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.
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.
FASB Issues Proposals to Simplify Inventory Measurement and Eliminate Requirements for Extraordinary Items
FASB - 07/15/2014
As part of its simplification initiative, the FASB issued two proposed Accounting Standards Updates intended to simplify the measurement of inventory and eliminate the requirements for extraordinary items. The objective of the FASB’s simplification initiative is to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of the information reported to investors.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Update—Technical Corrections and Improvements
FASB - 09/15/2014
The 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]
Proposed Accounting Standards Update—Inventory (Topic 330): Simplifying the Measurement of Inventory
FASB - 07/15/2014
The proposed Update addresses stakeholder concerns about the complexity of current guidance on measuring inventory. Current GAAP require reporting organizations to measure inventory at the lower of cost or market. Market could be net realizable value, replacement cost, or net realizable value less a normal profit margin when measuring inventory. The proposed guidance would require inventory to be measured at the lower of cost and net realizable value. [Comments due - September 30, 2014]
Proposed Accounting Standards Update—Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
FASB - 07/15/2014
This proposed Update seeks to reduce cost and complexity by eliminating the concept of extraordinary items. Current GAAP requires organizations to evaluate whether an event or transaction is an extraordinary item and, if it is deemed so, to separately present and disclose the item. However, the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent. The proposed Update would remove the concept of extraordinary items from GAAP. [Comments due - September 30, 2014]
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. 2014-15
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.