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.
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.
FASB proposes a new definition of a business
FASB - 11/23/2015
The FASB issued a proposed ASU intended to clarify the definition of a business with the objective of adding guidance to assist organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance in the proposed ASU would provide a more robust framework for determining when a set of assets and activities is a business.
FASB simplifies balance sheet classification of deferred taxes
FASB - 11/20/2015
The FASB issued Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, intended to improve how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent.
FAF updates PCC procedures to improve effectiveness and communication
FASB - 11/18/2015
The Financial Accounting Foundation (FAF) released a report outlining revisions to the operating procedures of the PCC that are intended to improve the group’s effectiveness without significantly changing the PCC’s roles and responsibilities. The procedure changes are the output of FAF’s recently completed assessment of the PCC’s first three years of operations.
FASB proposes new disclosures for government grants, some tax incentives
FASB - 11/12/2015
The FASB issued for public comment a proposed Update that aims to improve financial statement disclosures about government assistance that businesses and other for-profit organizations receive. Specifically, the proposal applies to government assistance programs where the government has discretion regarding to whom, how much, or when the assistance is to be provided under a legally-enforceable agreement with a business.
FASB finalizes effective date for the proposed leasing standard
FASB - 11/11/2015
On November 11, the FASB decided that the proposed new leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Early adoption is permitted. The IASB previously voted for an effective date of January 1, 2019, but unlike the FASB, the IASB will only allow early adoption concurrent with or after adoption of the new revenue standard.
FASB votes to proceed with final standard on recognition and measurement of financial instruments
FASB - 11/11/2015
The FASB announced that is has decided to proceed with issuing a final Update intended to improve and simplify the recognition and measurement of financial instruments. The new guidance will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For nonpublic companies, the standard becomes effective for fiscal years beginning after December 15, 2018, and for interim periods within fiscal years beginning after December 15, 2019. The FASB also voted to set the effective date of its planned guidance on measuring credit losses. The new credit losses standard will require a forward-looking “expected loss” approach instead of the “incurred loss” approach in effect today. Public business that meet the definition of an SEC filer will be the first to adopt the new guidance; they will be required to apply it for fiscal years beginning after December 15, 2018. Other public and nonpublic companies will have an additional year to adopt.
FASB issues Taxonomy implementation guides and a proposed style guide
FASB - 11/04/2015
The FASB staff announced the issuance a proposed GAAP Financial Reporting Taxonomy Implementation Guide, Short-duration Insurance Contracts, and a proposed GAAP Financial Reporting Taxonomy Style Guide, Balance Type Guide. The proposed Implementation Guide provides examples to help users of the Taxonomy understand how the modeling for short-duration insurance contracts is structured within the Taxonomy. The proposed Style Guide provides guidance for modeling the balance type—debit or credit—of monetary item type elements contained in the Taxonomy. In addition, the FASB staff issued five final 2015 Taxonomy Implementation Guides. Those guides are: (1) Disposal Groups and Discontinued Operations, (2) Insurance: Concentration of Credit Risk Disclosures, (3) Liquidation Basis of Accounting, (4) Measurement Date Practical Expedient for Defined Benefit Plans, and (5) Segment Reporting.
FASB simplifies accounting for measurement period adjustments
FASB - 09/30/2015
The FASB issued new guidance that eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance, included in Accounting Standards Update 2015-16, requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Update—Clarifying the Definition of a Business
FASB - 11/23/2015
This proposed ASU is intended to clarify the definition of a business, with the objective of adding guidance that would assist reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. [Comments due - January 22, 2016]
Proposed Accounting Standards Update—Disclosures by Business Entities about Government Assistance
FASB - 11/12/2015
This proposed ASU aims to improve financial statement disclosures about government assistance that businesses and other for-profit organizations receive. Specifically, the proposal applies to government assistance programs where the government has discretion regarding to whom, how much, or when the assistance is to be provided under a legally-enforceable agreement with a business. [Comments due - February 10, 2016]
FASB - 09/24/2015
The amendments are being proposed to ensure that the materiality concepts discussed are consistent with the legal concept of materiality. [Comments due - December 8, 2015]
Proposed Accounting Standards Update—Assessing Whether Disclosures Are Material
FASB - 09/24/2015
The amendments in this Update would promote the appropriate use of discretion by reporting entities when assessing disclosure requirements. [Comments due - December 8, 2015]
PwC supports FASB / PCC proposal regarding private company alternatives
PwC - 11/16/2015
PwC agrees with the proposal to remove the effective dates from the PCC alternatives and to amend the transition provisions to relieve private companies from the need to make a preferability assessment before adopting one of the alternatives for the first time. We believe the proposal adequately addresses the concerns raised by private company stakeholders and simplifies the implementation of adopting a PCC alternative, which should reduce cost and complexity for private company preparers.
PwC offers recommendations on FASB's proposed narrow scope amendments to new revenue standard
PwC - 11/12/2015
Overall, PwC supports the FASB and IASB’s efforts to respond to concerns raised by constituents about the revenue standard, and we encourage the boards to continue to work toward converged solutions to implementation issues whenever possible. With respect to the specific proposals in the exposure draft, we support the boards’ efforts to clarify the guidance on collectability, noncash consideration, and completed contracts at transition, and to add new practical expedients. However, we have several recommendations regarding the proposed guidance and the related examples, which are outlined in our comment letter.
PwC comments on proposed update to FASB's principal versus agent revenue guidance
PwC - 10/13/2015
PwC supports the FASB and IASB’s (the boards) efforts to respond to concerns raised by constituents about the revenue standard. We believe the proposed amendments will help clarify the principal versus agent guidance and promote consistency in its application. However, we have certain observations and recommendations for the boards’ consideration, which are included in our comment letter.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2015-17
FASB – 11/20/2015
Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes
Accounting Standard Update No. 2015-16
FASB – 09/30/2015
Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments
Accounting Standard Update No. 2015-15
FASB – 08/18/2015
Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)
Accounting Standard Update No. 2015-14
FASB – 08/12/2015
Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date
Accounting Standard Update No. 2015-13
FASB – 08/10/2015
Normal Purchases and Normal Sales Scope Exception for Certain Electricity Contracts within Nodal Energy Markets (a consensus of the FASB Emerging Issues Task Force)
Accounting Standard Update No. 2015-12
FASB – 07/31/2015
Plan Accounting — (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical
Accounting Standard Update No. 2015-11
FASB – 07/22/2015
Inventory (Topic 330): Simplifying the Measurement of Inventory
Accounting Standard Update No. 2015-10
FASB – 06/12/2015
Technical Corrections and Improvements
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.