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.
Video: FASB simplification initiative
Is the accounting world too complex? Learn about the FASB simplification initiative from PwC's talk with Sue Cosper, technical director at the FASB.
FASB proposes two ASUs on income taxes as part of simplification initiative
FASB - 01/22/2015
On January 22, the FASB issued an exposure draft of two proposed ASUs related to the accounting for income taxes: (1) Intra-Entity Asset Transfers and (2) Balance Sheet Classification of Deferred Taxes. The proposed ASUs are part of the Board’s simplification initiative aimed at reducing complexity in accounting standards.
FASB issues accounting alternative for private companies on intangible assets in business combinations
FASB - 12/23/2014
The FASB issued guidance intended to improve private company financial reporting regarding accounting for identifiable intangible assets in a business combination. The new guidance, based on a consensus reached by the Private Company Council (PCC), allows a private company to elect an accounting alternative for the recognition of certain intangible assets acquired in a business combination.
FASB issues 2015 GAAP Financial Reporting Taxonomy
FASB - 12/18/2014
The FASB announced the availability of the 2015 GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission (SEC). The Taxonomy is a list of computer-readable tags in XBRL that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.
FASB publishes recap of December 11 PCC meeting
FASB - 12/11/2014
At its December 11 meeting, the Private Company Council (PCC) and the FASB discussed (1) the number of definitions of a public entity and related scopes and (2) private company concerns on partnership accounting, specifically relating to pushdown accounting and payments made to partners. Also, the PCC shared their views on the FASB’s new project on share-based compensation, which was added to the FASB’s agenda in October based on input from the PCC in September.
FAF, FASB, and GASB release draft strategic plan
FASB - 12/04/2014
he Financial Accounting Foundation (FAF), the FASB and the GASB have issued a draft of their updated strategic plan (Notes link; web/mobile link) that articulates their long-range vision and mission to develop high-quality financial accounting standards for both public and private entities, not for profit organizations, and state and local governments. Interested parties are welcome to comment on the plan. The FAF Board of Trustees is expected to consider adopting the plan at its February 2015 meeting.
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.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Updates—Income Taxes (Topic 740): (1) Intra-Entity Asset Transfers and (2) Balance Sheet Classification of Deferred Taxes
FASB - 12/04/2014
The FASB published two proposed ASUs concerning accounting for income taxes as part of its initiative to reduce complexity in accounting standards: (1) Intra-Entity Asset Transfers – proposes to eliminate the exception in GAAP that prohibits recognizing current and deferred income tax consequences for an intra-entity asset transfer until the asset or assets have been sold to an outside party; and (2) Balance Sheet Classification of Deferred Taxes – proposes that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. [Comments due - May 29, 2015]
Proposed Accounting Standards Update—Financial Services—Investment Companies (Topic 946): Disclosures about Investments in Other Investment
FASB - 12/04/2014
The amendments in this proposed ASU would require a feeder fund in a master-feeder arrangement to provide the master fund’s financial statements along with its financial statements. The proposed amendments also would expand the scope of the current requirement to disclose certain information about investments held by investee funds that exceed 5 percent of the reporting entity’s net assets to include reporting investment companies that are regulated under the Act. [Comments due - February 17, 2015]
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]
PwC comments on the FASB's proposal to simplify benefit plan measurement dates
PwC - 12/15/2014
PwC supports the FASB's decision to simplify the accounting for Compensation - retirement benefits (Topic 715) by providing a practical expedient for employers with fiscal year-end dates that do not fall on a calendar month-end. Permitting those employers to use the month-end closest to their fiscal year-end date alleviates the potentially difficult task of rolling forward or back the actuarial valuation of liabilities and the fair values of plan assets or otherwise documenting that such activity is immaterial.
PwC comments on FASB's proposal to simplify debt issuance cost presentation
PwC - 12/11/2014
PwC supports the FASB’s decision to simplify accounting for debt issue costs and agrees with the transition method.
PwC comments on the FASB's proposed ASU, Technical Corrections and Improvements
PwC - 12/02/2014
PwC generally agrees with the FASB’s proposed corrections to existing standards, but suggests certain improvements.
PwC comments on the FASB's Cloud computing arrangements proposal
PwC - 11/20/2014
PwC supports the FASB’s proposal that customers in a cloud computing arrangement should use the same guidance that exists for vendors to evaluate whether the arrangement includes a software license. We also support the board’s proposed transition method and effective dates.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2015-01
FASB – 01/09/2015
Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
Accounting Standard Update No. 2014-18
FASB – 12/23/2014
Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council)
Accounting Standard Update No. 2014-17
FASB – 11/18/2014
Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)
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.