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.
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.
FAF President Teresa Polley Addresses Comparability of FASB and GASB Standards
FASB - 06/17/2014
In the June/July 2014 President's Desk column, Financial Accounting Foundation (FAF) President and CEO Teresa Polley addresses the comparability of standards set by the GASB and FASB for accounting issues that are not unique to government. The article provides some background on the jurisdiction debate, explores how the FASB and the GASB work together, and highlights differences on setting accounting and financial reporting standards.
FASB Improves Financial Reporting of Repurchase Agreements
FASB - 06/12/2014
The FASB issued Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, to improve the financial reporting of repurchase agreements and other similar transactions. The new standard changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires enhanced disclosures about repurchase agreements and other similar transactions.
FASB Issues Standard to Improve Financial Reporting for Development Stage Entities
FASB - 06/10/2014
The FASB issued its final standard on development stage entities, which eliminates the concept of a development stage entity (DSE) from U.S. GAAP and clarifies that the disclosures under risks and uncertainties guidance are also applicable to these entities. Entities that are in their development stage would no longer be required to present and disclose incremental information, such as inception-to-date information.
FASB Launches Initiative to Simplify Accounting Standards
FASB - 06/10/2014
As part of its initiative to reduce complexity in accounting standards, the FASB added two short-term projects to its agenda to simplify GAAP: (1) simplifying the measurement of inventory and (2) simplifying income statement presentation by eliminating extraordinary items. The projects included in the initiative are intended to improve or maintain the usefulness of the information reported to investors while reducing costs and complexity in financial reporting.
IASB and FASB announce the formation of the Joint Transition Resource Group for Revenue Recognition
FASB - 06/03/2014
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG).
IASB and FASB issue Converged Standard on Revenue Recognition
FASB - 05/28/2014
The IASB and the FASB issued jointly a converged standard on the recognition of revenue from contracts with customers. The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally.
Financial Accounting Foundation (FAF) Issues 2013 Annual Report
FASB - 05/08/2014
In addition to presenting the FAF’s 2013 audited financial statements, the 2013 FAF annual report outlines the future direction of the FAF and its standard-setting boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
PCC Continues Discussions on Intangible Assets
FASB - 05/01/2014
At its April 29 meeting, the Private Company Council (PCC) continued its redeliberations of an accounting alternative for the recognition of intangible assets in a business combination. The PCC did not approve an accounting alternative and is expected to continue its deliberations on this topic at its next meeting in July. Separately, the PCC voted to add a project to its technical agenda related to the second phase of its project on the definition of a public business entity.
See the FASB's website for a copy of all outstanding proposed Standards.
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]
Proposed Accounting Standards Update—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)
FASB - 04/28/2014
The objective of the proposal is to provide guidance on when and how an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. [Comments due - July 31, 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. 2014-12
FASB – 06/19/2014
Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the EITF)
Accounting Standard Update No. 2014-11
FASB – 06/12/2014
Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
Accounting Standard Update No. 2014-10
FASB – 06/10/2014
Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation
Accounting Standard Update No. 2014-09
FASB – 05/28/2014
Revenue from Contracts with Customers (Topic 606):
Section A—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40)
Section B—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables
Section C—Background Information and Basis for Conclusions
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.