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.

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Select news releases

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. 

FASB proposes clarification to principal vs agent guidance in revenue recognition standard
FASB - 08/31/2015
The FASB issued a proposed Accounting Standards Update (ASU), Principal versus Agent Considerations (Reporting Revenue Gross versus Net), intended to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard.

FASB Issues Guidance Deferring Effective Date of Revenue Recognition Standard by One Year
FASB - 08/12/2015
The FASB issued ASU 2015-14, Revenue from Contracts with Customers—Deferral of the Effective Date, that defers by one year the effective date of ASU 2014-09, Revenue from Contracts with Customers. The guidance is effective for public companies with annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance is effective for nonpublic companies with annual reporting periods beginning after December 15, 2018, and interim periods beginning after December 15, 2019. Earlier application is permitted.

FASB publishes recap of July 21 PCC meeting
FASB - 07/21/2015
The FASB published a summary of issues addressed by the Private Company Council (PCC) at its July 21 meeting. Among other developments, the PCC decided to develop a proposal that grants private companies an unconditional one-time option to elect a PCC alternative without having to conduct an initial assessment to determine whether an alternative is preferable. It also decided to extend transition guidance indefinitely for the goodwill and interest rate swaps alternatives. In addition, the PCC asked the FASB staff to (1) conduct research to determine ways to clarify the application of the variable interest entity guidance to non-leasing common control arrangements through the use of examples and (2) research potential modifications to existing business scope exceptions to address application issues. The PCC also discussed its leasing project and its simplifying the balance sheet classification of debt project.

FASB finalizes one-year deferral of new revenue standard
FASB - 07/09/2015
At its July 9 board meeting, the FASB decided to delay the effective date of the new revenue standard by one year. The board also agreed to allow entities to choose to adopt the standard as of the original effective date. The FASB decided, based on its outreach to various stakeholders and the forthcoming amendments to the new revenue standard, that a deferral is necessary to provide adequate time to effectively implement the new revenue standard.

FASB issues five Taxonomy implementation guides
FASB - 06/29/2015
The FASB staff announced the issuance of five GAAP Financial Reporting Taxonomy (Taxonomy) implementation guides. The first is a proposed Taxonomy implementation guide titled Measurement Date Practical Expedient for Defined Benefit Plans. The other four are final GAAP Financial Reporting Taxonomy Implementation Guides on the following topics: (1) Disclosures about Offsetting Assets and Liabilities, (2) Notional Amounts Disclosures, (3) Repurchase-to-Maturity Transactions and Repurchase Financings, and (4) Subsequent Events.

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Proposed standards

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

Proposed Accounting Standards Update—Effective Date and Transition Guidance (PCC 15-01)
FASB - 10/01/2015
The FASB is proposing to make the guidance in ASU 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The proposed amendments also include transition provisions that would provide that private companies would be able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this proposed ASU. [Comments due - November 16, 2015]

Proposed Accounting Standards Update—Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients
FASB - 09/30/2015
This proposed ASU is intended to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard. Additionally, the amendments in the proposed ASU would provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. [Comments due - November 16, 2015]

Proposed Concepts Statement— Conceptual Framework for Financial Reporting Chapter 3: Qualitative Characteristics of Useful Financial Information
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]

Proposed Accounting Standards Update—Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
FASB - 08/31/2015
This proposed Update is intended to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard. [Comments due - October 15, 2015]

Proposed Accounting Standards Update—Contingent Put and Call Options in Debt Instruments 
FASB - 08/06/2015
The amendments in this proposed Update would clarify the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. An entity performing the assessment under the proposed amendments would be required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. [Comments due - October 5, 2015]

Proposed Accounting Standards Update—Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships
FASB - 08/06/2015
This proposed ASU is intended to clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under ASC Topic 815, Derivatives and Hedging, does not, in and of itself, require dedesignation of that hedge accounting relationship provided that all other hedge accounting criteria (including those in paragraphs 815-20-35-14 through 35-18) continue to be met. [Comments due - October 5, 2015]

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PwC comment letters

PwC comments on FASB's proposed changes to NFP financial reporting
PwC - 08/24/2015
PwC supports the FASB’s proposals to make certain targeted changes to NFP-specific reporting now, but believes deliberation of broader issues related to making the distinction between operating and nonoperating activities and the related cash flow implications should be deferred until they can be considered in the context of all types of entities reporting under private sector U.S. GAAP.

PwC comments on the FASB's proposed share-based payment simplifications
PwC - 08/17/2015
PwC supports the majority of the FASB's proposal to simplify stock-based compensation accounting.

PwC comments on the FASB's proposed equity method simplifications
PwC - 07/29/2015
The FASB has proposed two simplifications in the exposure draft. We support the proposal to eliminate the requirement to retroactively adopt the equity method (when an existing investment first qualifies for the equity method) and believe this proposal meets the objective of the Simplification Initiative. However, we do not support the proposal to eliminate the accounting for basis differences. We believe this proposal would reduce the usefulness of financial reporting because it would not faithfully represent an investment’s performance in relation to its underlying economics.

PwC comments on simplifying accounting for measurement period adjustments
PwC - 06/30/2015
PwC supports the proposal in the exposure draft for acquirers to recognize the cumulative effect of measurement period adjustments in the reporting period in which the adjustment is determined. We agree that the proposal would simplify financial reporting by eliminating the effort associated with restating prior period financial statements for measurement period adjustments, as currently required by ASC 805.

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Final standards

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

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

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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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