AccountingLink

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

20 August 2014

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 2014.

15 July 2014

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.

15 July 2014

Inventory: 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.

28 April 2014

Pushdown accounting
The FASB issued Exposure Draft, Business Combinations (Topic 805): 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 2014.

4 March 2014

Conceptual framework for financial reporting: Chapter 8: 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: Chapter 8: Notes to Financial Statements (Concepts Statement), by 14 July 2014.

17 January 2014

Classification of certain government-guaranteed residential mortgage loans upon foreclosure
The FASB issued for public comment Proposed Accounting Standards Update, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (a consensus of the Emerging Issues Task Force). The objective of this proposed Update is to reduce the diversity in practice related to classification of government-guaranteed residential mortgage loans by addressing the classification of foreclosed residential mortgage loans held by creditors that are fully guaranteed under certain government programs. Comments on this Exposure Document are requested by 30 April 2014.

7 November 2013

Development stage entities
The FASB proposed guidance that would eliminate the additional disclosure requirements for development stage entities within US GAAP. They would no longer have to present inception-to-date information about income statement line items, cash flows and equity transactions. Comments are due 23 December 2013.

23 October 2013

Compensation - stock compensation
The proposal would require that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. A reporting entity would apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. Comments are due 23 December 2013.

23 October 2013

Derivatives and hedging
The proposal would clarify how current U.S. 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 2013.

11 October 2013

UGT Implementation Guide, Notional Amount Disclosures
The FASB issued a proposed U.S. 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.

22 August 2013

Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements
The FASB issued for public comment a proposal that outlines an alternative within U.S. GAAP for applying consolidation guidance to leasing companies under common control. The Private Company Council (PCC) added this issue to its agenda in response to feedback from private company stakeholders indicating that the benefits of applying VIE guidance to assess a lessor under common control for consolidation in a leasing arrangement do not justify the related costs and are too complex.

7 August 2013

Definition of a public business entity - an amendment to the master glossary
The FASB proposed guidance to define a public business entity and to identify the types of entities that would be excluded from the scope of the Private Company Decision-Making Framework.

19 July 2013

Measuring the financial liabilities of a consolidated collateralized financing entity
The proposal would define a collateralized financing entity as an entity that holds financial assets, issues beneficial interests in those financial assets, and has no more than nominal equity. All of the beneficial interests that have recourse to the related financial assets of the collateralized financing entity are classified as financial liabilities. Comments are due 17 September 2013.

19 July 2013

Reclassification of collateralized mortgage loans upon a troubled debt restructuring
The amendments in this proposed ASU would clarify that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon: (1) the creditor obtaining legal title to the residential real estate property; or (2) completion of a deed in lieu of foreclosure or similar legal agreement under which the borrower conveys all interest in the residential real estate property to the creditor to satisfy that loan, even though legal title may not yet have passed. Comments are due 17 September 2013.

19 July 2013

Service concession arrangements
The proposed amendments would specify that an operating entity should not account for a service concession arrangement within the scope of this proposed ASU as a lease in accordance with Topic 840 Leases. An operating entity would refer to other relevant FASB Accounting Standards Codification™ Topics as applicable to account for various aspects of a service concession arrangement. The proposal also specifies that the infrastructure used in a service concession arrangement would not be recognized as property, plant, and equipment of the operating entity. Comments are due 17 September 2013.

1 July 2013

Accounting for certain receive-variable, pay-fixed interest rate swaps
This proposal would give private companies, other than financial institutions, the option to use two simpler approaches to accounting for certain types of interest rate swaps that are entered into by a private company for the purpose of economically converting its variable-rate borrowing to a fixed-rate borrowing. Comments are due by 23 August 2013.

1 July 2013

Accounting for goodwill subsequent to a business combination
This proposal would permit amortization of goodwill (the residual asset recognized in a business combination after recognizing all other identifiable assets acquired and liabilities assumed) and a simplified goodwill impairment model. Comments are due by 23 August 2013.

1 July 2013

Accounting for identifiable intangible assets in a business combination
This proposal modifies the requirement for private companies to separately recognize fewer intangible assets acquired in a business combination. Comments are due by 23 August 2013.

27 June 2013

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 2013.

26 June 2013

Disclosure of uncertainties about an entity’s going concern presumption
The proposal would provide guidance in U.S. GAAP about management’s responsibilities in evaluating an entity’s going concern uncertainties, and about the timing and content of related footnote disclosures. An entity would evaluate going concern uncertainties by assessing the likelihood that the entity would be unable to meet its obligations as they become due within 24 months after the financial statement date.

16 May 2013

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 2013.

15 May 2013

FASB U.S. GAAP financial reporting taxonomy (UGT): A proposal to revise the UGT calculation hierarchy
The FASB issued an invitation to comment on proposed structural changes to the U.S. GAAP Taxonomy. FASB U.S. GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT Calculation Hierarchy sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies. Comments are due by 14 July 2013.

6 May 2013

Technical corrections and improvements related to glossary terms
This proposed update contains amendments that affect a wide variety of topics in the Codification. Comments are due 5 August 2013.

30 April 2013

Fair value measurement: Deferral of the effective date of certain disclosures for nonpublic employee benefit plans in update No. 2011-04
The FASB issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities. Comments are due by 31 May 2013.

17 April 2013

Accounting for investments in qualified affordable housing projects
The FASB issued for public comment a proposal to provide guidance on accounting for investments in affordable housing projects that qualify for the low income housing tax credit. Comments are due by 17 June 2013.

15 April 2013

Private company decision-making framework: A guide for evaluating financial accounting and reporting for private companies
The FASB, along with the Private Company Council (PCC), are seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP. Comments are due by 21 June 2013.

12 April 2013

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 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was issued on 14 February 2013. These proposed amendments contain changes to the FASB Accounting Standards Codification. Comments are due by 15 May 2013.

2 April 2013

Reporting discontinued operations
The FASB proposed raising the threshold for reporting a discontinued operation (e.g., a separate major line of business or major geographical area) and permitting an increased level of ongoing involvement (e.g., allows for continuing cash flows and significant continuing involvement). The proposal would require additional disclosures about discontinued operations and new disclosures about certain individually material disposal transactions that would not meet the definition of a discontinued operation. Comments are due by 30 August 2013.

14 February 2013

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 2013.

15 January 2013

Effective control for transfers with forward agreements to repurchase assets and accounting for repurchase financings
The proposed Update is intended to improve guidance for determining whether repurchase agreements and other transfers of financial assets with forward agreements to repurchase the assets should be accounted for as sales or secured borrowings and disclosures about those transactions. Comments are due 29 March 2013.

7 January 2013

FASB Issues proposed clarification to fair value disclosure exemption affecting private companies and nonpublic not-for-profit organizations
The FASB issued a proposal intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonpublic not-for-profit organizations. The exemption resulted from the issuance of ASU No. 2011-04 on fair value measurement. Comments on the proposal are due by 22 January 2013.

20 December 2012

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 2013.

27 November 2012

Clarifying the scope of offsetting assets and liabilities disclosures
The FASB has issued a proposed Accounting Standards Update to clarify the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The proposed amendments would clarify the intended scope of the disclosures required by Section 210-20-50. The FASB believes that the clarified scope would significantly reduce the operability concerns expressed by preparers while still providing decision-useful information about certain transactions involving master netting arrangements. Comments are due 21 December 2012.

16 August 2012

Comprehensive income
The proposed accounting standard would require companies to present separately by component reclassifications out of accumulated other comprehensive income to enhance disclosures in a way that the Board believes would not impose significant costs to preparers.Comments are due by 15 October 2012.

31 July 2012

Private company decision-making framework
This Invitation to Comment outlines an approach for deciding whether and when to modify U.S. GAAP for private companies. Stakeholders are asked to provide input on the document by October 31, 2012.

12 July 2012

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, 2012.

2 July 2012

The liquidation basis of accounting
The proposed accounting standard would clarify when and how an organization should apply the liquidation basis of accounting. The new standard would provide guidance for measuring assets and liabilities, as well as disclosures, when using the liquidation basis of accounting. Liquidation occurs when a company is terminated and its assets are redistributed.

27 June 2012

Disclosures about liquidity risk and interest rate risk
The FASB proposed requiring all entities to significantly expand their disclosures about risks inherent in financial instruments in their notes to their financial statements. All public, private and not-for-profit entities would be required to provide certain tabular disclosures about liquidity risk, along with discussions of the numbers. Financial institutions, as defined in the proposal, would be required to provide additional disclosures about interest-rate risk.

25 January 2012

Testing Indefinite-Lived Intangible Assets for Impairment
Based on concerns raised by financial statement preparers about recurring costs and complexity of calculating the fair value of indefinite-lived assets for impairment testing, the FASB issued a proposed ASU to simplify the impairment test. Comments are due by 24 April 2012.

14 November 2011

Revenue from contracts with customers
The IASB and FASB issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRS and US GAAP for revenue from contracts with customers. Comments are due 13 March 2012.

8 November 2011

Deferral of the effective date for certain amendments in ASU 2011-05
The amendments in this proposed ASU would supersede certain pending paragraphs in ASU 2011-05, "Comprehensive Income (Topic 220)," to defer only those changes that relate to the presentation of reclassification adjustments. The proposed amendments would be temporary to allow the FASB time to redeliberate the issues. Comments are due 23 November 2011.

3 November 2011

Consolidation: Principal versus agent analysis
For VIEs and voting partnerships, a reporting entity’s decision maker would evaluate three qualitative factors to determine whether it is using its power as a principal or an agent. Principals would be required to consolidate. The proposal also would align the consideration of participating rights in the Voting Model with the Variable Interest Model.

21 October 2011

Investment companies: amendments to the scope, measurement, and disclosure requirements
The FASB issued an exposure draft that redefines an investment company and how it accounts for investments. The proposed definition may appear similar to current US GAAP, but there are some important differences. Some of the proposed changes to the definition and accounting could result in significant changes in practice for certain entities. Comments are due 5 January 2012.

21 October 2011

Investment property entities
The FASB issued an exposure draft that would require a real estate entity that meets the definition of an investment property entity to measure its investment properties at fair value, with changes in fair value recognized in net income. This proposal would significantly affect the way many entities that invest in real estate account for their investments. Comments are due 5 January 2012.

14 October 2011

Technical corrections
The FASB proposed technical corrections to a variety of topics in the Codification based on stakeholder feedback. The changes include source literature amendments, guidance clarification, reference corrections and relocated guidance. The proposal also includes amendments to conform the use of the term "fair value" in the Codification to the measurement and disclosure requirements of ASC 820. Comments are due 13 December 2011.

4 October 2011

FAF proposal to establish a Private Company Improvements Council
The Financial Accounting Foundation (FAF) proposal would establish a new council with the authority to identify and vote on specific improvements to US accounting standards for private companies, which would be subject to ratification by the FASB. Comments are due by 14 January 2012.

22 April 2011

Intangibles - Goodwill and Other
The FASB's proposal would simplify how a company is required to test goodwill for impairment. The proposal would give companies the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount.

9 February 2011

Selected issues about hedge accounting
The FASB Discussion Paper asks stakeholders whether the IASB’s proposals are a better starting point for any changes to U.S. GAAP as it relates to derivatives and hedging activities.

31 January 2011

FASB Supplementary Document - Accounting for financial Instruments - Impairment
In this joint proposal, the FASB and IASB have proposed a model for determining when credit losses should be recognized on certain loans and other financial assets.

28 January 2011

Balance sheet offsetting
In this joint FASB and IASB proposal on balance sheet offsetting, the FASB and the IASB have proposed significantly restricting the ability of companies to offset assets and liabilities on their balance sheets.

1 January 2011

Blue - Ribbon Panel on standard setting for private companies
The Panel recommends that a separate Board, under the oversight of the Financial Accounting Foundation be formed to consider exceptions from and modifications to US GAAP for use by private companies.

9 December 2010

Deferral of the effective date of disclosures about troubled debt restructuring
The FASB's proposal would delay indefinitely for public companies the effective date of the disclosures about troubled debt restructurings in ASU No. 2010-20 on disclosures about the credit quality of financing receivables and the allowance for credit losses. The delay is intended to allow the FASB time to complete its deliberations on what constitutes a troubled debt restructuring.

3 November 2010

Reconsideration of effective control for repurchase agreements
This proposal would improve the accounting for repurchase agreements (repos) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity.

19 October 2010

Effective dates and transition methods
The FASB and the IASB issued documents seeking input on the effective dates and transition methods for several new standards, primarily those that are being jointly developed by the Boards (e.g., revenue recognition, leases and financial statement presentation).

29 September 2010

IASB staff draft - IFRS X consolidated financial statements on consolidation
This staff draft of a forthcoming IFRS on consolidation reflects the tentative decisions made to date by the IASB. The draft IFRS will replace IAS 27, Consolidated and Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities, with a single standard on consolidation. The staff draft reflects the cumulative tentative decisions made by the board, concluding with the meeting in May 2010.

17 September 2010

Preliminary Views on Insurance Contracts
The IASB issued its proposal on the accounting for insurance contracts in July 2010. The DP summarizes kerns & Young aspects of the proposal and compares those proposals to alternative preliminary views of the FASB.

1 September 2010

Disclosure about an employer’s participation in a multiemployer plan
The FASB's proposal would revise the disclosure requirements for companies participating in a multiemployer plans.

17 August 2010

Leases
The joint FASB and IASB proposal proposes a single model that will be applied to most leases that will effectively end off-balance sheet reporting for leases.

20 July 2010

Disclosure of certain loss contingencies
The FASB's proposal would expand the population of loss contingencies that are required to be disclosed, require disclosure of specific quantitative and qualitative information about those loss contingencies, and a tabular reconciliation of recognized loss contingencies.

1 July 2010

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. The staff draft was issued in conjunction with the Boards’ decision to engage in additional outreach activities as a means of obtaining input prior to finalizing and publishing an exposure draft.

29 June 2010

Amendments for common fair value measurement and disclosure requirements in US GAAP and IFRS
The proposed ASU would amend the fair value measurement and disclosure guidance in ASC 820, Fair Value Measurements and Disclosures, in order to converge US GAAP and IFRS requirements for measuring amounts at fair value as well as disclosures about these measurements.

24 June 2010

Revenue recognition: Revenue from contracts with customers
The joint FASB and IASB proposal would create a single, converged revenue recognition model. While the principles in the proposal are similar to current US GAAP, the accounting for a number of common components of revenue transactions will be changed significantly by the proposed guidance

26 May 2010

Statement of comprehensive income
The FASB's proposal would achieve convergence with IFRS as both Boards’ proposals require the display of the components of other comprehensive income (OCI) in a continuous statement that reports results of operations. Earnings per share would continue to be based on net income. Also, existing guidance related to items that must be presented in OCI would not change.

11 March 2010

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.

1 February 2008

Preliminary Views on financial instruments with characteristics of equity
The Preliminary Views (PV) document was issued to obtain feedback on the Board’s proposal to simplify and improve financial reporting for financial instruments with characteristics of equity. Consistent with the goal of developing common international standards in all major areas, the IASB also published the FASB’s Preliminary Views in for comment by its constituents.

EY comment letters

14 July 2014

Comment Letter - Chapter 8: Notes to financial statements
In our comment letter, we supported the FASB’s objective of improving disclosure effectiveness in the notes to the financial statements by developing a framework the Board would apply when creating new disclosure requirements and evaluating existing ones. 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.

13 January 2014

Comment Letter - FASB proposal to eliminate development stage entity guidance
In our comment letter, we said we supported the FASB's efforts to reduce financial reporting cost and complexity by eliminating ASC 915 and its additional reporting requirements for development stage entities. However, we expressed our concern about how the proposed amendments could affect the way in which companies apply ASC 810's variable interest entity guidance and ASC 805's definition of a business when evaluating certain entities or operations that are in a development stage.

28 October 2013

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.

14 October 2013

Comment Letter - PCC proposal on applying variable interest entity guidance to common control leasing arrangements
In our comment letter, we said the Private Company Council’s proposal to permit private companies to avoid applying the variable interest entity (VIE) guidance to common control leasing arrangements when certain criteria are met would achieve the desired result of excluding the effects of a lessor’s financial position and operating results from a lessee’s financial statements. However, our experience suggests that the same objective may be achieved by clarifying the example in the Codification on the application of the VIE model.

24 September 2013

Comment Letter - FASB proposal on going concern uncertainties
In our comment letter, we said we support the FASB's effort to develop a going concern model that would require preparers of financial statements to assess going concern uncertainties and provide more timely footnote disclosures. However, we said certain issues need to be addressed before any final guidance on the subject is published.

20 September 2013

Comment letter - Definition of a public business entity
In our letter, we support the development of a single definition of a public business entity for future standard setting but say the proposed definition is complex and would be challenging to apply. We also note that the proposed definition would include many entities that aren't treated as public companies today and might differ from existing SEC rules, regulations and interpretations.

13 September 2013

Comment Letter - FASB/IASB proposal on leasing
While we continue to support the Boards’ efforts to improve the accounting for leases to provide greater transparency in financial reporting and address the needs of users of financial statements, we do not support the Proposal. 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.

26 August 2013

Comment Letter - Reporting discontinued operations
In our comment letter, we support the FASB’s objective to improve the usefulness of financial statements by highlighting significant strategic shifts in an entity’s business operations. However, we recommend that the FASB consider reporting discontinued operations in pro forma disclosure rather than on the face of the financial statements. We disagree with the Board’s decision to exclude from the definition of a discontinued operation the existing consideration of significant continuing operations and cash flows with the disposed component.

23 August 2013

Comment Letter - Accounting for certain receive-variable, pay-fixed interest rate swaps, a proposal of the Private Company Council
We appreciate the opportunity to comment on the Private Company Council’s and Financial Accounting Standards Board’s (FASB or Board) Proposed Accounting Standards Update, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps (the proposed Update). Our letter supports the Board’s overall objective of simplifying hedge accounting for interest rate swaps that allow companies to economically convert variable-rate borrowings to fixed-rate borrowings. Although we believe both of the approaches described in the proposed Update would support the Board’s overall objective, we support the simplified hedge accounting approach because it is more aligned with existing GAAP and has more widespread application.

23 August 2013

Comment Letter - Accounting for goodwill, a proposal of the Private Company Council
In our comment letter, we acknowledge the PCC's observation that certain users of private company financial statements may ignore goodwill and goodwill impairment losses in their analysis of a private company’s financial condition and operating performance. However, we challenge whether this is sufficient justification for amending the goodwill accounting model for private companies. We believe that any change to the goodwill accounting model should be fundamentally consistent with the conceptual underpinnings in US GAAP in addition to being convenient to apply.

23 August 2013

Comment Letter - Accounting for identifiable intangible assets in a business combination, a proposal of the Private Company Council
Our comment letter acknowledges the PCC's observation that some users of private company financial statements believe that distinguishing certain intangible assets from goodwill may not provide decision-useful information. However, we challenge whether this is sufficient justification for amending themodel for accounting for the acquisition of intangible assets in a business combination.

25 July 2013

Comment Letter - Technical corrections and improvements related to glossary terms
Our comment letter highlights proposed changes to ASC glossary terms that could have significant effects on existing practice, may have unintended consequences and/or may be unclear to stakeholders.

21 June 2013

Comment Letter - Private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to provide alternatives for private companies under US GAAP. We believe that providing relief to private companies by using practical expedients for recognition and measurement alternatives, reducing disclosures and modifying transition requirements could help the PCC and the Board meet their objective of providing relevant information in private company financial statements in a more cost-effective manner while preserving the same fundamental basis of accounting for public and private companies.

31 May 2013

Comment letter - FASB proposal on credit losses of financial instruments 
In our comment letter, we urge the FASB to work with the IASB to converge their proposals to require more timely recognition of credit losses than under today’s incurred loss model. 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.

31 May 2013

Comment Letter - FASB proposal to defer the effective date of certain disclosures for nonpublic employee benefit plans
In our comment letter, we support the FASB’s proposal to indefinitely defer the requirement for a nonpublic employee benefit plan to disclose quantitative information about the significant unobservable inputs used in measuring the fair value of investments held in the plan sponsor’s nonpublic equity securities. We also suggest the Board clarify whether an employee benefit plan that meets the definition of a nonpublic employee benefit plan in the proposal would be considered a nonpublic entity under ASC 820-10-50-2F and therefore would not be required to make certain other disclosures.

15 May 2013

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 form. 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. However, we believe the FASB can make specific changes and clarifications that will improve the proposal’s operability.

22 January 2013

Comment letter - FASB proposal to clarify the scope of a fair value disclosure for nonpublic entities
We agreed with the FASB’s proposal to amend ASC 825 to clarify that nonpublic entities are not required to disclose the fair value hierarchy level for items that are not measured at fair value on the statement of financial position but for which fair value is disclosed. We also recommended that the FASB subsequently address the overlap in ASC 825 and ASC 820 regarding this disclosure requirement as well as situations where terms such as “nonpublic entity” have multiple definitions in the glossary of the Codification.

19 December 2012

Comment letter - FASB proposal to limit the scope of disclosures about offsetting assets and liabilities
Our comment letter agrees with the FASB's proposal to limit the scope of ASU-2011-11 to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. We also challenge whether ASU-2011-11's collateral disclosures are needed for instruments in the Proposed Update's scope that are not offset on the balance sheet.

30 November 2012

Comment letter - FASB discussion paper on disclosure framework
Our comment letter supports the FASB’s decision to address disclosure effectiveness and to develop a framework to promote consistent decisions about disclosure requirements. However, we believe disclosure overload exists and therefore urge the FASB to make reducing disclosure requirements a priority of the project and to limit new disclosure requirements until the project is completed.

31 October 2012

Comment letter - FASB staff recommendations for a private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to modify the requirements of accounting standards for private companies. We explain why we believe recognition and measurement generally should be the same for private and public companies, and why the Board should focus on disclosure and transition relief for private companies.

15 October 2012

Comment Letter - FASB proposal to present items reclassified out of AOCI
Our comment letter supports the FASB’s proposal to require the presentation of items reclassified out of AOCI in the notes to the financial statements rather than on the face of the financial statements as previously proposed. We are also supportive of the Board’s decision to not require breakout and disclosure of amounts included in net income for items that are not reclassified into net income in their entirety (e.g., items that are capitalized on reclassification out of AOCI and recognized in income at a later date). However, we believe the usefulness of disclosures that are proposed is compromised by the lack of conceptual basis for OCI and related reclassifications.

1 October 2012

Comment Letter - The liquidation basis of accounting
We support the Board’s efforts to provide guidance on how and when to apply the liquidation basis of accounting. This Proposed Update would promote consistency in how and when entities apply the liquidation basis of accounting and would provide information that is more relevant to users of the financial statements.

25 September 2012

Comment Letter - Proposed ASU on liquidity risk and interest rate risk disclosures
Our comment letter explains why we do not support finalizing the FASB proposal to require all entities to provide disclosures about their exposures to liquidity risk and interest rate risk. We believe that many of the proposed disclosures are redundant given current SEC reporting requirements. Additionally, we believe that nonpublic and not-for-profit entities should be exempted from the proposed update because we don't believe the incremental benefits outweigh the costs of compliance.

24 April 2012

Comment Letter - Testing indefinite-lived intangible assets for impairment
In our comment letter, we support the Board’s efforts to reduce the cost and complexity of performing the impairment test. We also say the Board should consider adding implementation guidance on how to assess a mix of positive and negative evidence affecting the significant inputs used to determine fair value.

13 March 2012

Comment Letter - Joint re-proposal on revenue recognition
We continue to support the Boards’ intention to develop a converged revenue recognition standard for IFRS and US GAAP. While we believe the Boards have made significant progress addressing the concerns raised by constituents about their 2010 exposure draft, more work needs to be done to enable consistent application.

15 February 2012

Comment Letter - Consolidation: Principal vs. agent analysis
Our comment letter supports for the Board’s efforts to more closely align the guidance in US GAAP with IFRS and we believe the proposed principal-agent guidance would alleviate many concerns investors in the asset management industry had with FASB Statement No. 167. Given that the proposal would substantially reduce the differences between the two consolidation models in US GAAP, we also encourage the Board to consider moving toward a single model.

15 February 2012

Comment Letter - Investment companies
Our comment letter supports the objective of amending the investment company definition to clarify whether an entity is within the scope of Topic 946. However, we believe more outreach with preparers and users is critical to determine whether the proposed changes are appropriate and respond to user needs.

15 February 2012

Comment Letter - Proposed ASU on investment properties
Our comment letter opposes creating specialized accounting for investment property entities and suggests that existing diversity in practice among real estate entities would be better addressed by refining the definition of and accounting by an investment company. We believe that a single set of criteria for investment entities that measure their investments at fair value with all changes in fair value recognized in net income would be preferable.

6 January 2012

Comment letter - FAF proposal to establish Private Company Standards Improvement Council
Our comment letter supports the Financial Accounting Foundation’s (FAF) plan to establish a new council that would identify, propose, deliberate and formally vote on specific improvements to US accounting standards for private companies, subject to ratification by the FASB. However, we believe that the criteria for determining whether and when exceptions or substantive modifications to US GAAP for private companies are warranted must be developed judiciously to minimize the risk that the process will result in two sets of US accounting standards.

13 December 2011

Comment Letter - Technical corrections
Our comment letter agrees that most of the proposed changes would not be expected to have a significant effect on current accounting practice. However, we believe that several of the proposed amendments would have significant implications for some entities and those proposals should either be revised or transition should be provided.

21 November 2011

Comment letter - Deferral of effective date for amendments to the presentation of reclassifications of Items out of AOCI in ASU 2011-05
Our comment letter supports the FASB’s proposal to defer the effective dates of the requirement in Accounting Standards Update 2011-05 to present on the face of the financial statements the effects of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income. We believe the deferral should be permanent.

6 June 2011

Comment Letter - Intangibles - Goodwill and other
Our comment letter supports the FASB’s proposal to give entities the option to use a qualitative screen in testing goodwill for impairment to reduce the cost and complexity of performing the first step of the goodwill impairment test.

6 June 2011

Comment Letter - Testing goodwill for impairment
Our comment letter supports the Board's efforts to reduce the cost and complexity of performing the first step of the goodwill impairment test. We also say the Board should consider adding implementation guidance and consider allowing the use of a qualitative screen for the impairment testing of indefinite-lived intangible assets.

27 April 2011

Comment Letter - Balance sheet offsetting
Our comment letter recommends that the Boards should consider adopting a model that retains the existing exceptions in US GAAP for repo and reverse repo agreements and certain derivative contracts subject to master netting arrangements. We believe that adoption of the US GAAP exceptions would be a pragmatic solution to achieve convergence in offsetting.

25 April 2011

Comment Letter - Selected issues about hedge accounting
Ernst & Young is supportive of the Boards' efforts to arrive at a converged solution to accounting for hedging transactions. On balance, we support the overall direction of the IASB’s proposal to align hedge accounting with an entity’s risk management activities.

1 April 2011

Comment Letter - Financial instruments - impairment
Our comment letter provides our views on the Boards' efforts to arrive at a converged solution to accounting for credit impairment under IFRS and US GAAP. We believe that there are a number of operational issues with the joint approach that will require the development of additional guidance and will benefit from robust field testing.

31 January 2011

Comment Letter - FASB’s discussion paper, effective dates and transition methods
Our comment letter suggests that the FASB further delay the effective date of the various joint projects because preparers will need a good deal of time to make the necessary changes prior to adoption.

14 January 2011

Comment Letter - Reconsideration of effective control for repurchase agreements
Our comment letter supports the FASB's proposal to amend the accounting model for 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.

21 December 2010

Comment Letter - Deferring the effective date of disclosures about troubled debt restructurings
Our comment letter supports the proposal to defer the effective date of disclosures about troubled debt restructurings in ASU 2010-20 to align with the effective date of the Proposed Accounting Standards Update, “Clarifications to Accounting for Troubled Debt Restructurings by Creditors.

10 December 2010

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.

9 December 2010

Comment Letter - Standard setting timetable for MoU projects
Our comment letter expresses Ernst & Young's views on effective dates of the FASB and IASB joint projects.

1 December 2010

Comment Letter - FASB preliminary views on insurance contracts
Our comment letter agrees with the fundamental objective of the Boards to develop a single set of high quality global accounting and financial reporting standards. However, we have significant concerns about some of the features of the proposed measurement model and believe these must be resolved before a standard on insurance contracts can be finalized.

1 December 2010

Comment Letter - Joint FASB/IASB proposal on leases
Our comment letter supports the Boards’ efforts to improve lease accounting. However, there are key conceptual and application issues related to the proposals in the exposure draft that must be addressed in order for these proposals to be operational.

3 November 2010

Comment Letter - IASB Staff Draft on consolidated financial statements
Our comment letter supports the objective of developing a single consolidation principle, based on control, applicable to all entities. For successful implementation of the principle, we agree there should be a clear definition of control which incorporates the related concept of power. Specifically, we agree with and support a control principle as articulated in the Staff Draft. However, while we agree with the control principle articulated in the Staff Draft, we believe that the application guidance in the Staff Draft is internally inconsistent with this control principle. In particular, we believe the application guidance for potential voting rights and de facto control is inappropriate.

28 October 2010

Comment Letter - Disclosure about an employer’s participation in a multiemployer plan
Our comment letter supports the FASB's effort to enhance multiemployer plan disclosure requirements to enable users to better understand risks associated with participation in a multiemployer plan. We also believe that the proposed disclosure requirements should be streamlined to require the most relevant decision-useful information.

22 October 2010

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 that need to be resolved before it can be applied in practice.

30 September 2010

Comment Letter - Statement of comprehensive income
Under the proposed model, an entity would be required to report total comprehensive income and its components in two parts, net income and other comprehensive income (OCI), in a continuous statement of comprehensive income. Our comment letter notes that we find it difficult to evaluate the proposed changes while there are no clear underlying principles for the recognition of OCI or the reclassification of such items to net income.

17 September 2010

Comment Letter - Disclosure of certain loss contingencies
While significantly improved over the first exposure draft in 2008, our comment letter expresses concerns regarding whether the loss contingency proposal is operational and would achieve the FASB's disclosure objectives.

14 September 2010

Comment Letter - Blue Ribbon Panel proposal on private company accounting
This comment letter provides our views to the "Blue Ribbon" Panel on standard setting for private companies.

10 September 2010

Comment Letter - Financial instruments and derivative/hedging activities
This comment letter provides our views on the FASB's proposal on the accounting for financial instruments and derivative instruments and hedging activities.

7 September 2010

Comment Letter - Amendments to common fair value measurement and disclosure requirement
We are supportive of the Boards’ efforts to develop common requirements for measuring fair value and disclosing information about fair value measurements under US GAAP and IFRS. However, our comment letter identifies several potentially significant changes to practice that give us concern.

10 August 2010

Comment Letter - Disclosure of Certain Loss Contingencies
This comment letter requests an extension of comment letter due date for the FASB's re-proposal on contingencies.

16 July 2010

Comment Letter - Conceptual framework for financial reporting: the reporting entity
Our comment letter supports the addition of a project on the reporting entity to the Boards’ agenda. However, we have concerns with the description of the reporting entity and the ability to apply the definition in practice.

15 April 2009

Comment Letter - FASB and the IASB discussion paper on financial statement presentation
This comment letter provides our views on its discussion document related to financial statement presentation.

2 October 2008

Comment Letter - IASB/FASB Joint Conceptual Framework Project - PV on the Reporting Entity
This comment letter provides our views on the joint FASB/IASB discussion document on the conceptual framework.

30 May 2008

Comment Letter - Preliminary Views on financial instruments with characteristics of equity
Ernst & Young supports a joint FASB and IASB project to comprehensively consider the model for distinguishing between liabilities and equity as well as the related measurement and financial statement presentation issues. We tentatively support the “basic ownership” approach from the three models described in the PV for various reasons, including its perceived simplicity

Tentative Board Decisions and In Focus updates

21 August 2014

In Focus - Proposed 2015 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 2015 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. There also will be expanded coverage of the FASB’s growing series of Taxonomy Implementation Guides and reporting on preliminary findings from the Taxonomy Simplification Initiative. In addition, SEC staff will discuss current XBRL filing issues.

20 August 2014

20 August 2014 FASB meeting
The Board continued discussing the impairment of investments in equity securities not measured at fair value with changes in fair value recognized in net income on a recurring basis and disclosures about hybrid instruments containing bifurcated embedded derivatives. The Board also discussed different ways of promoting the appropriate use of discretion by reporting entities in applying annual disclosure requirements for defined benefit plans in employers’ financial statements.

13 August 2014

13 August 2014 FASB meeting
The FASB added several projects to its agenda and to that of the EITF at its latest agenda prioritization meeting. Several of these projects are part of the Board’s simplification initiative. Projects were added to the FASB’s agenda to address accounting for income taxes and to simplify the presentation of debt issuance cost, the measurement date for defined benefit plans and the balance sheet classification of debt. Projects were added to the EITF’s agenda to address the fair value hierarchy levels for certain investments measured at net asset value and the effects on historical earnings per unit of master limited partnership dropdown transactions.

30 July 2014

30 July 2014 FASB meeting
The Board decided to issue a proposed ASU to solicit public comment on (1) A feeder fund should attach the master fund’s financial statements along with its financial statements and (2) All investments companies should disclose each investment owned by an investee fund that exceeds 5 percent of the reporting investment company’s net assets at the reporting date. 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.

23 July 2014

23 July 2014 FASB meeting
The Board discussed how the decisions it has reached in the project on financial statements of not-for-profit entities relate to its research project on financial performance reporting. 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.

23 July 2014

23 July 2014 FASB/IASB joint videoconference meeting
The FASB and the IASB continued redeliberating the proposals in the May 2013 Exposure Draft, Leases, specifically discussing the following topics: (1) sale and leaseback transactions and (2) lessor disclosure requirements.

16 July 2014

16 July 2014 FASB meeting
The Board redeliberated the remaining issues on consolidation: principal versus agent analysis and continued to discuss new disclosures that would be required for short-duration insurance contracts.

25 June 2014

25 June 2014 FASB meeting
The Board discussed its research project on Financial statement presentation, which it will rename the Financial performance reporting project.

19 June 2014

18 June 2014 FASB meeting
The Board discussed whether and how to proceed with the conceptual framework project and decided to begin with presentation and measurement followed by the liability-equity distinction. The board also discussed customer’s accounting for fees in a cloud computing arrangement and financial statements of not-for-profit entities.

18 June 2014

18 June 2014 FASB/IASB joint videoconference meeting
The FASB and the IASB continued redeliberating the proposals in the May 2013 Exposure Draft, Leases, specifically discussing the following topics: (1) subleases, (2) lessee balance sheet presentation, and (3) cash flow presentation.

11 June 2014

11 June 2014 FASB meeting
The Board discussed potential changes to disclosures that employers provide about defined benefit plans, continued redeliberating the presentation and disclosure of financial instruments, and discussed the impairment of financial assets subsequently identified for sale and certain beneficial interests in securitized financial assets.

4 June 2014

4 June 2014 FASB meeting
The Board continued redeliberating accounting for financial instruments: classification and measurement, specifically discussing the presentation and disclosure of financial instruments. The Board also discussed insurance - disclosures about short-duration contracts.

3 June 2014

In Focus - FASB update for private companies and not-for-profit organizations
The FASB announced its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations. The webcast will take place on Monday, 23 June 2014, from 1 to 2:40 p.m. EDT.

29 May 2014

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.m. Eastern Time.

28 May 2014

28 May 2014 FASB meeting
The Board continued its deliberations on financial statements of not-for-profit entities, focusing on the presentation and disclosure of information useful in assessing liquidity. The Board also discussed whether and how interim disclosure requirements should be modified.

22 May 2014

22 May 2014 FASB/IASB joint videoconference meeting
The FASB and the IASB continued redeliberating the proposals on leases, specifically discussing the following topics: (1) definition of a lease, (2) separating lease and nonlease components, and (3) initial direct costs.

14 May 2014

14 May 2014 FASB meeting
The Board continued redeliberating on Accounting for financial instruments - classification and measurement and financial statements of not-for-profit entities.

7 May 2014

7 May 2014 FASB meeting
At this meeting, the FASB discussed it project on going concern.

6 May 2014

6 May 2014 FASB meeting
The Board continued redeliberating the November 2011 proposed ASU, Consolidation (Topic 810): 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, 2014, about the applicability of the related party tie breaker test for variable interest entities (VIEs).

28 April 2014

28 April 2014 FASB meeting
The Board discussed the results of staff research on four potential projects and added two projects to its agenda: (1) Presentation issues in the statement of cash flows (2) Fees paid by a customer in a cloud computing arrangement. 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 2014-01 on low income housing tax credit investments to other tax credit investments.

23 April 2014

23 April 2014 FASB meeting
The Board discussed the pre-agenda research work on Topic 230, Statement of Cash Flows. Specifically, the Board discussed cash flow issues related to the classification of certain types of cash receipts and cash payments. The Board also continued redeliberating, Financial Instruments - Overall: Recognition 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.

23 April 2014

23 April 2014 FASB/IASB joint videoconference meeting
The Boards continued discussing ways to clarify and simplify their 2013 proposal to put most leases on lessees’ balance sheets. 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.

16 April 2014

16 April 2014 FASB meeting
The Board continued redeliberating on consolidation: principal versus agent analysis and decided to divide the insurance contracts project into two components.

4 April 2014

4 April 2014 FASB meeting
The Board discussed accounting for financial instruments: classification and measurement, investment companies: disclosures about investments in another investment company and disclosure framework: entity’s decision process.

26 March 2014

26 March 2014 FASB meeting
The Board continued its redeliberations on going concern. 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.

18 March 2014

18-19 March 2014 FASB/IASB joint meeting
The Boards continued redeliberations of the proposals on leases, specifically discussing the following topics: (1) lessee accounting model, (2) lessor accounting model, (3) lessor Type A accounting, (4) lessee small-ticket leases, (5) lease term, and (6) lessee accounting: short-term leases.

13 March 2014

In Focus - Board member perspective on structured data and US SEC and staff U.S. GAAP taxonomy updates
Registration is now open for an upcoming FASB webcast that looks at how investors use structured data (XBRL) and how structured data are considered in the standard-setting process. IN FOCUS: Board Member Perspective on Structured Data and U.S. Securities and Exchange Commission and Staff U.S. GAAP Taxonomy Updates will take place on Thursday, 3 April 2014, from 1:00 to 2:30 p.m. EDT. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit.

12 March 2014

12 March 2014 FASB meeting
The Board discussed its projects on accounting for financial instruments: classification and measurement, accounting for financial instruments: impairment, consolidation: principal versus agent analysis, transfers and servicing: repurchase agreements and similar transactions and financial statements of not-for-profit entities.

26 February 2014

26 February 2014 FASB meeting
The Board continued redeliberating the proposed Accounting Standards Update, Financial Instruments - Overall (Subtopic 825-10): 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.

19 February 2014

12 February 2014 FASB meeting
The Board began redeliberations of the June 2013 Exposure Draft, Insurance Contracts (Topic 834). The Board directed the staff to perform an analysis of existing U.S. GAAP for long-duration contracts and an assessment of the areas that should be considered for targeted improvements. The Board also continued redeliberating the proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15), (specifically discussing topics related to nonaccrual, purchased credit-impaired (PCI) financial assets, and troubled debt restructurings) and the proposed ASU, Consolidation (Topic 810): Principal versus Agent Analysis.

12 February 2014

12 February 2014 FASB meeting
The FASB began discussing whether to simplify the subsequent measurement of goodwill for public business entities and not-for-profit entities in a project that grew out of a goodwill accounting alternative the FASB issued for private companies. The FASB indicated that it would consider the applicability of elements of any new model to private companies. While the FASB didn’t make any decisions, it directed its staff to research two approaches.

29 January 2014

29 January 2014 FASB meeting
The FASB discussed its projects on Consolidation: principal versus agent analysis and Accounting for financial instruments: classification and measurement. The Board also discussed its priorities 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.

23 January 2014

23 January 2014 FASB/IASB joint videoconference meeting
The Boards began their redeliberations of the proposals included in the May 2013 Exposure Draft, Leases. The objective of the meeting was to have an in-depth discussion of the following topics: lessor accounting model, accounting for “Type A” leases by lessors, lessee accounting model and lessee small-ticket leases.

22 January 2014

22 January 2014 FASB meeting
The FASB discussed three PCC issues in preparation for the upcoming PCC meeting, as well as pre-agenda research on operating segments and pensions and other postretirement benefits.

15 January 2014

15 January 2014 FASB meeting
The Board discussed the comments received on the proposed Accounting Standards Update, Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations, and redeliberated the effective date for nonpublic entities, conduit bond obligors and disclosures.

8 January 2014

8 January 2014 FASB meeting
The Board discussed how to further integrate rights held by other parties, one of the principal versus agent factors included in the proposed FASB Accounting Standards Update, Consolidation (Topic 810): Principal versus Agent Analysis, within the existing guidance in Topic 810 for voting interest entities and variable interest entities.

18 December 2013

18 December 2013 FASB meeting
The Board discussed not-for profit financial reporting - financial statements, transfers and servicing - repurchase agreements and similar transactions, financial instruments - classification and measurement and financial instruments - impairment.

11 December 2013

11 December 2013 FASB meeting
The Board discussed its project on consolidation - principal versus agent analysis and ratification of EITF consensuses and tentative conclusions.

25 November 2013

25 November 2013 FASB meeting
The Board endorsed the decisions of the Private Company Council.

21 November 2013

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 December 2013, from 1:00 to 2:40 p.m. Eastern Standard Time. Participants in the live broadcast will be eligible for up to 2 hours of CPE credit. The webcast provides an overview of the work of the PCC, the FASB’s projects to improve NFP financial reporting and the FASB-IASB projects on leases, revenue recognition, and accounting for financial instruments. In addition, the SEC staff will discuss other FASB projects of interest to private companies and NFP organizations.

20 November 2013

20 November 2013 FASB/IASB joint videoconference meeting
The Boards discussed their projects on accounting for financial instruments: classification and measurement and leases.

13 November 2013

13 November 2013 FASB meeting
The Board discussed it projects on reporting discontinued operations and technical corrections and improvements.

6 November 2013

6 November 2013 FASB meeting
The Board met to discuss its compliance with the due process requirements to issue a final Accounting Standards Update on revenue, including a consideration of the expected costs and benefits. The Board directed the staff to draft a final Update for vote by written ballot.

30 October 2013

30 October 2013 FASB meeting
The Board discussed the feedback received on the 7 August 2013 Exposure Draft, Definition of a Public Business Entity: An Amendment to the Master Glossary, and began redeliberations on the project.

30 October 2013

30 October 2013 FASB/IASB joint videoconference meeting
The Boards discussed the revenue recognition project.

24 October 2013

24 October 2013 FASB meeting
The Board began redeliberations on consolidation: principal versus agent analysis and decided to exclude the some types of money market funds from the scope of Topic 810, Consolidation.

23 October 2013

23 October 2013 FASB meeting
The Board continued deliberations on the not-for-profit financial reporting: financial statements project and tentatively decided to improve the statement of cash flows. The Board also discussed the components of, and the threshold for, disclosures about investments in another investment company.

9 October 2013

9 October 2013 FASB meeting
The Board discussed additions and changes to the Board's decision process and how the aspects of interim reporting affect the way in which the Board sets disclosure requirements.

2 October 2013

2 October 2013 FASB meeting
The Board ratified the Issue 13-D and Issue 13-G consensuses-for-exposure for reached at the 13 September 2013 EITF meeting and decided to expose them for public comment for a period of 60 days. The FASB also discuss its project, Transfers and servicing: repurchase agreements and similar transactions.

18 September 2013

17-18 September 2013 joint FASB/IASB meeting
The FASB and the IASB discussed financial instruments - impairment, revenue recognition and financial instruments - classification and measurement.

11 September 2013

11 September 2013 FASB meeting
The Board discussed a plan to complete redeliberations of the 2011 proposed ASU, Consolidation (Topic 810): Principal versus Agent Analysis, in the first half of 2014 and to issue a final Update in the second half of 2014. The FASB also discussed its projects on EITF Issue No. 12-G and development stage entities.

4 September 2013

4 September 2013 FASB meeting
The FASB discussed stock compensation - discretionary provisions and clawback features. The Board also continued deliberations on the not-for-profit financial reporting - financial statements project.

23 August 2013

In Focus - Proposed 2014 US GAAP financial reporting taxonomy
The FASB announce an upcoming webcast that discusses the changes in the proposed 2014 US GAAP Financial Reporting Taxonomy Release available for public review and comment on 30 August, including changes to the Taxonomy for Accounting Standards Updates (ASU) and the revised calculation hierarchy. There will also be expanded coverage of the FASB’s growing series of XBRL Implementation Guides. In addition, SEC staff will discuss current XBRL filing issues.

7 August 2013

7 August 2013 FASB meeting
The FASB discussed its project, Disclosure framework - Board's decision process. The Board also endorsed an alternative proposed by the Private Company Council at its 16 July 2013 meeting that would exempt private companies from evaluating certain common control leasing arrangements for consolidation under the variable interest entity guidance.

25 July 2013

25 July 2013 FASB meeting
The FASB discussed the role of notes in financial reporting, disclosure requirements that overlap with SEC (or other securities regulators) requirements, and disclosure requirements that overlap with requirements outside the financial report.

24 July 2013

24 July 2013 joint FASB/IASB meeting
The FASB and the IASB discussed collectibility, accounting for contracts that do not meet Step 1 of the revenue model and constraint. These were topics raised in the drafting of the final standard on revenue from contracts with customers.

23 July 2013

23 July 2013 joint FASB/IASB meeting
The FASB and the IASB discussed the plan for the upcoming joint redeliberations of their respective classification and measurement proposals for financial instruments and discussed feedback received on their proposals on accounting for financial instruments.

17 July 2013

17 July 2013 FASB meeting
The FASB added one issue to the EITF agenda: Determining whether the host contract in a hybrid financial instrument is more akin to debt or equity.

16 July 2013

16 July 2013 Private Company Council meeting
The PCC and the FASB voted to finalize the private company decision-making framework, and the PCC approved exposure of an alternative for private companies related to the consolidation of common control leasing arrangements.

10 July 2013

10 July 2013 FASB meeting
The Board decided to issue an Exposure Draft of a proposal that would amend the Master Glossary in the FASB Accounting Standards Codification® to include the definition of a public business entity that would apply prospectively to new accounting and reporting standards.

10 July 2013

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 building block approach or the premium allocation approach.

26 June 2013

26 June 2013 FASB meeting
The Board ratified the consensuses reached at the 11 June 2013 EITF meeting.

19 June 2013

19 June 2013 FASB meeting
The Board discussed forward-looking disclosure information, the decision questions in Chapter 2 of the FASB Invitation to Comment, Disclosure Framework, and staff-suggested revisions to the technical plan.

18 June 2013

18 June 2013 joint FASB/IASB meeting
The FASB and the IASB continued discussing feedback received on their respective proposals on the classification and measurement of financial instruments. The meeting was informational and the Boards made no decisions.

12 June 2013

12 June 2013 FASB meeting
The Board discussed a summary of the comments received on the ED of a proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans. The Board also discussed the staff’s analysis of the issues in light of stakeholder feedback received.

10 June 2013

10 June 2013 FASB meeting
The Board endorsed three alternatives within U.S. GAAP proposed by the PCC to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders.

6 June 2013

6 June 2013 FASB meeting
The Board continued to discuss how to clarify and refine the definition of a public company for financial reporting purposes. 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.

6 June 2013

In Focus - GASB/FASB update
Registration is now open for the upcoming FASB webcast In Focus: GASB/FASB update on 10 June 2013, from 3:00 to 4:00 p.m. EDT. Participants in the live broadcast will be eligible for up to 1 hour of CPE credit. Topics of discussion will include: (1) an overview of GASB projects in progress and recently-issued GASB pronouncements and (2) an overview of FASB projects in progress and recently-issued FASB Accounting Standards Updates, including Investment Companies, Discontinued Operations, Going Concern, and Liquidation Basis of Accounting.

29 May 2013

29 May 2013 FASB meeting
The FASB decided to add a standard-setting project to clarify the definition of a business and tentatively decided to define an intermediate operating measure.

24 May 2013

24 May 2013 joint FASB/IASB meeting
The Boards continued their joint redeliberations on the revised Exposure Draft, Revenue from Contracts with Customers (the 2011 ED) with discussion of the application of the revenue model to credit card reward programs. The Boards also discussed the comment letter and outreach summary of the IASB’s November 2012 Exposure Draft, Classification and Measurement: Limited Amendments to IFRS 9.

23 May 2013

23 May 2013 FASB meeting
The FASB discussed the application of the new revenue standard to in substance assets for real estate transactions. The FASB also discussed its projects on Insurance contracts and transfers and servicing: repurchase agreements and similar transactions.

16 May 2013

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 10:30 to 11:30 a.m. EDT. 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.

9 May 2013

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 June 2013, from 1:00 to 2:40 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 2 hours of CPE credit. The webcast will provide an update on recent PCC meetings, including upcoming proposals on potential alternatives within U.S. GAAP. It will also give an overview of the Private Company Decision-Making Framework Project and the work of the FASB’s Not-for-Profit Advisory Committee.

1 May 2013

1 May 2013 FASB meeting
The FASB added two issues to the agenda of the EITF. Both issues are expected to be discussed at the 11 June 2013 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.

10 April 2013

10 April 2013 FASB meeting
The FASB discussed the effects of the decisions reached in the leases project on financial reporting complexity. The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot.

28 March 2013

28 March 2013 FASB meeting
he FASB discussed whether to modify the comment period for the proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15), in response to both formal and informal feedback. The Board decided to extend the comment period to 31 May 2013. The FASB also ratified the two consensuses and the consensus-for-exposure reached at the 14 March 2013 EITF meeting.

20 March 2013

20 March 2013 FASB meeting
The FASB continued redeliberating the revised Exposure Draft, Revenue from Contracts with Customers (the 2011 ED). The Board discussed the disclosure, transition, effective date, and early application requirements of the revenue standard for nonpublic entities. Additionally, the Board discussed the effective date for public entities.

18 March 2013

In Focus - 2013 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: 2013 US GAAP Taxonomy Overview with Expanded Coverage of FASB XBRL Implementation Guides and SEC Update, on 2 April 2013, from 1:00 to 2:30 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. The webcast provides an overview of changes in the 2013 US GAAP Financial Reporting Taxonomy with expanded coverage of the FASB’s new series of XBRL Implementation Guides. In addition, the SEC staff will discuss current XBRL filing issues.

13 March 2013

13 March 2013 FASB meeting
The FASB decided that it would issue final guidance on how to assess investment company status but would continue to deliberate disclosure requirements for investments in another investment company. The final guidance would be similar to current US GAAP. The FASB also discussed its project on reporting discontinued operations.

6 March 2013

6 March 2013 FASB meeting
The FASB continued its discussions of the proposed insurance contracts standard. 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.

27 February 2013

27 February 2013 FASB meeting
The FASB continued its discussions of the proposed insurance contracts standard. 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.

20 February 2013

20 Febraury 2013 joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on revenue recognition and leases.

20 February 2013

20 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Board discussed (1) segregated assets related to direct performance linked insurance contracts and (2) accretion of interest on the margin.

13 February 2013

13 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Board also discussed its projects on liquidation basis of accounting and disclosure framework.

12 February 2013

12 February 2013 FASB meeting
At this meeting, the FASB decided to remove guidance which requires entities to analogize to Topic 840 on leases when determining the asset acquired in a software licensing agreement.

6 February 2013

6 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Boards discussed accounting for guarantees, modifications of insurance contracts and foreign currency transactions.

31 January 2013

31 January 2013 FASB meeting
At this meeting, the FASB discussed going concern, nonpublic entities: clarification of a fair value disclosure requirement, and FASB ratification of EITF consensuses and tentative conclusions.

30 January 2013

30 January 2013 joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on revenue recognition, insurance contracts, and leases.

23 January 2013

23 January 2013 FASB meeting
At this meeting, the FASB discussed its project on investment companies. Specific topics covered were IASB changes to the jointly discussed investment company assessment, disclosures, transition requirements and effective date.

9 January 2013

9 January 2013 FASB meeting
At this meeting, the FASB decided to limit the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. The Board also discussed its project on accounting for financial instruments: classification and measurement.

19 December 2012

19 December 2012 FASB meeting
At this meeting, the FASB discussed (1) Presentation of comprehensive income: reclassification out of accumulated other comprehensive income, and (2) Agenda decision: nonpublic entities - clarification of a fair value disclosure requirement.

17 December 2012

17 December 2012 joint FASB/IASB meeting
At this meeting, the Boards addressed accounting for contract acquisition costs, constraining the cumulative amount of revenue recognized for licensed intellectual property and allocating the transaction price (including the effect of the allocation on some bundled arrangements).

12 December 2012

12 December 2012 FASB meeting
At this meeting, the FASB discussed: (1) Accounting for financial instruments: classification and measurement, (2) Investment companies, (3) Liquidation basis of accounting, (4) Reporting discontinued operations, and (5) Transfers and servicing: Repurchase agreements and similar transactions.

20 November 2012

20 November joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on financial instruments-impairment and insurance contracts.

19 November 2012

19 November joint FASB/IASB meeting
At this meeting, the Boards continued their redeliberations on the revised revenue recognition proposal. 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.

16 November 2012

14 November 2012 FASB meeting
At this meeting, the FASB discussed the comments received on its exposure draft on the presentation of comprehensive income: reclassification out of accumulated other comprehensive income, the next phase of its technical corrections project and insurance contracts.

9 November 2012

6 November 2012 FASB meeting
At this meeting, the FASB discussed its projects on the liquidation basis of accounting and consolidation: policy and procedures.

9 November 2012

7 November 2012 FASB meeting
At this meeting, the FASB discussed it projects on going concern, liquidity and interest rate disclosures and repurchase agreements.

31 October 2012

31 October 2012 FASB meeting
At this meeting, the FASB decided to clarify the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, and limit it to the items identified in the implementation guidance, namely derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and lending arrangements.

31 October 2012

In Focus - Accounting for Credit Losses on Financial Instruments webcast
Registration is now open for the FASB webcast, In Focus: Accounting for Credit Losses on Financial Instruments, on 9 November 2012, from 1:00 to 2:15 p.m. EST. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. The webcast will feature FASB member Larry Smith and practice fellow Steve Kane providing an overview of the FASB’s proposed accounting for credit losses model, developed as part of its project to improve the accounting for financial instruments.

19 October 2012

19 October 2012 FASB meeting
At this meeting, the FASB decided that the tentative model applies to all financial instruments unless explicitly excluded. The Board also discussed other items as part of the scope of the tentative model.

17 October 2012

17 October 2012 FASB meeting
At this meeting, the FASB discussed its project related to classification and measurement of financial instruments.

15 October 2012

15 October 2012 FASB meeting
At this meeting, the FASB continued its discussions on insurance contracts by considering whether upon adoption of the new insurance contracts standard, an insurer could re-designate the classification of its financial assets for transition purposes.

15 October 2012

15 October 2012 joint FASB/IASB meeting
At this meeting, the FASB and IASB continued their joint discussions of the proposed insurance contracts standard. The Boards discussed the time value of money in the premium allocation approach and the presentation of changes in the liability for participating contracts.

10 October 2012

10 October 2012 FASB meeting
At this meeting, the FASB discussed modifications, reexposure of the revised credit impairment model, and transition guidance for the Current Expected Credit Loss (CECL) model.

3 October 2012

3 October 2012 FASB meeting
At this meeting, the FASB discussed accounting for financial instruments: impairment, accounting for financial instruments: classification and measurement, transfers and servicing: repurchase agreements and similar transactions and insurance contracts.

27 September 2012

27 September 2012 joint FASB/IASB meeting - Revenue recognition
At this meeting, the FASB and IASB discussed revenue recognition.

25 September 2012

25 September 2012 FASB meeting
At this meeting, the FASB discussed its project on leasing.

24 September 2012

24 September 2012 joint FASB/IASB meeting - Insurance
At this meeting, the FASB and IASB discussed insurance accounting.

20 September 2012

20 September 2012 joint FASB/IASB meeting
At this meeting, the IASB and the FASB discussed questions that have been raised about the Boards’ tentative decisions regarding sale and leaseback transactions; issues on how a lessee would account for leases under the single lease expense (SLE) approach; and issues on determining which lease approach should be applied.

19 September 2012

19 September 2012 FASB meeting
At this meeting, the FASB discussed the scope of assets that should apply the Current Expected Credit Loss (CECL) model. The Board tentatively decided that the CECL model should apply to receivables that result from revenue transactions within the scope of Topic 605, lease receivables recognized by a lessor in accordance with Topic 840, and loan commitments that are not measured at fair value with qualifying changes in fair value recognized in net income.

10 September 2012

In Focus - Expanded Coverage of Proposed 2013 Taxonomy including XBRL Data in Use webcast
Registration is now open for the upcoming FASB webcast, In Focus: Expanded Coverage of Proposed 2013 Taxonomy Including XBRL Data in Use. This live webcast, offered free of charge, will take place on 24 September, from 1:00 to 2:30 p.m. EDT. The webcast will provide expanded coverage of the proposed XBRL 2013 U.S. GAAP Financial Reporting Taxonomy now available for public review and comment. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit.

7 September 2012

7 September 2012 FASB meeting
At this meeting, the FASB continued its development of the Current Expected Credit Loss (CECL) Model. The Board discussed the inclusion of a nonaccrual concept in the financial instrument model.

6 September 2012

5 September 2012 FASB meeting
At this meeting, the FASB discussed its projects on: 1) Insurance contracts, (2) Investment companies, (3) Transfers and servicing: repurchase agreements and similar transactions, and (4) Accounting for financial instruments: classification and measurement.

27 August 2012

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 September 2012, from 1:00 to 2:15 p.m. (EDT). Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit.

24 August 2012

22 August 2012 FASB meeting
The FASB discussed its project on the impairment of financial instruments and made a number of key decisions on an alternative expected credit loss impairment model to address U.S. stakeholders’ significant concerns about the understandability, operability, and auditability of the three-bucket credit impairment model under joint development with the IASB.

16 August 2012

In Focus - Presentation requirements for reclassifications out of accumulated other comprehensive income
This publication summarizes the FASB's proposal that is intended to improve the presentation requirements for reclassifications out of accumulated other comprehensive income in a manner that balances the benefits to users of financial statements with the costs incurred by preparers.

14 August 2012

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 September 2012, from 1:00 to 2:00 p.m. (EDT). Participants in the live broadcast will be eligible for up to one hour of CPE credit.

10 August 2012

8 August 2012 FASB meeting
At this meeting, the FASB discussed its projects on investment property entities and investment companies.

10 August 2012

9 August 2012 FASB meeting
At this meeting, the FASB discussed its project related to classification and measurement of financial instruments.

1 August 2012

1 August 2012 FASB meeting
At this meeting, the FASB discussed its projects on (1) accounting for financial instruments: impairment, (2) accounting for financial instruments: classification and measurement, (3) transfers and servicing: repurchase agreements and similar transactions, and (4) insurance contracts.

27 July 2012

In Focus - Testing Indefinite-Lived Intangible Assets for Impairment
The FASB issued Accounting Standards Update No. 2012-02 to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill.

26 July 2012

25 July 2012 FASB meeting
At this meeting, the FASB discussed its projects on (1) Technical corrections and (2) Insurance contracts.

19 July 2012

16-19 Joint FASB/IASB meeting
At this joint meeting, the FASB and the IASB discussed (1) investment companies, (2) leases, (3) accounting for financial instruments: classification and measurement, (4) accounting for financial instruments: impairment, and (5) revenue recognition.

12 July 2012

In Focus - FASB’s invitation to comment on Disclosure Framework
The Board’s objective and primary focus in this project is to improve the effectiveness of disclosures in notes to financial statements. The Board hopes that a sharper focus on important information will result in reduced volume in many cases.

11 July 2012

11 July 2012 FASB meeting
At the 11 July 2012 meeting, the FASB ratified two consensuses-for-exposure reached at the 21 June 2012 meeting of the EITF and decided to expose them for public comment for a period of 60 days.

9 July 2012

9 July 2012 FASB meeting
At the 9 July 2012 meeting, the FASB agreed to drop its project related to disclosure of loss contingencies.

2 July 2012

In Focus - Proposed Accounting Standards Update (ASU), Presentation of Financial Statements (Topic 205): The Liquidation Basis of Accounting
The FASB issued this document to summarize the key points in its proposal on the liquidation basis of accounting.

1 July 2012

27 June 2012 FASB meeting
At this meeting, the FASB discussed the accounting for repurchase agreements and similar transactions.

27 June 2012

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.

22 June 2012

20 June 2012 FASB meeting
At the meeting, the FASB discussed reclassifications out of accumulated other comprehensive income and the classification and measurement of financial instruments.

14 June 2012

12-13 Joint FASB/IASB meeting
At this joint meeting, the FASB and the IASB discussed its projects on insurance contracts, leases, accounting for financial instruments: classification and measurement and investment companies.

7 June 2012

6 June 2012 FASB meeting
At this FASB meeting, the Board discussed the impairment of indefinite-lived intangible assets, not-for-profit financial reporting: financial statements, the definition of a nonpublic entity and revenue recognition.

4 June 2012

In Focus - FASB update for nonpublic entities
The FASB announced its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations.

31 May 2012

30 May 2012 FASB meeting
At the FASB meeting, the Board discussed comments received on its proposal on technical corrections and its proposal on investment property entities.

24 May 2012

21-22, 24 May 2012 FASB/IASB meeting
At the FASB and IASB meeting, the projects on (a) financial instruments: classification and measurement, (b) financial instruments: impairment, (c) investment companies, (d) insurance, (e) revenue recognition, and (f) leases were discussed.

10 May 2012

9 May 2012 FASB board meeting
At the 9 May 2012 meeting, the FASB discussed the accounting for financial instruments: impairment and the accounting for financial instruments: liquidity and interest rate risk disclosures.

3 May 2012

2 May 2012 FASB board meeting
The FASB met on 2 May and discussed its projects on (1) the liquidation basis of accounting and (2) the definition of a nonpublic entity.

26 April 2012

25 April 2012 FASB meeting
The FASB met on April 25 and discussed its projects on (1) disclosure framework, (2) consolidation: policy and procedures, (3) nonpublic entity fair value measurement disclosures, and (4) definition of a nonpublic entity.

23 April 2012

17-18 Joint FASB/IASB board meeting
At this meeting, the Boards discussed projects on classification of financial instruments, impairment of financial instruments, insurance contracts and investment companies.

13 April 2012

11 April 2012 FASB meeting
The FASB decided not to require additional qualitative disclosures related to an entity's ability to remain a going concern. 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 90-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.

13 April 2012

9 April 2012 FASB meeting
The FASB ratified the following consensuses-for-exposure reached at the 15 March 2012 EITF meeting:Issue 12-A, Not-for-Profit Entities: Classification of the sale of donated securities in the statement of cash flows.Issue 12-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 12-E, Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs.

23 March 2012

21 March 2012 FASB meeting
The FASB and IASB discussed the project on insurance contracts and made certain tentative decisions. 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.

8 March 2012

7 March 2012 FASB meeting
The FASB discussed insurance contracts and tentatively decided that investment contracts with discretionary features will not be scoped into the insurance contracts standard. The decision differs from the IASB’s conclusion to explicitly scope in such contracts if they are written by insurers. The FASB also added a project to its agenda to revisit the definition of a nonpublic entity.

1 March 2012

27-29-February 2012 Joint FASB/IASB meeting
The FASB and IASB held a joint meeting to discuss (1) insurance contracts, (2) accounting for financial instruments: Impairment, (3) accounting for financial instruments: classification and measurement, and (4) leases.

17 February 2012

15 February 2012 FASB meeting
The FASB discussed disclosures about risks and uncertainties and the liquidation basis of accounting.

17 February 2012

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 2011 proposed Accounting Standards Update (Revised), Revenue Recognition (Topic 605): Revenue from Contracts with Customers (including proposed amendments to the FASB Accounting Standards Codification®). The Boards’ purpose in holding the meetings is to engage in a constructive dialogue about the proposal with a wide variety of stakeholders.

27 January 2012

27 January 2012 FASB meeting
At this joint videoconference meeting, the Boards agreed to jointly redeliberate certain aspects of their separate classification and measurement models to reduce significant differences. They also discussed the accounting for financial instruments: impairment and tentatively agreed that purchased financial assets with explicit evidence of credit deterioration would initially be placed in Bucket 2 or Bucket 3, rather than Bucket 1, where all other financial assets would initially be placed.

25 January 2012

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.

11 January 2012

11 January 2012 FASB meeting
The FASB discussed its project on disclosures about risks and uncertainties and the liquidation basis of accounting. The FASB tentatively decided not to require that management make a going concern assessment. However, the FASB decided that it will consider requiring early warning disclosures about an entity’s deterioration of resources and rise in obligations.

15 December 2011

14-16 December 2011 FASB/IASB meetings
At this joint meeting, the FASB and IASB discussed their projects on leasing, financial instruments-impairment and insurance contracts.

14 December 2011

FASB issues ASU No. 2011-10 on derecognition of in-substance real estate
The amendments in this ASU should be applied on a prospective basis to deconsolidation events occurring after the effective date. 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, 2012. Early adoption is permitted.

8 December 2011

8 December 2011 FASB meeting
The FASB voted to extend the comment periods of the consolidation, investment companies and investment property entities proposals to 15 February 2012, in response to concerns raised by constituents. Also, the FASB indicated plans to hold public roundtables on the investment companies and investment property entities projects after the comment period ends.

7 December 2011

7 December 2011 FASB meeting
After discussing comments on its proposal, the Board affirmed its decision to defer the requirement in ASU 2011-05, Presentation of Comprehensive Income, to present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements.

1 December 2011

FASB schedules 8 December webcast on the joint proposal on revenue recognition
The FASB and the IASB have scheduled a webcast on 8 December 2011 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 proposals.

23 November 2011

In Focus - FASB issues proposed improvements to consolidation accounting
The FASB's In Focus publication summarizes the FASB's proposal which is intended to increase transparency and consistency of financial reporting about consolidations.

22 November 2011

22 November 2011 FASB meeting
A project was added to the FASB agenda to evaluate whether there is a basis to further reduce disclosure requirements related to Level 3 fair value measurements for nonpublic entities.

16 November 2011

16 November 2011 FASB meeting
At this meeting, the FASB and IASB discussed their projects on insurance contracts and leases.

9 November 2011

9 November 2011 FASB meeting
The FASB added to its agenda a standard-setting project and a research project to improve financial reporting of not-for-profit organizations.

2 November 2011

2 November 2011 FASB meeting
The Board decided to give companies the option to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment, similar to the one added for goodwill impairment tests. 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 December 2011, with a comment period of 120 days.

1 November 2011

1 November 2011 FASB/IASB joint videoconference meeting
The Boards reached tentative decisions about required disclosures for lessors applying the receivable and residual approach.

26 October 2011

26 October 2011 FASB meeting
The FASB decided that improving disclosures that would serve as an early warning of an entity's potential inability to continue as a going concern would not be an objective of this project, since the Board tentatively decided to add incremental disclosures about liquidity risk in the separate project on accounting for financial instruments. 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.

21 October 2011

21 October 2011 FASB meeting
The FASB decided to expose a proposed deferral of the requirement in ASU 2011-5, Comprehensive Income, that companies present reclassification adjustments for each component of other comprehensive income (OCI) in both net income and OCI on the face of the financial statements. During the deferral period, the FASB also plans to re-evaluate the requirement.

19 October 2011

19 October 2011 FASB/IASB joint meeting
The Boards discussed the following: (1) Leases - Several topics including transition, (2) Insurance contracts - Fixed fee service contracts, eligibility criteria for premium allocation approach and presentation in the statements of financial position and comprehensive income, (3) Fair value measurements - Plans for developing educational material relating to fair value measurement, (4)Revenue recognition - Disclosure in interim reporting periods, and (5) Financial instruments - The Boards' will discuss the FASB's decisions on liquidity and interest rate disclosures. 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.

Selected news releases

19 August 2014

Post-implementation review concludes share-based payment standard achieves purpose
A 2004 accounting standard that addresses companies’ share-based payment transactions achieves its purpose and provides useful information to users of financial statements. That was the central conclusion of the post-implementation review of FASB Statement No. 123(R), Share-Based Payment. Statement 123R focuses on accounting for transactions in which a public or private company exchanges its equity instruments for employee services.

17 July 2014

Relaunched FASB technical agenda web page brings online visitors up-to-speed at a glance
The FASB relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand how individual projects relate to the Board’s overall activities. The new plan is found at fasb.org/technicalagenda.

12 June 2014

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 2014-11 changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions.

10 June 2014

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.

10 June 2014

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.

3 June 2014

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.

3 June 2014

Registration opens for June 23 webcast on FASB update for private companies and not-for-profits
Registration is now open for an upcoming FASB webcast that provides an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations. IN FOCUS: FASB Update for Private Companies and Not-For-Profit Organizations will take place on Monday, 23 June 2014, from 1 to 2:40 p.m. EDT.

29 May 2014

IASB and FASB host live webcast on new revenue recognition standard
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.m. Eastern Time.

8 May 2014

Financial Accounting Foundation issues 2013 Annual Report
The FAF issued its 2013 Annual Report. Themed as “The Road Ahead,” the 2013 Annual Report outlines the future direction of the FAF and its standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

29 April 2014

IFRS bound edition
Through a special arrangement with the IFRS Foundation, the Financial Accounting Foundation distributes the 2014 International Financial Reporting Standards annual bound edition in the United States, U.S. possessions, Canada, and Mexico. 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.

7 April 2014

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.

2 April 2014

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.

25 February 2014

Post implementation review concludes fair value accounting standard meets its objectives
A 2006 accounting standard that established a framework for measuring fair value within U.S. GAAP generally achieves its purpose. That was the central conclusion of the post-implementation review of FASB Statement No. 157, Fair Value Measurements.

31 January 2014

FASB Codification online platform now available on tablet devices
The FAF announced that the FASB Accounting Standards Codification® has been enabled for use on tablet devices. FASB Codification subscribers can access the new tablet view through iOS (iPad) and Android-based devices.

30 January 2014

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., has been appointed chairman of the Financial Accounting Standards Advisory Council (FASAC). His term begins on 1 February 2014, and concludes on 31 December 2015.

29 January 2014

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.

23 January 2014

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.

21 January 2014

FAF releases updated print edition of FASB Accounting Standards Codification®
The FAF released an updated print edition of the FASB Accounting Standards Codification®, the single, authoritative source of U.S. 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 2013. The annual bound edition of the Codification is intended to be used as a reference tool in conjunction with the always-current online Codification.

21 January 2014

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 May 2014, at the University of Washington in Seattle, Washington. The town hall meeting will take place from 8:30 a.m. to 1:00 p.m. PDT in Dempsey Hall. 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.

23 December 2013

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. 2013-12, Definition of a Public Business Entity: 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.S. GAAP.

18 December 2013

U.S. GAAP financial reporting taxonomy now available
The FASB announced the availability of the 2014 U.S. 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.

5 December 2013

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 2014. The forums are intended to assist CPE providers in their preparation of accounting and reporting courses. Both forums take place from 11 a.m. to 3 p.m. EST. The first forum will be held on 13 January 2014, and is open to stand-alone CPE providers whose primary business is to provide continuing professional education. The second forum will be held on 30 January 2014, and is open to individuals who provide continuing professional education within their organization (for example, a CPA firm) or offered internally to their clients.

3 December 2013

FASB responds to post-implementation review of Statement 109 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 109 adequately resolved the issues underlying its stated need but that Statement 109 may not have reduced complexity associated with accounting for income taxes. Specifically, the FASB noted that preparers and auditors find certain aspects of Statement 109 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.

25 November 2013

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 January 2014, and are eligible to be reappointed for three additional one-year terms.

19 November 2013

Post implementation review concludes income tax standard generally achieves its purpose
A 1992 accounting standard addressing the accounting for income taxes generally achieves its purpose. That was the central conclusion of the post-implementation review of FASB Statement No. 109, Accounting for Income Taxes.

12 November 2013

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.

6 November 2013

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 2014.

10 October 2013

Frequently asked questions about the FASB’s disclosure framework project
The FASB staff issued a frequently asked questions document to answer frequently asked questions about the disclosure framework project.

2 October 2013

FASB to hold roundtable meetings on insurance proposal
The FASB will host public roundtable meetings on its 27 June 2013 Proposed Accounting Standards Update, Insurance Contracts (Topic 834).

1 October 2013

PCC finalizes two private company standards
The PCC voted to finalize two alternatives within U.S. GAAP for accounting for interest rate swaps and, separately, accounting for goodwill in a business combination for private companies. 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.

17 September 2013

FASAC issues results of 2013 FASB stakeholder survey
The Financial Accounting Standards Advisory Council (FASAC), the primary advisory group for the FASB, has issued the results of its recent survey to solicit stakeholder views about the FASB’s future agenda.

30 August 2013

2014 U.S. GAAP financial reporting taxonomy now available for public review and comment
The FASB discussed stock compensation - discretionary provisions and clawback features. The Board also continued deliberations on the not-for-profit financial reporting - financial statements project.

26 July 2013

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.

24 July 2013

James L. 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. Mr. Kroeker’s term will begin on 1 September and conclude on 30 June 2018.

2 July 2013

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 2013: the revised proposed FASB Accounting Standards Update, Leases: (Topic 842), and the IASB’s Exposure Draft, Leases. The roundtable meetings are an important part of the Boards’ due process on the revised Exposure Drafts. 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.

12 June 2013

FASB indefinitely defers certain disclosures for nonpublic employee benefit plans
The FASB voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities. 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.

10 June 2013

FASB endorses three Private Company Council proposals
The FASB voted to endorse three alternatives within U.S. GAAP proposed by the PCC to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders. 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.

30 May 2013

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.

22 May 2013

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 141R 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.

22 May 2013

Financial Accounting Foundation publishes 2012 Annual Report
The FAF published its 2012 Annual Report. The FAF is the independent, private-sector organization responsible for the oversight of the FASB and the GASB.

20 May 2013

2013 U.S. GAAP Financial Reporting Taxonomy adopted and supported by SEC
The SEC has adopted the 2013 U.S. 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. The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

7 May 2013

Private Company Council votes to expose proposed alternatives within U.S. GAAP for private companies
The PCC voted to move forward with proposed alternatives within U.S. GAAP designed to improve financial reporting for private companies. The PCC’s approved exposure of the proposals is the first step in a process toward endorsement by the FASB.

23 April 2013

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 2013. The appointment was made by the Board of Trustees of the FAF, which oversees the FASB and its sister organization, the GASB. Mr. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends on 30 June.

28 March 2013

FASB extends comment deadline on proposal for accounting for credit losses on financial assets
The FASB extended the deadline for comments to 31 May 2013 on proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15). The FASB staff also issued a Frequently Asked Questions document to help clarify certain aspects of the proposal.

28 March 2013

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.S. GAAP Taxonomy. U.S. GAAP Financial Reporting Taxonomy Implementation Guide - Other Comprehensive Income (OCI) is available for a 60-day comment period.

25 March 2013

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 825-15). The document addresses common questions posed by stakeholders about the Exposure Draft.

21 March 2013

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.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.

19 March 2013

FASB to join IFRS Foundation’s Accounting Standards Advisory Forum
The FASB will join the Accounting Standards Advisory Forum (ASAF), the new advisory group for the IASB. The ASAF was established to improve cooperation among worldwide standard setters and advise the IASB as it develops IFRS. The FASB’s membership on the ASAF is an opportunity to represent US interests in the IASB’s standard-setting process and to continue the process of improving and converging U.S. GAAP and IFRS.

11 March 2013

FAF releases updated print edition of FASB Accounting Standards Codification®
The FAF released an updated print edition of the FASBs Accounting Standards Codification®, the single, authoritative source of U.S. 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 2012.

11 March 2013

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.

6 March 2013

FASB responds to FAF’s post-implementation review report on Statement 131 on segment reporting
The FASB will review the issues raised by the post-implementation review of its business segment reporting standard with its stakeholders and the staff of the SEC to determine whether further review of the standard is warranted. The announcement came in the FASB’s response to the FAF post-implementation review report on FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in ASC Topic 280, Segment Reporting), which addresses the way public companies report financial information about their business segments.

26 February 2013

FAF Board of Trustees approves new FASB/GASB agenda-setting process, PIR report
The FAF Board of Trustees approved a key change to the agenda-setting process of the FASB and the GASB. 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.

26 February 2013

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 2013.

14 February 2013

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 2013.

12 February 2013

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: (1) consolidating variable interest entities, (2) accounting for “plain vanilla” interest rate swaps with single counterparties and (3) recognizing and measuring various identifiable intangible assets acquired in business combinations. The PCC also voted, along with the FASB, to seek additional public comment on the FASB’s staff paper on a proposed private company decision-making framework.

11 February 2013

FASB issues XBRL implementation guide for subsequent events
The FASB issued its U.S. 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.

18 October 2012

Private Company Council to hold inaugural public meeting on 6 December
The Private Company Council (PCC), a new body created by the Board of Trustees of the FAF, will host its inaugural public meeting on Thursday, 6 December 2012. The PCC was established to work with theFASB to determine whether and when to modify US GAAP for private companies.

10 September 2012

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.

31 August 2012

Proposed 2013 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 2012.

16 August 2012

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 2012.

23 May 2012

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.

5 March 2012

FASB to host 12 March video webcast, 2012 Chairman’s outlook on the FASB, with Leslie F. Seidman
FASB Chairman Leslie F. Seidman will discuss the Board’s priorities for 2012 during a live, hour-long video webcast at 11:30 a.m. EDT on Monday 12 March.

24 February 2012

IASB and FASB hold webcast addressing frequently asked questions on revised Exposure Draft, Revenue from Contracts with Customers
On 29 February 2012 at 11 am (4 pm London time) staff from the FASB and IASB will hold a one-hour webcast to answer and discuss some of the questions and concerns that have been raised during outreach on the Boards’ proposals in the recently issued revised Exposure Draft, Revenue from Contracts with Customers.

18 January 2012

GAAP XBRL Taxonomy released
The Financial Accounting Foundation (FAF), which oversees the FASB, announced the availability of the 2012 US GAAP Financial Reporting Taxonomy (2012 Taxonomy) pending approval by the Securities and Exchange Commission (SEC).

23 December 2011

FASB defers certain aspects of comprehensive income ASU
The FASB issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): 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. 2011-05. 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.

21 December 2011

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 2012 to discuss their proposals on investment companies. The US roundtable will also include a discussion about the FASB's proposal on investment property entities.