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.
FAF Board of Trustees issues the 2015 strategic plan
FASB - 04/9/2015
The Financial Accounting Foundation (FAF), the FASB, and the GASB have developed a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively. This plan represents an evolution and a refinement of previous plans and mission statements developed by the groups.
FASB votes to propose to defer the effective date of revenue recognition standard by one year
FASB - 04/2/2015
On April 1, the FASB voted to propose to defer the effective date of the new revenue recognition standard by one year. Based on the Board’s proposed decision, public organizations would apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations would apply the new revenue standard to annual reporting periods beginning after December 15, 2018. Additionally, the Board decided to permit both public and nonpublic organizations to adopt the new revenue standard early, but not before the original public organization effective date (that is, annual periods beginning after December 15, 2016).
FASB announces the SEC's adoption of 2015 U.S. GAAP Financial Reporting Taxonomy
FASB - 03/9/2015
The FASB announced that the SEC has adopted the 2015 U.S. GAAP Financial Reporting Taxonomy. The FASB staff is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC.
FASB issues proposed Taxonomy implementation guide on repurchase-to-maturity transactions and repurchase financings
FASB - 03/02/2015
The FASB issued a proposed U.S. GAAP Financial Reporting Taxonomy Implementation Guide, Repurchase-to-Maturity Transactions and Repurchase Financings. The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of repurchase-to-maturity transactions and repurchase financings is structured within the Taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting repurchase-to-maturity transactions and repurchase financings under U.S. GAAP and/or SEC authoritative literature.
FAF seeks comments on Private Company Council three-year assessment
FASB - 02/26/2015
The Financial Accounting Foundation (FAF) issued a Request for Comment seeking stakeholder input as part of an assessment of the Private Company Council’s (PCC) effectiveness, accomplishments, and future role in setting standards for private companies. The assessment is intended to assist the Trustees in determining whether the PCC is fulfilling its mission and meeting its primary objectives, and whether the Trustees should make any changes in the PCC’s structure that would improve the PCC’s effectiveness.
FASB issues proposed Taxonomy implementation guide on disclosures about offsetting assets & liabilities
FASB - 02/24/2015
The FASB issued a proposed U.S. GAAP Financial Reporting Taxonomy Implementation Guide, Disclosure about Offsetting Assets and Liabilities. The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of offsetting assets and liabilities is structured within the Taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting offsetting assets and liabilities under U.S. GAAP and/or SEC authoritative literature.
FASB summarizes cost and benefits of new consolidation guidance for legal entities
FASB - 02/23/2015
The FASB published a document titled Understanding Costs and Benefits: ASU: Consolidation (Topic 810), which summarizes how the board considered the expected costs and benefits of its new Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, and the process the FASB undertook to conclude that the expected benefits of the amendments in this ASU justify the anticipated costs.
FASB issues ASU to improve consolidation guidance for legal entities
FASB - 02/18/2015
The FASB issued Accounting Standards Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The new guidance applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds. It makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance.
FASB publishes recap of February 13 PCC meeting
FASB - 02/13/2015
At its February 13 meeting, the Private Company Council (PCC) discussed (1) the definition of a public business entity, (2) accounting for financial instruments—disclosures, and (3) update on improvements to share-based payments. The PCC also raised an issue regarding disclosure of open tax years if there are no material uncertain tax positions and and expressed concerns about the FASB’s project on simplifying the presentation of debt issuance cost.
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.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Update—Derivatives and Hedging (Topic 815): Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives
FASB - 02/24/2015
This proposed ASU is intended to increase the transparency and usefulness of the information provided in the notes to financial statements about hybrid financial instruments that contain bifurcated embedded derivatives. The amendments in the proposed Accounting Standards Update would require that an entity disclose (in both interim and annual reporting periods) the carrying amount, measurement attribute, and line item within the balance sheet and the income statement in which each bifurcated embedded derivative and its related host contract are presented.[Comments due - April 30, 2015]
Proposed Taxonomy Implementation Guide: Disclosures about Offsetting Assets and Liabilities
FASB - 02/24/2015
This proposed U.S. GAAP Financial Reporting Taxonomy Implementation Guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of offsetting assets and liabilities is structured within the Taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting offsetting assets and liabilities under U.S. GAAP and/or SEC authoritative literature. [Comments due - April 27, 2015]
PwC comments on the FASB's income tax exposure draft on balance sheet classification of deferred taxes
PwC - 04/01/2015
PwC generally supports the decision to require all deferred income tax assets and liabilities be presented as noncurrent in a classified statement of financial position.
PwC comments on FASB's income tax exposure draft on intra-entity asset transfers
PwC - 04/01/2015
PwC generally supports the proposal to require recognition of the current and deferred income tax consequences of an intra-entity asset transfer when the transfer occurs.
PwC comments on the FASB's proposed guidance on investment company disclosures
PwC - 02/19/2015
PwC generally supports the board’s decision to improve the accounting for investment companies by providing consistent presentation and disclosure requirements for both regulated and non-regulated investment companies that invest in other investment companies. However, we suggest the board narrow the scope of the proposal to only include those master-feeder arrangements where the funds are affiliated.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2015-05
FASB – 04/15/2015
Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement
Accounting Standard Update No. 2015-04
FASB – 04/15/2015
Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
Accounting Standard Update No. 2015-03
FASB – 04/07/2015
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
Accounting Standard Update No. 2015-02
FASB – 02/18/2015
Consolidation (Topic 810): Amendments to the Consolidation Analysis
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
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.