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.

Select news releases

FASB Indefinitely Defers Certain Disclosures for Nonpublic Employee Benefit Plans
FASB - 6/12/2013
On June 12, the FASB voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities. The FASB will issue an Accounting Standards Update titled Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in ASU No. 2011-04 in the next few weeks.

FASB Endorses Three Private Company Council Proposals
FASB - 6/10/2013
On June 10, 2013, the FASB voted to endorse three alternatives within U.S. GAAP proposed by the Private Company Council (PCC) to address concerns raised about the relevance and complexity of certain aspects of GAAP for private company stakeholders. The proposals involve accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps.

FAF Statement on AICPA's Non-GAAP Reporting Framework
FASB - 6/10/2013
In a statement regarding the AICPA's Financial Reporting Framework for Small and Mid-Sized Enterprises, the FAF noted that it appreciates that the AICPA has made it clear in its press release and marketing materials that its new framework is not – and is not intended to be – GAAP. A central responsibility of the FASB is to ensure that the public understands that there are significant differences between GAAP and non-GAAP financial reporting.

FASB Issues Standard Clarifying Investment Company Status and Accounting
FASB - 6/07/2013
The FASB issued ASU No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements that sets forth a new approach for determining whether a public or private company is an investment company. The Update also clarifies the characteristics and sets certain measurement and disclosure requirements for an investment company.

FASB Responds to Post-Implementation Review of Statement 141R on Business Combinations
FASB - 5/30/2013
The FASB released its response to the Post-Implementation Review (PIR) of its business combinations reporting standard. In its response, the FASB acknowledged the PIR findings that some participants expressed difficulty in (1) applying the definition of a business, (2) accounting for purchased loans, and (3) separately reporting some intangibles and goodwill. The board will consider the PIR report's findings in relation to other projects that are currently underway and the results of the IASB's review of IFRS 3, Business combinations.

FAF Completes Post-Implementation Review of FASB Standard on Business Combinations
FASB - 5/22/2013
The FAF, the oversight body of the FASB, has completed its Post-Implementation Review (PIR) of FAS 141(R), Business Combinations (now part of Accounting Standards Codification Topic 805). Overall the PIR found that (1) FAS 141(R) resolved some of the issues associated with the purchase method of accounting for business combinations, (2) its principles and requirements generally are understandable and can be applied as intended, and (3) investors generally find the resulting information to be useful.

FAF Publishes 2012 Annual Report
FASB - 5/22/2013
The FAF has issued its 2012 Annual Report (click here). In addition to presenting the FAF’s 2012 audited financial statements, the annual report provides a recap of the activities of the FAF, along with the FASB and GASB, in advancing its mission of establishing and improving financial accounting and reporting standards.

2013 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC Effective May 20, 2013
FASB - 5/20/2013
The FAF and FASB announced that the SEC has adopted the 2013 U.S. GAAP Financial Reporting Taxonomy. The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC. The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

IASB and FASB Propose Changes to Lease Accounting
FASB - 5/16/2013
The IASB and FASB published for public comment a revised exposure draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.

SB Seeks Input on Revising U.S. GAAP Financial Reporting Taxonomy Calculation Hierarchy
FASB - 5/15/2013
The FASB issued an invitation to comment (ITC) on proposed structural changes to the U.S. GAAP Taxonomy. The ITC sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies.

FASAC survey seeks input on the FASB's future project priorities
FASB - 5/8/2013
The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, issued a survey to solicit stakeholder views about the FASB’s future agenda. Participants are asked to respond to the survey by May 30, 2013.

PCC votes to expose proposed alternatives within U.S. GAAP for private companies
FASB - 5/7/2013
On May 7, the Private Company Council (PCC) voted to move forward with proposed alternatives within U.S. GAAP designed to improve financial reporting for private companies. The PCC’s approved exposure of the proposals is the first step in a process toward endorsement by the FASB.

FASB Proposes Deferral of Certain Disclosures for Nonpublic Employee Benefit Plans
FASB - 4/30/2013
The FASB issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.

Financial Accounting Foundation Names Russell G. Golden Chairman of the Financial Accounting Standards Board
FASB - 4/23/2013
The FAF has appointed Russell G. Golden as the next chairman of the FASB, effective July 1, 2013. Mr. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends on June 30. Mr. Golden has served as a FASB member since his appointment in September 2010. He previously served for six years on the FASB staff.

FASB Issues Standard on the Liquidation Basis of Accounting
FASB - 4/22/2013
The FASB issued an Accounting Standards Update (ASU) that improves financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting. The ASU is effective for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted.

FASB Exposes Private Company Decision-Making Framework for Public Comment
FASB - 4/15/2013
The FASB, along with the Private Company Council (PCC), issued an Invitation to Comment seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP.

FASB Proposes Improvements to Reporting Discontinued Operations
FASB - 4/2/2013
The FASB issued for public comment its proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations. The proposal re-defines “discontinued operation” and would require organizations to provide additional disclosures about discontinued operations such as operating, investing and financing cash flows.

Proposed standards

See the FASB’s website for a copy of all outstanding Proposed Standards.

Proposed Accounting Standards Update—Leases (Topic 842)
FASB - 5/16/2013
This proposed Update outlines proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions. [Comments due - September 13, 2013]

Invitation to Comment: FASB U.S. GAAP Financial Reporting Taxonomy (UGT) — A Proposal to Revise the UGT Calculation Hierarchy
FASB - 5/15/2013
This invitation to comment (ITC) proposes structural changes to the U.S. GAAP Taxonomy. The ITC sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies. [Comments due - July 14, 2013]

Proposed Accounting Standards Update—Technical Corrections and Improvements Related to Glossary Terms
FASB - 5/6/2013
This proposed Update proposes technical corrections and improvements to the FASB Accounting Standards Codification (the Codification). The proposed update is part of the FASB's ongoing project to improve the Codification. This set of proposed changes is focused on improving the Codification's master glossary. [Comments due - August 5, 2013]

Proposed Accounting Standards Update—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)
FASB - 4/17/2013
The objective of this proposed Update is to provide guidance on accounting for investments in affordable housing projects that qualify for the low income housing tax credit. [Comments due - June 17, 2013]

Invitation to Comment: Private Company Decision-Making Framework—A Guide for Evaluating Financial Accounting and Reporting for Private Companies
FASB - 4/15/2013
The FASB, along with the Private Company Council (PCC), issued an Invitation to Comment: Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies, seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP. [Comments due - June 21, 2013]

Proposed Accounting Standards Update: Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations
FASB - 4/2/2013
The FASB issued for public comment its proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations. The proposal re-defines “discontinued operation” and would require organizations to provide additional disclosures about discontinued operations such as operating, investing and financing cash flows. [Comments due - August 30, 2013]

PwC comment letters

PwC comments on FASB's proposed Accounting Standards Update, Financial Instruments — Credit Losses
PwC - 5/30/2013
PwC does not support the FASB's proposed standard on credit losses and provides recommendations to the boards for an enhanced model.

PwC comments on deferral of the effective date of certain fair value disclosures for employee benefit plans
PwC - 5/30/2013
PwC agrees with the proposal to defer certain of the fair value disclosures for nonpublic employee benefit plans and supports the inclusion of the new glossary term.

PwC Comments on Proposed ASU: Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities and the Proposed Amendments to the FASB Accounting Standards Codification
PwC - 5/15/2013
PwC supports the FASB’s proposed comprehensive framework for classifying financial instruments, which is not dependent on legal form. We agree that the primary drivers for how financial assets are classified and measured should be a company's business model for managing its financial assets, as well as the cash flow characteristics of the instruments. The accounting model should faithfully portray the economic consequences of transactions in the context of a company's business strategies and the nature of those financial instruments.

Final standards

See the FASB’s website for a copy of each ASU.

Accounting Standard Update No. 2013-08
FASB – 6/7/2013
Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements

Accounting Standard Update No. 2013-07
FASB – 4/22/2013
Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting

Accounting Standard Update No. 2013-06
FASB – 4/19/2013
Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-05
FASB – 3/4/2013
Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-04
FASB – 2/28/2013
Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-03
FASB – 2/7/2013
Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities

Accounting Standard Update No. 2013-02
FASB – 2/5/2013
Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

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