open for the upcoming FASB webcast,In Focus: The FASB Disclosure Framework Project.

This live webcast, offered free of charge, will take place on 5 Septemberfrom 1: Participants in the live broadcast will be eligible for up to one hour beginner options trading CPE credit. In Focus - Testing Indefinite-Lived Intangible Assets for Impairment The FASB issued Accounting Standards Update No.

The Board hopes that a sharper focus on important information will result in reduced volume in many cases. In Focus - Proposed Accounting Standards Update ASUPresentation of Financial Statements Topic The Liquidation Basis of Accounting The FASB issued this document to summarize the key points in its proposal on the liquidation basis of accounting.

In Focus - FASB Proposal on Liquidity Risk and Interest Rate Risk Disclosures The FASB issued this document to summarize the key points in its proposal on liquidity and interest rate disclosure. The Board will propose only the previously agreed to quantitative and qualitative disclosures about an entity's liquidity and interest rate risks. The proposed update is expected to be issued in May with a day comment period.

If adopted, all entities would be required to provide the new disclosures prospectively, with ongoing comparative disclosures after the period of adoption. Issue A, Not-for-Profit Entities: Classification of the sale of donated securities in the statement of cash flows. Issue C, Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a financial institution.

Issue E, Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs. The FASB also added a project to its agenda to reconsider the accounting and disclosure requirements for transfers of financial assets subject to repurchase agreements. The Board's reconsideration may further limit the circumstances when sale accounting is appropriate for such transactions. The FASB also added a project to its agenda to revisit the definition of a nonpublic entity.

Impairment, 3 accounting for financial instruments: FASB and IASB to hold joint roundtable meetings on revised revenue recognition proposals The FASB and IASB will hold four joint public roundtable meetings in April and May to discuss the November proposed Accounting Standards Update RevisedRevenue Recognition Topic They also discussed the accounting for financial instruments: In Focus - FASB proposes simplified guidance for testing indefinite - lived intangible assets for impairment The FASB issued for public comment a proposed ASU on indefinite-lived intangible asset impairment testing that is intended to simplify impairment assessment and reduce the recurring costs to comply with existing guidance while improving the consistency of testing methods among long-lived asset categories for preparers.

Examples of intangible assets subject to the proposal would include indefinite-lived trademarks, licenses, and distribution rights. The standard would apply to all public, private, and not-for-profit organizations. The FASB tentatively decided not to require that management make a going concern assessment. FASB issues ASU No. Prior periods should not be adjusted even if the reporting entity has continuing involvement with previously derecognized in substance real estate entities.

For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning on or after June 15, Early adoption is permitted. Also, the FASB indicated plans to hold public roundtables on the investment companies and investment property entities projects after the comment period ends.

FASB schedules 8 December webcast on the joint proposal on revenue recognition The FASB and the IASB have scheduled a webcast on 8 December to focus on the proposals in the recently-issued Exposure Draft, Revenue from Contracts with Customers. This webcast will provide an overview of the main proposals that were developed jointly by the FASB and the IASB and also will describe how stakeholders can provide input on the runescape money making guide combat. In Focus - FASB issues proposed improvements to consolidation accounting The FASB's In Focus publication summarizes the FASB's proposal which should i buy exxon stock intended to increase transparency and consistency of financial reporting about consolidations.

In Focus - Proposed improvements to criteria for investment company accounting and proposed accounting guidance for investment property entities The FASB's In Focus publication summarizes the investment companies and investment property entities proposals. The qualitative assessment would involve determining whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.

The Board expects to issue an exposure draft in Decemberwith a comment period of days. The staff will perform additional work on the definition of substantial doubt before the FASB decides whether to incorporate existing audit guidance for making a going-concern assessment into GAAP.

During the deferral period, the FASB also plans to re-evaluate the requirement. The Boards also will discuss the a the application of a "three bucket" impairment approach to assets originated at lower credit qualities and b purchased financial assets. FASB to host roundtable meeting on U. GAAP Taxonomy Invitation to Comment The FASB will host a public roundtable meeting to discuss the Invitation to CommentU. GAAP Financial Reporting Taxonomy - Efficiency and Effectiveness Review.

The meeting will be held from 9 a. EDT on Tuesday, 18 Julyat the FASB offices. Public roundtable meetings on the board's decision process under the disclosure framework and materiality The FASB will host two public roundtable meetings to discuss proposals related to its Disclosure Framework project.

The meetings will be held on Friday, 17 Marchat the FASB offices. The purpose of the roundtable meetings is to obtain feedback on whether the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements Chapter 8is useful in identifying relevant disclosures. FASB to host roundtable meeting on consolidation reorganization and targeted improvements The FASB will host a public roundtable meeting on Friday, 16 December, on its consolidation reorganization and targeted improvements project.

The purpose of the roundtable is to provide an opportunity for stakeholders to provide FASB Board members with feedback on whether the reorganization of the consolidation guidance and possible direction over potential amendments to common control arrangements under the variable interest entity consolidation guidance would decrease cost and complexity in financial reporting, while continuing to provide useful information to users of the financial statements.

The FASB taxonomy staff announces the issuance of final taxonomy implementation guide and proposed taxonomy style guide On May 25,the FASB staff issued a final U. GAAP Financial Reporting Taxonomy Implementation Guide, Dimensional Modeling for Financing Receivable. The purpose of this Implementation Guide is to demonstrate the dimensional modeling for disclosures related to financing receivables.

The staff also issued a proposed U. GAAP Financial Reporting Taxonomy Style Guide, Decision Tree for Hierarchical and Distinct Domains. The purpose of this Style Guide is to provide guidance for determining when to use Hierarchical Domains or Distinct Domains for dimensional modeling included in the Taxonomy. FASB announces members of Transition Resource Group for credit losses The FASB announced the members of the Transition Resource Group TRG for its upcoming credit losses standard.

The TRG will solicit, analyze, and discuss implementation issues that could arise when organizations implement the upcoming credit losses standard.

The group will then share their views with the FASB, which will help the Board determine what, if any, action is appropriate to address those issues. SEC accepts Financial Reporting Taxonomy The FASB announced that the U.

SEC has accepted the GAAP Financial Reporting Taxonomy. In connection with the Taxonomy Release, the Taxonomy staff has issued several final XBRL Taxonomy Implementation Guides.

It also concluded that Statement provides useful information to users of financial statements. The Taxonomy may be used for SEC XBRL Exhibit submissions only after it is adopted by the SEC, which is expected in the first half of Noski elected FAF Board Chair; Board names five others as new FAF Trustees Charles H. Noski has been elected chair of the Board of Trustees of the FAF, effective January 1, Noski has served as chief financial officer, audit committee chair, and in other senior executive and governance roles at major U.

He will serve an initial term of three years as chair of the FAF Trustees, succeeding Jeffrey J. Diermeier, former president and CEO of the CFA Institute. FAF trustees name 16 new members to the Financial Accounting Standards Advisory Council The Board of Trustees of the FA appointed 16 new members to the Financial Accounting Standards Advisory Council FASAC. The FASAC is responsible for advising the FASB on strategic issues, project priorities, and other matters that affect accounting standard setting.

Named as the new FASAC chair was Andrew G. Of the new members, five are investors, three are financial statement preparers, five are auditors, two are academics, and one is an association executive. FASB appoints Paul A. Beswick and Robert B. Malhotra to the Emerging Issues Task Force Paul A. Malhotra, partner at KPMG LLP, have been named to the EITF of the FASB.

Proposed GAAP Financial Reporting Taxonomy available for public review and comment The FASB released the proposed GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is 31 October The proposed Taxonomy contains updates for accounting standards and other recommended improvements to the official Taxonomy, which is used by public issuers registered with the SEC.

FASB to host roundtable meetings on proposal to improve not-for-profit financial statement presentation The FASB will host a series of public roundtable meetings on its Proposed Accounting Standards Update, Not-for-Profit Entities Topic and Health Care Entities Topic Presentation of Financial Statements of Not-for-Profit Entities.

The purpose of the roundtables is to provide an opportunity for those who have submitted a comment letter to discuss the proposals with Board members in greater detail. FAF appoints new private company council chair and three new PCC members; six PCC members reappointed The Board of Trustees of the FAF appointed a new chair and three new members of the PCC to three-year terms that begin on 1 January Six PCC members were reappointed.

Named as incoming PCC chair was Candace E. FASB issues Accounting Standards Update to improve disclosures for short-duration insurance The FASB issued an ASU intended to make targeted improvements to disclosure requirements for insurance companies that issue short-duration contracts - in which insurance coverage is provided for a fixed period of short duration typically one year or less.

Financial Accounting Foundation issues Annual Report The FAF issued its Annual Report. The new Strategic Plan will guide the FASB, the GASB, the FAF Board of Trustees, and the FAF management team - according to their specific roles - as they work to achieve their principal objective of developing the highest-quality financial accounting standards.

In short, this blueprint will help the FAF, the FASB, and the GASB build a better GAAP. The FAF board of trustees issued the strategic plan The FAF, the FASB, and the GASB, working jointly, have developed a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.

This plan represents an evolution and a refinement of previous plans and mission statements developed by the groups. FASB proposes to defer effective date of revenue recognition standard by one year On 1 Aprilthe FASB voted to propose to defer the effective date of the new revenue recognition standard by one year.

Nonpublic organizations would apply the new revenue standard to annual reporting periods beginning after 15 December The FASB staff is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC. The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

Comments are due by 11 May FASB and PCC to host private company town hall The FASB and the PCC will host their fourth Private Company Town Hall Meeting on 28 Aprilat Southern Methodist University in Dallas, Texas.

The town hall meetings are intended to provide private company stakeholders across a wide variety of industries the opportunity to discuss private company accounting issues and share input on current and future agenda topics of both the FASB and the PCC.

The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the Taxonomy currently used by SEC issuers. Schnurr proposed in a speech the idea that US companies might eventually be allowed to provide financial information under global accounting rules to supplement their main financial statements calculated under US rules. The Media Meeting Recap gives a brief summary of the issues discussed. FASB forum on financial disclosure On Monday 1 December, Pace University will host an FASB forum to discuss financial disclosures.

The Board will engage with invited stakeholders in a constructive dialogue on the current state of financial disclosure and some of the current efforts that are underway to improve the effectiveness of such disclosures.

Representatives of the FASB and the ASB of Japan hold biannual meeting Representatives of the FASB and the ASBJ met on October in Tokyo, Japan. This meeting was the seventeenth in a series of biannual meetings between the FASB and the ASBJ to further their cooperative efforts to develop high-quality global accounting standards.

At this meeting, the FASB and the ASBJ both provided updates on their respective activities, and discussed technical topics in which the both boards are interested, such as the conceptual framework, disclosure framework, business combinations, and leases.

The FASB and the ASBJ agreed that they would continue to exchange views towards the development of accounting standards that contribute to the soundness of global capital markets. The next meeting is planned in the first half of in Norwalk. That was the central conclusion of the post-implementation review of FASB Statement No.

Statement R focuses on accounting for transactions in which a public or private company exchanges its equity instruments for employee services. The new plan is found at fasb. FASB improves financial reporting of repurchase agreements The FASB issued a new standard to improve the financial reporting of repurchase agreements and other similar transactions. ASU changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.

It also requires enhanced disclosures about repurchase agreements and other similar transactions. FASB issues standard to improve financial reporting for development stage entities The FASB issued guidance intended to reduce the overall cost and complexity associated with financial reporting for development stage entities, without reducing the availability of relevant information. FASB launches initiative to simplify accounting standards As part of its initiative to reduce complexity in accounting standards, the FASB added two short-term projects to its agenda to simplify GAAP.

The initiative involves the Board adding narrow-scope projects to its agenda that stakeholders have identified as opportunities to simplify GAAP in a relatively short time period. The projects included in the initiative are intended to improve or maintain the usefulness of the information reported to investors while reducing costs and complexity in financial reporting. FASB and IASB announce the formation of the Joint Transition Resource Group for revenue recognition The IASB and the FASB announced the formation of the Joint Transition Resource Group for Revenue Recognition TRG.

The TRG will inform the IASB and the FASB about potential implementation issues that could arise when companies and organizations implement the new standard. The TRG will also provide stakeholders with an opportunity to learn about the new standard from others involved with implementation.

The TRG will not issue guidance. FASB Update for Private Companies and Not-For-Profit Organizations will take place on Monday, 23 Junefrom 1 to 2: IASB and FASB host live webcast on new revenue recognition standard The IASB and the FASB will host IN FOCUS: IFRS bound edition Through a special arrangement with the IFRS Foundation, the Financial Accounting Foundation distributes the International Financial Reporting Standards annual bound edition in the United States, U.

In recognition of the growing size of the contents, this edition is published in two parts. Part A contains the latest version of the IFRSs, IASs, and IFRIC and SIC Interpretations. Part B contains the accompanying documents, such as Illustrative Examples, Implementation Guidance, Bases for Conclusions and Dissenting Opinions. FASB and PCC to host private company town hall meeting The FASB and the PCC will host a private company town hall meeting on 8 May, at the University of Washington, to provide private company stakeholders with the opportunity to discuss private company accounting issues on current and future agenda topics of both the FASB and the PCC.

Representatives of the FASB and the Accounting Standards Board of Japan hold biannual meeting Representatives of the FASB and the Accounting Standards Board of Japan ASBJ met this week in Norwalk to provide updates on their respective activities, and exchange views on the technical topics in which both boards have interests.

This meeting was the sixteenth in a series of biannual meetings between the FASB and the ASBJ to further their cooperative efforts to develop high-quality global accounting standards.

Post implementation review concludes fair value accounting standard meets its objectives A accounting standard that established a framework for measuring fair value within U. GAAP generally achieves its purpose.

FASB Codification subscribers can access the new tablet view through iOS iPad and Android-based devices.

FAF names Steven E. Buller as Chairman of the Financial Accounting Standards Advisory Council Steven E. Buller, managing director and former chief financial officer of BlackRock, Inc. His term begins on 1 Februaryand concludes on 31 December FASB votes on new agenda priorities The FASB voted to reorganize its agenda to focus more closely on the issues most important to FASB stakeholders.

The Board also discussed several research projects as part of its prioritization initiative. FASB launches FASB Outlook quarterly e-newsletter The FASB launched the FASB Outlook, a new quarterly, electronic newsletter designed to keep stakeholders informed about key FASB projects and activities.

The FASB Outlook presents current accounting and financial reporting issues in a "plain-English," format designed to provide quick access to stories of interest to busy professionals who are not technical accountants. The FASB Outlook will be issued every three months and whenever there is important breaking news to share.

GAAP for public and private companies and not-for-profit organizations. The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of 31 October The annual bound edition of the Codification is intended to be used as a reference tool in conjunction with the always-current online Codification.

FASB and PCC to host private company town hall The FASB and the PCC will host their second Private Company Town Hall Meeting taking place on 8 Mayat the University of Washington in Seattle, Washington. The town hall meeting will take place from 8: PDT in Dempsey Hall.

FASB and PCC issue private company framework; FASB issues definition of public business entity The FASB and the PCC issued the final Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. The FASB also issued FASB Accounting Standards Update No. An Addition to the Master Glossary. The Private Company Decision-Making Framework is intended to assist the FASB and the PCC in determining whether and when to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.

GAAP financial reporting taxonomy now available The FASB announced the availability of the U. GAAP Financial Reporting Taxonomy pending final acceptance by the SEC. The FASB is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC.

FASB to webcast technical forum for continuing professional education providers The FASB announced it will host two technical forums for commercial accounting continuing professional education CPE providers in January The forums are intended to assist CPE providers in their preparation of accounting and reporting courses. Both forums take place from 11 a.

The first forum will be held on 13 Januaryand is open to stand-alone CPE providers whose primary business is to provide continuing professional education. The second forum will be held on 30 Januaryand is open to individuals who provide continuing professional education within their organization for example, a CPA firm or offered internally to their clients. FASB responds to post-implementation review of Statement on income taxes The FASB released its response to the Post-Implementation Review PIR of its standard on accounting for income taxes.

The review was conducted by the FAF. In its response, the FASB acknowledged the PIR findings that Statement adequately resolved the issues underlying its stated need but that Statement may not have reduced complexity associated with accounting for income taxes.

Specifically, the FASB noted that preparers and auditors find certain aspects of Statement to be operationally challenging, including intraperiod tax allocation, intercompany transfer of assets, and situations in which a deferred tax liability is not recognized for temporary differences related to earnings determined to be indefinitely reinvested in foreign subsidiaries. Financial Accounting Foundation appoints 10 new members to the Financial Accounting Standards Advisory Council The Board of Trustees of the Financial Accounting Foundation FAF appointed 10 new members to the Financial Accounting Standards Advisory Council FASAC.

The FASAC is responsible for advising theFASB on strategic issues, project priorities, and other matters that affect accounting standard setting. The new members will serve a one-year term beginning 1 Januaryand are eligible to be reappointed for three additional one-year terms.

Post implementation review concludes income tax standard generally achieves its purpose A accounting standard addressing the accounting for income taxes generally achieves its purpose. Private Company Council meeting recap The Private Company Council PCC modified its proposal to exempt private companies from evaluating certain common control leasing arrangements for consolidation under the variable interest entity guidance and sent it to the FASB for final endorsement.

FASB votes to move forward with final standard on revenue recognition The FASB voted to move forward with preparing a final standard on revenue recognition. The final standard is expected to be issued during the first quarter of FASB to hold roundtable meetings on insurance proposal The FASB will host public roundtable meetings on its 27 June Proposed Accounting Standards Update, Insurance Contracts Topic PCC finalizes two private company standards The PCC voted to finalize two alternatives within U.

GAAP for accounting for interest rate swaps and, separately, accounting for goodwill in a business combination for private companies.

Standard setter highlights-FASB - EY - UL

The FASB will discuss the proposed alternatives and also consider the applicability of these alternatives to publicly traded companies and not-for-profit organizations in the coming weeks. GAAP financial reporting taxonomy now available for public review and comment The FASB discussed stock compensation - discretionary provisions and clawback features.

FASB and IASB to form joint transition resource group for revenue recognition The IASB and the FASB formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. The transition group will be responsible for informing the IASB and the FASB about interpretive issues that could arise when companies, institutions, and other organizations implement the revenue recognition standard.

It will solicit, analyze, and discuss stakeholder issues that apply to common transactions that could reasonably create diversity in practice. Kroeker named vice chairman of FASB James L. Kroeker, former chief accountant for the SEC, has been appointed a member and vice chairman of the FASB. FASB AND IASB to hold joint roundtable meetings on revised leases proposals The FASB and the IASB will host several joint public roundtable meetings on their revised joint proposals on leases that were published in May The meetings will provide an opportunity for those that have submitted a comment letter, or who still intend to submit a comment letter, to discuss the proposals with the Boards in further detail.

The indefinite deferral applies to disclosures of certain quantitative information about the significant unobservable inputs used in Level 3 fair value measurement for investments held by certain employee benefit plans. FASB endorses three Private Company Council proposals The FASB voted to endorse three alternatives within U.

The FASB expects to issue the three proposals as Exposure Drafts for public comment in late June. The proposals involve accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps.

Registration opens for disclosure framework project field study The FASB is seeking public and private companies and not-for-profit organizations to participate in a field study on disclosures in notes to financial statements. The study will evaluate the use of discretion by reporting organizations when providing information in the notes to their financial statements.

FAF completes post-implementation review of FASB standard on business combinations The FAFannounced the completion of the Post-Implementation Review PIR of an accounting standard intended to improve the relevance, representational faithfulness, and comparability of information that a company or organization reports about a business combination and its effects.

The PIR found that Statement R resolved some of the issues associated with the purchase method of accounting for business combinations; that its principles and requirements generally are understandable and can be applied as intended; and that investors generally find the resulting information to be useful.

Financial Accounting Foundation publishes Annual Report The FAF published its Annual Report. The FAF is the independent, private-sector organization responsible for the oversight of the FASB and the GASB. GAAP Financial Reporting Taxonomy adopted and supported by SEC The SEC has adopted the U. GAAP Financial Reporting Taxonomy, the FAF and the FASB announced.

The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

Private Company Council votes to expose proposed alternatives within U. GAAP for private companies The PCC voted to move forward with proposed alternatives within U. GAAP designed to improve financial reporting for private companies.

Financial Accounting Foundation names Russell G. Golden chairman of the Financial Accounting Standards Board Russell G. Golden was named as the next chairman of the FASB, effective 1 July The appointment was made by the Board of Trustees of the FAF, which oversees the FASB and its sister organization, the GASB.

Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends on 30 June. FASB extends comment deadline on proposal for accounting for credit losses on financial assets The FASB extended the deadline for comments to 31 May on proposed ASU, Financial Instruments - Credit Losses Subtopic The FASB staff also issued a Frequently Asked Questions document to help clarify certain aspects of the proposal.

FASB issues XBRL implementation guide on other comprehensive income The FASB issued the fifth in a series of XBRL Implementation Guides intended to improve use of the U. GAAP Financial Reporting Taxonomy Implementation Guide - Other Comprehensive Income OCI is available for a day comment period.

FASB staff document responds to frequently asked questions about proposal to improve accounting for current expected credit losses The FASB posted a FASB staff document that responds to frequently asked questions about its recent proposed ASU, Financial Instruments - Credit Losses Subtopic The document addresses common questions posed by stakeholders about the Exposure Draft. FASB adds three additional implementation guides to the XBRL series The FASB added three Implementation Guides to the XBRL series, including two for the insurance industry.

The guides are designed to help users of the U. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.

The ASAF was established to improve cooperation among worldwide standard setters and advise the IASB as it develops IFRS.

FASB Concepts Share Option

GAAP for public and private companies, and not-for-profit organizations. FASB appoints new members to its task force and advisory groups The FASB announced the appointment of new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee.

Decisions regarding project plans, agenda setting, and priority of projects now will be approved by a majority vote of the respective Boards, instead of by the Board chair alone. FAF Board of Trustees reappoints Marc A. Siegel to a second term on the FASB The FAF Board of Trustees has reappointed Marc A. Siegel to a second five-year term as a member of the FASB, beginning 1 July FASB proposes improvements to recognition and measurement of financial assets and liabilities The FASB issued for public comment a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments.

The FASB developed the proposal as part of its broader joint project with the IASB to improve and converge the accounting for financial instruments. Stakeholders are asked to provide written comments on the proposal by 15 May Private Company Council adds three projects to its agenda In its second public meeting, the PCC voted to add the following items to its agenda: FASB issues XBRL implementation guide for subsequent events The FASB issued its U. GAAP Financial Reporting Taxonomy Implementation Guide - Subsequent Events.

The guide is the first in a series designed to help Taxonomy users understand how certain disclosures are structured within the Taxonomy. The purpose of the Implementation Guide is to demonstrate the modeling for disclosures required about events occurring subsequent to the end of a public company's reporting period. Private Company Council to hold inaugural public meeting on 6 December The Private Company Council PCCa new body created by the Board of Trustees of the FAF, will host its inaugural public meeting on Thursday, 6 December The PCC was established to work with theFASB to determine whether and when to modify US GAAP for private companies.

FASB announces three new members appointed to the Emerging Issues Task Force The FASB announced the appointment of three new members to the EITF. The new members are Terri Campbell, Jackson Day, and Larry Salva.

Proposed US GAAP Financial Reporting Taxonomy The FASB's Board's annual proposed update to the US GAAP Taxonomy has been published. It includes improvements suggested to FASB over the past year. Comments are due 29 October FASB publishes proposal for presenting items reclassified out of accumulated other comprehensive income The FASB issued for public comment a proposed Accounting Standards Update ASU that is intended to improve the presentation for reclassifications out of accumulated other comprehensive income in a manner that balances the benefits to users of financial statements, without imposing significant costs to preparers of financial statements.

The proposed amendments would apply to all public and private organizations, but not to not-for-profit organizations. Stakeholders are asked to provide input by 15 October Financial Accounting Foundation establishes new council to improve standard setting for private companies The Financial Accounting Foundation FAF Board of Trustees established a new Private Company Council PCC that will determine whether exceptions or modifications to existing US GAAP are necessary to address the needs of users of private company financial statements and will advise the FASB on private company considerations in standard setting.

Seidman FASB Chairman Leslie F. EDT on Monday 12 March. GAAP XBRL Taxonomy released The Financial Accounting Foundation FAFwhich oversees the FASB, announced the availability of the US GAAP Financial Reporting Taxonomy Taxonomy pending approval by the Securities and Exchange Commission SEC.

FASB defers certain aspects of comprehensive income ASU The FASB issued Accounting Standards Update No. Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. The Update defers the specific requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income.

FASB announces public roundtable meetings on proposals to improve accounting for investment companies and proposal on investment property entities The FASB and the IASB will host roundtables in February and March to discuss their proposals on investment companies. The US roundtable will also include a discussion about the FASB's proposal on investment property entities.

FASB chairman adds two agenda projects to improve financial reporting by not-for-profit organizations The FASB announced the addition of two agenda projects - a standard-setting project and a research project - intended to improve financial reporting of not-for-profit organizations. Financial Accounting Foundation to host roundtables and webcast on plan to improve private company financial reporting The Financial Accounting Foundation FAF will sponsor three public roundtables early next year and a webcast on 18 November about its proposal to improve accounting standard setting for private companies.

FASB adds agenda project to consider deferring certain aspects of ASU GAAP Financial Reporting Taxonomy adopted and supported by SEC effective February 28, The SEC has adopted the U.

GAAP Financial Reporting Taxonomy. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official taxonomy previously in use by SEC issuers. FASB not-for-profit advisory committee recommends improvements to financial reporting The FASB's Not-for-Profit Advisory Committee NAC has recommended changes to improve the financial reporting model for not-for-profit entities.

These areas of improvement will be submitted for agenda consideration by the FASB. GAAP Financial Reporting Taxonomy now available for public review and comment The Financial Accounting Foundation FAFwhich oversees the FASB, has issued the proposed U. GAAP Financial Reporting Taxonomy for public review and comment.

Comments are due by 31 October The FAF also published an updated taxonomy viewer and a summary outlining differences between the proposed Taxonomy and the US GAAP Taxonomy. FASB issues accounting standards update to improve employer disclosures for multiemployer pension plans FASB issues ASU to lead employers to provide more information about an employer's financial obligations to multiemployer pension plans. Multiemployer pension plans commonly are used by an employer to provide benefits to union employees who may work for many employers during their working life.

FASB issues accounting standards update to simplify testing goodwill for impairment The ASU is intended to address concerns expressed by private companies about the cost and complexity of the goodwill impairment test. The amendments allow both public and nonpublic entities an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.

FASB announces public roundtable meetings to solicit input on private company accounting and reporting issues The FASB will again host two public roundtable meetings this fall to discuss issues relating to existing private company accounting and reporting standards. Financial Accounting Standards Board launches website portal for nonpublic entities The FASB announced the launch of its new web portal for nonpublic entities. The portal is designed to make the latest information about FASB activities focused on private companies and not-for-profit organizations easily accessible to stakeholders.

Multiemployer pension plans commonly are used by an employer to provide benefits to union employees who may work for many employers during their working life, thereby enabling them to accrue benefits in a single pension plan for their retirement.

IASB and FASB announce intention to re-expose leasing proposals The IASB and FASB announced their intention to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on leasing in August FASB issues accounting standards update to improve presentation of comprehensive income The FASB has issued ASU No.

In US GAAP, the ASU will supersede some of the guidance in Topic of the accounting Codification. IASB and FASB to re-expose revenue recognition proposals The IASB and FASB have agreed to re-expose their revised proposals for a common revenue recognition standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on revenue recognition in June FASB launches new taxonomy online review and comment system The FASB recently launched a new system that provides greater transparency for users of XBRL and makes it easier for stakeholders to submit comments on the US GAAP Financial Reporting Taxonomy.

IASB and FASB issue common fair value measurement and disclosure requirements The FASB and IASB have issued new guidance on fair value measurement and disclosure requirements for IFRSs and US GAAP. FASB issues accounting standards update to improve financial reporting of repurchase agreements The FASB has issued ASU No.

IASB and FASB report substantial progress towards completion of convergence program The IASB and the FASB have published a progress report on their joint work to improve IFRSs and US GAAP practices, and to bring about their convergence. The progress report provides further details on the timeline for the completion of the remaining projects. FASB issues ASU to improve financial reporting about troubled debt restructurings The FASB issued ASU No. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings.

Financial accounting foundation outlines plans to address standard setting for nonpublic entities The Board of Trustees of the Financial Accounting Foundation FAF announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.

FAF reappoints Thomas J. Linsmeier to a second term on the FASB Thomas J. Linsmeier has been appointed to a second five-year term as a member of the FASB. Blue-ribbon panel addressing standards for private companies submits report of recommendations to financial accounting foundation The Blue-Ribbon panel addressing how U. The report calls for fundamental changes to the system of standard setting, including the creation of a new board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.

GAAP for private companies that better respond to the needs of the private company sector. Remarks of FASB Chairman Russell G. Golden at the United Nations Conference on Trade and Development International Working Group of Experts on International Standards of Accounting and Reporting FASB Chairman Russell G. Golden addressed the United Nations Conference on Trade and Development International Working Group of Experts on International Standards of Accounting and Reporting in Geneva, Switzerland.

In his address, Mr. Golden called for cooperation among standard setters, audit overseers, and securities regulators to promote high-quality financial reporting. Golden at the AICPA Conference on Current SEC and PCAOB Developments FASB Chairman Russell G. Golden gave a speech at the AICPA Conference on Current SEC and PCAOB Developments in Washington, DC on the efforts of the FASB to improve Generally Accepted Accounting Principles. Golden at the AICPA Conference on Current SEC and PCAOB Developments Russell G.

Golden, FASB Chairman, offered remarks, at the AICPA National Conference on SEC and PCAOB Developments, on his thinking about how the FASB will move forward in setting the agenda for its next projects. FASB Chairman Russell G. Golden remarks at FASB 40 conference At the FASB 40 conference, Mr. Golden shared his perspective on the work of the FASB. He reflected on the past challenges faced by the FASB as prologue for the challenges of today and the future.

Remarks by Leslie Seidman before the AICPA National Conference on Current SEC and PCAOB Developments At the conference, Ms. Seidman shared her perspective on how the FASB has adapted over the past 10 years—and on how those changes have shaped the recent discussion about global accounting standards.

Written testimony submitted by FASB Chairman Leslie Seidman to the U. House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises Leslie Seidman, Chairman of the FASB, provided testimony about current FASB activities and issues at hearings sponsored by the House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.

Summary of Statement No.

Remarks by FASB Chairman Leslie before the AICPA National Conference on current SEC and PCAOB developments Ms. Seidman's speech focused on international accounting standards and private company accounting. Access on-demand archives and podcasts. AICPA CAQ COSO EITF FASB GASB IASB PCAOB SEC. FASB Summary The Financial Accounting Standards Board FASB is the organization in the private sector for establishing standards of financial accounting that governs the preparation of financial reports by nongovernmental entities.

Proposed rules EY comment letters Tentative Board Decisions and In Focus updates Selected news releases Selected FASB Board member speeches Proposed rules 10 May