Financial Accounting Standards Board (FASB)

Website: www.fasb.org

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.

Resources


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.

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

Want an easy way to stay current on standard setting? Listen now for a third quarter update.


Select news releases

FAF Trustees reappoint Russell G. Golden as Chairman of FASB
FASB 11/15/2016
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reappointment of Russell G. Golden as chairman of the Financial Accounting Standards Board (FASB). The Trustees also announced the appointments to the FASB of Marsha L. Hunt, vice president—corporate controller at Cummins Inc., and Harold L. Monk Jr., partner of Carr, Riggs & Ingram LLC. 

FAF Appoints Four New Private Company Council Members
FASB - 11/15/2016
The Board of Trustees of the Financial Accounting Foundation (FAF) appointed four new members of the Private Company Council (PCC) to three-year terms that begin on January 1, 2017. 

FAF Trustees Transition Private Company Council Oversight to Standard-Setting Process Oversight Committee
FASB 11/15/2016
The Board of Trustees of the Financial Accounting Foundation (FAF) approved the transition of oversight responsibility for the Private Company Council (PCC) from the Trustees’ Private Company Review Committee (PCRC) to its Standard-Setting Process Oversight Committee (SSPOC).

FASB Issues New Guidance on Consolidation
FASB - 10/26/2016
The Financial Accounting Standards Board (FASB) is issuing this Update to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE.

FASB Issues New Guidance on Income Taxes
FASB - 10/24/2016
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.

FASB Issues New Guidance on Statement of Cash Flows
FASB 08/26/2016
The FASB staff issued an Accounting Standards Update that applies to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230.  

FASB Issues New Guidance on Not-for-Profit Financial Reporting 
FASB - 08/18/2016
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that simplifies and improves how a not-for-profit organization classifies its net assets, as well as the information it presents in financial statements and notes about its liquidity, financial performance, and cash flows.

FASB Issues Invitation to Comment on Agenda Consultation
FASB - 08/04/2016
The FASB staff issues and Invitation to Comment o solicit feedback about potential financial accounting and reporting topics that the FASB should consider adding to its agenda. The FASB would like broad stakeholder feedback before it makes decisions about which issues, if any, should be added to the agenda and in what order.

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Proposed standards

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

Proposed ASU: Compensation - Stock compensation (Topic 718); Scope of Modification Accounting
FASB - 11/17/2016
The Board is issuing this proposed Update to provide clarity and reduce diversity in practice, as well as to reduce cost and complexity, when applying the guidance in Topic 718, Compensation—Stock Compensation, about a change to the terms or conditions of a share-based payment award.

Proposed Taxonomy Implementation Guides - Leases, Revenue, Retirement Benefits, and Disclosure of Consolidated and Nonconsolidated Entities
FASB - 11/07/2016
The recently issued four proposed Taxonomy Implementation Guides are related to the proposed 2017 U.S. GAAP Financial Reporting Taxonomy (Taxonomy).

Proposed Accounting Standards Update: Service Concession Arrangements (Topic 853): Determinig the customer of the operation services a concensus of the FASB emerging issues task force
FASB - 11/04/2016
The amendments in this proposed Update would clarify that the grantor (government), rather than the third party drivers, is the customer of the operation services in all cases for service concession arrangements within the scope of Topic 853, eliminate the diversity in practice that has been observed regarding the customer determination for the operation services, and reduce complexity and enable more consistent application of other aspects of the revenue guidance, which are affected by this customer determination.

Proposed Accounting Standards Update: Technical Correction to to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities 
FASB - 10/27/2016
The Board is issuing this proposed Update to clarify the minimum requirements for the reconciliation that a not-for-profit entity (NFP) is required to disclose if it has endowment funds.

Proposed Accounting Standards Update: Financial Services—Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts
FASB - 09/28/2016
This exposure draft would make targeted improvements to the existing recognition, measurment, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. [Comments due by December 15]

Proposed Accounting Standards Update: Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 
FASB - 09/22/2016
The amendments in this proposed Update would shorten the amortization period for callable debt securities purchased at a premium. Specifically, the proposed amendments would require the premium to be amortized to the earliest call date. The proposed amendments would not require an accounting change for securities purchased at a discount; the discount would continue to be amortized to maturity. 
[Comments due by November 28]

Proposed Accounting Standards Update -- Technical corrections and improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)
FASB - 09/19/2016
The amendments in this proposed Update would affect the guidance in Update 2014-09, which is not yet effective. In addition to the new revenue Topics and Subtopics, the Board made approximately 800 consequential amendments to the FASB Accounting Standards Codification[Comments due by October 4]

Proposed Accounting Standards Update -- Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
FASB - 09/08/2016
To address stakeholders’ concerns, the Board is issuing this proposed Update with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, the amendments in this proposed Update would make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, users, and other stakeholders. 
[Comments due by November 22]

Proposed Accounting Standards Update -- Concepts Statement 8—Conceptual Framework for Financial Reporting Chapter 7: Presentation
FASB - 08/11/2016
In January 2014, the FASB reactivated its conceptual framework project, focusing on concepts for presentation and measurement. This Exposure Draft, which would become Chapter 7 of Concepts Statement 8, addresses matters relating to presentation. [Comments due by November 9]

Proposed Accounting Standards Update -- Not-for-Profit Entities (Subtopic 958-810)
FASB - 08/03/2016
The amendments in this proposed Update would apply to an NFP that is a general partner of a for-profit limited partnership or similar legal entity. Under the proposed amendments, NFPs that are general partners would continue to be presumed to control a for-profit limited partnership, regardless of the extent of their ownership interest, unless that presumption is overcome. Furthermore, the proposed Update would add guidance to Subtopic 958-810 on when an NFP limited partner should consolidate a for-profit limited partnership. [Comments due by October 3]

Proposed Accounting Standards Update -- Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) - Employee Benefit Plan Master Trust Reporting
FASB - 07/28/2016
The amendments in this proposed Update would apply to reporting entities within the scope of Topic 960, 962, or Topic 965, Plan Accounting—Health and Welfare Benefit Plans. [Comments due by September 26]

Proposed Accounting Standards Update--Income Taxes (Topic 740): Disclosure Framework - Changes to the Disclosure Requirements for Income Taxes
FASB - 07/26/2016
The amendments in this proposed Update would apply to all entities that are subject to income taxes. Certain of the disclosures that would be required by the amendments in this proposed Update would not be required for entities other than public business entities. [Comments due by September 30]  

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PwC comment letters

PwC comments on FASB’s proposed changes to the hedge accounting model
PwC - 11/04/2016
The FASB solicited feedback on its proposed amendments intended to improve the alignment between hedge accounting and a reporting entity’s risk management objectives. For more information on the proposal and PwC’s views, see our response letter.

PwC comments on the FASB's agenda consultation
PwC - 10/17/2016
PwC commends the FASB for soliciting input on its future agenda. We believe a reassessment of the financial performance reporting model should be the Board’s top priority as it is critical to the continued relevance of GAAP. 

PwC comments on proposed technical corrections to new revenue standard
PwC - 10/03/2016
PwC supports the FASB’s proposed technical corrections and improvements to the new revenue standard (ASC 606). We believe the amendments will help clarify the guidance and promote consistency in its application.

PwC comments on the FASB’s proposed income tax disclosures 
PwC - 09/30/2016
PwC supports the Board’s overall objective in the disclosure framework project. However, we have recommendations to improve certain aspects of the proposal.

PwC comments on proposed update to the derecognition of nonfinancial assets
PwC - 08/08/2016
PwC has commented on the FASB’s proposed changes to ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, which would eliminate real estate-specific guidance. PwC generally agrees with the proposal, but had some suggestions.  

PwC comments on proposed update to consolidation 
PwC - 07/25/2016
PwC supports the FASB’s proposed amendments to ASC 810, Consolidation, but offers its observations about their potential impact. PwC supports proposed amendments to how entities should consider interests held through related parties under common control. 

 

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Final standards

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

Accounting Standards Update No. 2016-18
FASB - 11/17/2016
Statement of Cash Flows (Topic 230): Restriced Cash

Accounting Standards Update No. 2016-17
FASB - 10/26/2016
Consolidation (Topic 810): Interests held through Related Parties that are under Common Control

Accounting Standards Update No. 2016-16
FASB - 10/24/2016
Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory 

Accounting Standards Update No. 2016-15
FASB - 08/26/2016
Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

Accounting Standards Update No. 2016-14
FASB - 08/18/2016
Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-profit Entities

Accounting Standards Update No. 2016-13
FASB – 06/16/2016
Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

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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