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.
Video: FASB simplification inititiative
PwC - 9/10/14
Is the accounting world too complex? Learn about the FASB simplification initiative from PwC's talk with Sue Cosper, technical director at the FASB.
“On the horizon at the FASB”
PwC’s recorded webcast (September 11, 2014) provides an update on the FASB’s current agenda and looks at where some of the major FASB projects stand.
FASB publishes minutes of the September 11 FASAC meeting
FASB - 11/5/2014
The FASB published the minutes of the September 11, 2014, minutes of the Financial Accounting Standards Advisory Council (FASAC) meeting. Topics discussed include: (1) quarterly status reports from the FASB, SEC and PCAOB, (2) disclosure framework, and (3) e-commerce and technology future outlook.
FASB meeting recap - Decisions reached to simplify accounting for stock-based compensation
FASB - 10/8/2014
At its October 8 meeting, the FASB reached certain decisions that seek to simplify the accounting for stock-based compensation. The FASB plans to discuss additional topics, including accounting by private companies for stock-based compensation, and issue an exposure draft in the coming months. The FASB also plans to address aspects of the accounting for non-employee stock-based compensation awards as a separate project. The decisions made at the October 8 meeting include: revising the guidance for minimum statutory tax withholdings, permitting entities to elect a policy to account for forfeitures as they occur, recording all excess tax benefits ("windfalls") and deficiencies ("shortfalls") in income tax expense, and eliminating the requirement to present excess tax benefits as a financing activity in the cash flow statement. Refer to the FASB's website for further information.
FASB publishes recap of September 16 PCC meeting
FASB - 09/16/2014
The FASB published a brief summary of issues addressed by the Private Company Council (PCC) at its September 16 meeting. Among other developments, the PCC voted to finalize an alternative that would exempt private companies from separately recognizing and measuring non-competition agreements and customer-related intangible assets that are not capable of being sold or licensed independently in a business combination. The PCC also discussed potential ways to improve the accounting for stock-based compensation for private companies and shared its views on the FASB’s leases project.
FASB releases proposed 2015 GAAP Taxonomy
FASB - 08/29/2014
The FASB released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment. The proposed 2015 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange Commission (SEC). The 2015 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2015.
FASB issues guidance to improve financial reporting of going concern uncertainties
FASB - 08/27/2014
The FASB has issued Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures.
FASB proposal to shed some light on the accounting for the Cloud
FASB - 08/20/2014
The FASB has issued proposed Accounting Standards Update (ASU), Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, describing how purchasers of hosted computing services should evaluate whether such arrangements contain a software license that should be accounted for separately. The proposal will affect all entities that apply U.S. GAAP and purchase Cloud, Software-as-a-Service, or other hosted computing services irrespective of industry.
FAF issues post-implementation review report on share-based payment standard
FASB - 08/19/2014
The Financial Accounting Foundation (FAF), the oversight body of the FASB, has completed its Post-Implementation Review (PIR) of FASB Statement No. 123(R), Share-Based Payment (now part of Accounting Standards Codification Topic 718, Compensation—Stock Compensation). Overall the PIR found that (1) FAS 123(R) adequately resolved the issues underlying its stated need to provide a single definition of fair value, (2) information from the application of FAS 123(R) generally provides investors with decision-useful information, and (3) its requirements are understandable and can be applied as intended for public companies.
FASB Issues XBRL Implementation Guides on Concentration of Credit Risk Disclosures and Disposal Groups and Discontinued Operations
FASB - 08/11/2014
The FASB issued a final UGT Implementation Guide on reinsurance-related concentrations of credit risk disclosures. The purpose is to help users of the UGT understand the modeling for disclosures of reinsurance-related concentrations of credit risk. The FASB also issued a proposed UGT Implementation Guide on modeling disclosures related to disposal groups and discontinued operations. The guide is conformed to the draft 2015 US GAAP Financial Reporting Taxonomy.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Update—Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the FASB Emerging Issues Task Force)
FASB - 10/30/2014
The amendments in this proposed ASU would specify that, for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction would be allocated entirely to the general partner interest. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also would be required. [Comments due - January 15, 2015]
Proposed Accounting Standards Update—Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the FASB Emerging Issues Task Force)
FASB - 10/30/2014
The amendments in this proposed ASU would remove the requirement to categorize within the fair value hierarchy investments for which fair values are measured at net asset value using the practical expedient. The proposed amendments also would remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures would be limited to investments for which the entity has elected to estimate the fair value using that practical expedient. [Comments due - January 15, 2015]
Proposed Accounting Standards Update—Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost
FASB - 10/14/2014
This proposed Update would require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected. [Comments due - December 15, 2014]
Proposed Accounting Standards Update—Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
FASB - 10/14/2014
This proposed Update would provide a practical expedient for employers with fiscal year-ends that do not fall on a month-end by permitting those employers to measure defined benefit plan assets and obligations as of the month-end that is closest to the entity’s fiscal year-end and to follow that measurement date methodology consistently from year to year. [Comments due - December 15, 2014]
Proposed Accounting Standards Update—Technical Corrections and Improvements
FASB - 09/15/2014
This proposed ASU contains amendments that would affect a wide variety of topics in the Codification. The amendments in this proposed ASU would apply to all reporting entities within the scope of the affected accounting guidance. [Comments due - December 1, 2014]
Proposed Accounting Standards Update—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement
FASB - 08/20/2014
This proposed ASU describes how purchasers of hosted computing services should evaluate whether such arrangements contain a software license that should be accounted for separately. The proposal will affect all entities that apply U.S. GAAP and purchase Cloud, Software-as-a-Service, or other hosted computing services irrespective of industry. [Comments due - November 18, 2014]
PwC comments on the FASB's proposal to eliminate requirements for extraordinary items
PwC - 09/30/2014
PwC supports the FASB’s decision to remove the concept of extraordinary items from U.S. GAAP.
PwC comments on the FASB's proposal to simplify inventory measurement
PwC - 09/30/2014
PwC supports the FASB's decision to require that inventory be measured at the lower of cost and net realizable value.
PwC comments on the FASB's Conceptual Framework exposure draft on notes to financial statements
PwC - 07/10/2014
PwC broadly supports the Disclosure Framework project, but suggests areas for further refinement.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2014-16
FASB – 11/03/2014
Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity
Accounting Standard Update No. 2014-15
FASB – 08/27/2014
Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern
Accounting Standard Update No. 2014-14
FASB – 08/08/2014
Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure
Accounting Standard Update No. 2014-13
FASB – 08/05/2014
Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity
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.