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 Responds to Post-Implementation Review of Statement 109 on Income Taxes
FASB - 12/3/2013
The FASB acknowledged that preparers and auditors find certain aspects of Statement 109 to be operationally challenging, including intraperiod tax allocation, intercompany transfer of assets, and situations in which a deferred tax liability is not recognized for temporary differences related to earnings determined to be indefinitely reinvested in foreign subsidiaries. The FASB said it would continue to analyze the findings in the PIR report, including asking for input from financial statement users, preparers, auditors, and others.
FAF Completes Post-Implementation Review of FASB Standard on Accounting for Income Taxes
FASB - 11/19/2013
The FAF has completed its Post-Implementation Review (PIR) of FASB Statement No. 109, Accounting for Income Taxes, which was intended to improve the relevance, representational faithfulness, and comparability of information that a company or organization reports about a business combination and its effects. The review concludes that FAS 109 generally achieved its purpose.
FASB Votes to Move Forward with Final Standard on Revenue Recognition
FASB - 11/6/2013
The FASB voted to move forward with preparing a final standard on revenue recognition. The vote authorizes the FASB staff to prepare and issue a ballot draft of the standard. The ballot draft will be submitted to the FASB for final approval.
FASB Chairman discusses the future of U.S. GAAP
FASB - 10/28/2013
In his remarks at the 106th annual meeting of the National Association of State Boards of Accountancy (NASBA), FASB Chairman Russell Golden shared his thoughts about the challenge faced by the FASB in exercising its responsibility to both preserve and evolve GAAP standards and discussed how the FASB is dealing with that responsibility for all its stakeholders, including international and private company constituents.
FASB issues of the proposed UGT Implementation Guide: Notional Amount Disclosures
FASB - 10/24/2013
The FASB issued a proposed U.S. GAAP Financial Reporting Taxonomy (UGT) Implementation Guide, Notional Amount Disclosures. The proposed guide provides examples to help users of the UGT understand how the modeling for notional amount disclosures is structured within the UGT. The examples are based on the assumption that the entity meets the criteria for reporting notional amount disclosures under U.S. GAAP and/or SEC authoritative literature.
FASB Chairman discusses the path toward greater comparability in global financial reporting
FASB - 10/16/2013
In his remarks at the joint meeting of the Japanese Chapter of Financial Executives International and Keidanren (a major Japanese business roundtable organization) in Tokyo, FASB Chairman Russell Golden shared his thoughts on how the FASB can continue to work toward the goal of developing common global accounting standards while building stronger relationships with national standard setters around the world.
Frequently Asked Questions about the FASB’s Disclosure Framework Project
FASB - 10/10/2013
The FASB has published answers to frequently asked questions about its disclosure framework project. The project aims to improve the effectiveness of disclosures in notes to financial statements for public and private companies and not-for-profit organizations. The framework is designed to lead to disclosures that clearly communicate the information that is most important to the users of financial statements.
Private Company Council Finalizes Two Private Company Standards; Sends to FASB for Endorsement
FASB - 10/1/2013
On October 1, the Private Company Council (PCC) voted to finalize two alternatives within U.S. GAAP for accounting for interest rate swaps and, separately, accounting for goodwill in a business combination for private companies. The FASB will discuss the proposed alternatives and also consider the applicability of these alternatives to publicly traded companies and not-for-profit organizations in the coming weeks. If the FASB decides to endorse the alternatives, they will be issued as final Accounting Standards Updates.
FASAC Issues Results of 2013 FASB Stakeholder Survey
FASB - 9/17/2013
The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, issued the results of its recent survey to solicit stakeholder views about the FASB's future agenda.
FASB Chairman lays out goals in first speech
FASB - 9/12/2013
In his remarks at the FASB@40 Conference, FASB Chairman Russell Golden discussed future of independent standard setting and outlined what he believes should be the board's priorities for the future.
See the FASB's website for a copy of all outstanding Proposed Standards.
Proposed Accounting Standards Update—Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements
FASB - 11/7/2013
This exposure draft, based on the recommendation of the Private Company Council (PCC), is intended to improve financial reporting about public and private development stage entities. The exposure draft proposes to eliminate the distinction of being a development stage entity—as well as its related disclosure requirements for inception-to-date information about income statement line items, cash flows, and equity transactions. [Comments due - December 23, 2013]
Proposed Accounting Standards Update—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 FASB Emerging Issues Task Force)
FASB - 10/23/2013
The amendments in the proposed Update require that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. A reporting entity would apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting. That is, compensation cost would be recognized if it is probable that the performance condition would be achieved. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. [Comments due - December 23, 2013]
Proposed Accounting Standards Update—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 (a consensus of the FASB Emerging Issues Task Force)
FASB - 10/23/2013
The amendments in the proposed Update would permit entities (issuers and investors) to determine the nature of the host contract for hybrid financial instruments issued in the form of a share by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of relevant facts and circumstances. That is, the determination of the nature of the host contract would be based on a consideration of economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract. [Comments due - December 23, 2013]
PwC comments on the FASB's proposed ASU: Insurance Contracts
PwC - 10/28/2013
PwC supports a converged standard. In the absence of a converged standard, we would support making targeted changes to current U.S. GAAP.
PwC comments on the FASB's proposed ASU: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements a proposal of the Private Company Council)
PwC - 10/15/2013
In this comment letter, PwC offers the FASB and PCC some observations and suggestions.
PwC comments on the FASB's proposed ASU: Definition of a Public Business Entity, an Amendment to the Master Glossary
PwC - 10/9/2013
PwC agrees with most of the proposed criteria that would comprise a definition of a public business entity.
PwC comments on the FASB and IASB's revised exposure draft on leases
PwC - 9/19/2013
PwC supports the core principle that an entity should recognize assets and liabilities arising from a lease. Our letter also outlines specific recommendations that we would like the board to consider.
PwC comments on the FASB's proposed ASU: Disclosure of Uncertainties about an Entity's Going Concern Presumption
PwC - 9/18/2013
PwC supports the board's efforts to add guidance to U.S. GAAP to provide consistency in determining when and how management should assess going concern uncertainties and when to make related disclosures. Our letter also outlines specific recommendations that we would like the board to consider.
See the FASB's website for a copy of each ASU.
Accounting Standard Update No. 2013-11
FASB – 7/18/2013
Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)
Accounting Standard Update No. 2013-10
FASB – 7/17/2013
Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)
Accounting Standard Update No. 2013-09
FASB – 7/8/2013
Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04
Meeting minutes - Current and archived
FASB - As issued
Provides access to the current and archived FASB board meeting handouts as issued by the FASB