Financial Accounting Standards Board (FASB)


The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.


PwC resources

Status of FASB standard-setting projects
We provide quick access to the expected publication dates for select FASB standard-setting projects.

Effective dates for FASB guidance
The FASB's active standard setting means it is more important than ever to know which standards are effective when. Here we provide effective dates for the FASB's recently released guidance, segregated between public companies and nonpublic companies.

Video: Top 5 interim reporting reminders
Hear PwC's Top 5 Interim reporting reminders as companies head into Q1.

Listen to our podcast on FASB Standard setting update, First quarter 2016

Trying to find an update on FASB standard setting? Stop looking and start listening... Hear about the standards issued in Q1 2016 including leasing, revenue updates, EITF issues and more.

Select news releases

FASB votes to proceed with final standard on credit losses
FASB - 04/27/2016
The FASB announced that it has decided to proceed with a final standard that is intended to provide timelier financial reporting of credit losses on loans and other financial instruments held by financial institutions and other organizations. The FASB decided to delay the effective dates of the new credit impairment standard by one year in response to feedback it received from constituents. The first revised effective date would be the first quarter of 2020 for calendar-year public business entities that are SEC filers. Early adoption in the first quarter of 2019 would be permitted for all calendar-year entities. The FASB expects to issue the new standard by the end of the second quarter of 2016.

FASB issues guidance to simplify share-based payment accounting
FASB - 03/30/2016
The FASB issued Accounting Standard Update (ASU) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities.

FASB forms transition resource group for upcoming credit losses standard
FASB - 03/22/2016
The FASB announced the members of the Transition Resource Group (TRG) for its upcoming credit losses standard. The TRG will solicit, analyze, and discuss implementation issues that could arise when organizations implement the upcoming credit losses standard. The group will then share their views with the FASB, which will help the board determine what, if any, action is appropriate to address those issues. The TRG also will provide stakeholders with a forum to learn about the new standard from others involved with implementation. The first public meeting is scheduled for April 1, 2016.

FASB announces the SEC's adoption of 2016 U.S. GAAP Financial Reporting Taxonomy
FASB - 03/08/3016
The FASB announced that the SEC has adopted the 2016 U.S. GAAP Financial Reporting Taxonomy. The FASB staff is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC. The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

FASB issues new guidance on lease accounting
FASB - 02/25/2016
On February 25, 2016, the FASB issued a new standard, Leases (ASC 842). Lessees will need to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Existing sale-leaseback guidance, including guidance for real estate, is replaced with a new model applicable to both lessees and lessors.

FAF issues post-implementation review report on earnings per share accounting standard
FASB - 02/24/2016 
The Financial Accounting Foundation (FAF), the oversight body of the FASB, has completed its Post-Implementation Review (PIR) of FASB Statement No. 128, Earnings Per Share (now part of Accounting Standards Codification Topic 260). Overall, the PIR found that Statement 128 accomplished its objectives of simplifying the computation of earnings per share, achieved greater compatibility with international accounting standards, and provides useful information to users of financial statements.

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Proposed standards

See the FASB's website for a copy of all outstanding proposed Standards.

Proposed Accounting Standards Update—Technical Corrections and Improvements to Update 2014-09, Revenue from Contracts with Customers (Topic 606)
FASB - 05/18/2016
The several proposed technical corrections to the new revenue standard primarily impact scoping determinations and provide additional relief from certain disclosure requirements. The proposed technical corrections are intended to address implementation issues raised by various stakeholders. Although the changes are considered “technical corrections” to the standard, they could result in differences between US GAAP and IFRS, as the IASB is not making the same changes to its revenue standard. [Comments due - July 2, 2016]

Proposed Accounting Standards Update—Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment
FASB - 05/12/2016
This proposed ASU would eliminate Step 2 of the current goodwill impairment test, which requires a hypothetical purchase price allocation to measure impairment loss. Under the proposal, goodwill impairment loss would instead be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value. All other goodwill impairment guidance would remain unchanged. [Comments due - July 11, 2016]

Proposed Accounting Standards Update—Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)
FASB - 04/28/2016
This proposed ASU requires restricted cash to be presented with cash and cash equivalents on the statement of cash flows. Entities would be required to reconcile amounts on the balance sheet to the statement of cash flows and disclose the nature of the restrictions.  Entities would adopt the proposed guidance on a retrospective basis. [Comments due - June 27, 2016]

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PwC comment letters

PwC comments on FASB’s pension disclosure exposure draft
PwC - 04/25/2016
PwC supports the Board’s overall objective in the Disclosure Framework project to make the disclosures more effective, balancing the information needs of financial statement users with the costs and complexity of producing that information. We also support the Board’s intent to clarify that entities have flexibility to determine what information is material for disclosure. We believe the proposed changes in the exposure draft will enable preparers to eliminate less relevant information from the footnotes. However, we also believe the specific new disclosures proposed to be added or removed will not result in significantly better decision-useful information.

PwC comments on FASB pension presentation and capitalization exposure draft
PwC- 04/25/2016
Although the components of net benefit cost have different implications in terms of predictive value, PwC is not supportive of the Board’s proposed changes to the presentation of net benefit cost. We believe the single, aggregated presentation of the net overall cost of the benefit arrangement is fundamental to the underlying premise of pension accounting. We also believe, for the same reasons as above, that proscribing capitalization of the other elements of net benefit cost is not appropriate. However, given the relatively broad principles-based cost capitalization guidance in US GAAP, we are supportive of providing entities a policy election to capitalize service cost only.

PwC comments on FASB’s proposed amendments to fair value disclosures
PwC - 02/29/2016
PwC supports the overall objective of the FASB’s disclosure framework project to make financial statement disclosures more effective, balancing the information needs of financial statement users with the costs and complexity of producing that information. While some of the FASB’s proposed changes to fair value disclosures result in more decision-useful information, on balance, we do not believe the proposal improves disclosure effectiveness in this area. As a result, we question the need for these amendments. We believe a more impactful solution could be achieved by focusing on the foundation of the disclosures, the fair value hierarchy.

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Final standards

See the FASB's website for a copy of each Accounting Standards Update (ASU).

Accounting Standard Update No. 2016-12
FASB – 05/09/2016
Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Accounting Standard Update No. 2016-11
FASB – 05/06/2016
Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update)

Accounting Standard Update No. 2016-10
FASB – 04/14/2016
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

Accounting Standard Update No. 2016-09
FASB – 03/30/2016
Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Accounting Standard Update No. 2016-08
FASB – 03/17/2016
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Accounting Standard Update No. 2016-07
FASB – 03/15/2016
Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting

Accounting Standard Update No. 2016-06
FASB – 03/14/2016
Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-05
FASB – 03/10/2016
Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-04
FASB – 03/08/2016
Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force)

Accounting Standard Update No. 2016-03
FASB – 03/07/2016
Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (PCC 15-01)

Accounting Standard Update No. 2016-02
FASB – 02/25/2016
Leases (Topic 842)

Accounting Standard Update No. 2016-01
FASB – 01/05/2016
Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

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Meeting minutes

Meeting minutes - Current and archived
FASB - As issued
Provides access to the current and archived FASB board meeting handouts as issued by the FASB. See also the Tentative Board Decisions section of the FASB's website for a summary of current and recent tentative decisions reached at FASB meetings.

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