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.

Recent Developments – Past 90 days

 


Select news releases

FASB Issues Guidance to Improve Financial Reporting of Discontinued Operations
FASB - 04/10/2014
The FASB issued ASU 2014-08 to improve U.S. GAAP by more faithfully representing when a company or other organization discontinues its operations. The guidance changes the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP.

FASB Issues Update for Private Companies on Consolidation of Variable Interest Entities
FASB - 03/20/2014
The FASB issued guidance intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements. FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, is based on a consensus reached by the Private Company Council (PCC).

FASB responds to post-implementation review of FAS 157 on fair value measurement
FASB - 03/10/2014
The FASB acknowledges feedback summarized in the PIR Report that indicates some stakeholders find certain aspects of Statement 157 to be challenging. In considering this feedback, the FASB plans to conduct research and outreach with stakeholders in connection with in-process projects and initiatives, such as the disclosure framework project, the simplification initiative research project, the research project on accounting issues in employee benefit plan financial statements, and the ongoing involvement of the Private Company Council (PCC) and Not-for-Profit Advisory Committee (NAC).

FASB Issues Proposal on Board Decision Process for Disclosure Framework Project
FASB - 03/04/2014
The FASB issued a proposed framework intended to improve its process for evaluating existing and future disclosure requirements in notes to financial statements.

FAF completes post-implementation review of FAS 157 on fair value
FASB - 02/25/2014
The Financial Accounting Foundation (FAF), the oversight body of the FASB, has completed its Post-Implementation Review (PIR) of FASB Statement No. 157, Fair Value Measurements (now part of Accounting Standards Codification Topic 820). Overall the PIR found that (1) FAS 157 adequately resolved the issues underlying its stated need to provide a single definition of fair value, (2) information from the application of FAS 157 generally provides investors with decision-useful information, and (3) its requirements are understandable and can be applied as intended.

FASB Endorses Variable Interest Entity Alternative for Private Companies
FASB - 02/19/2014
The FASB has endorsed an accounting alternative within U.S. GAAP proposed by the PCC that would provide private companies an alternative not to apply Variable Interest Entity guidance for common control leasing arrangements when certain conditions are met.

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Proposed standards

See the FASB's website for a copy of all outstanding proposed Standards.

Proposed Statement of Financial Accounting Concepts—Conceptual Framework for Financial Reporting: Chapter 8: Notes to Financial Statements
FASB - 03/4/2014
This proposed framework intended to improve its process for evaluating existing and future disclosure requirements in notes to financial statements. The proposed Concepts Statement addresses the Board’s process for identifying relevant information and the limits on information that should be included in notes to financial statements. [Comments due - July 14, 2014]

Proposed Accounting Standards Update—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)
FASB - 01/17/2014
The objective of this proposed Update is to reduce diversity in practice related to classification by creditors of government-guaranteed residential mortgage loans entitling a creditor to the full unpaid principal balance of the loan (fully-government-guaranteed residential mortgage loans), including those with an FHA guarantee, upon foreclosure. [Comments due - April 30, 2014]

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PwC comment letters

PwC comments on Proposed ASU: Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements
PwC - 12/20/2013
PwC supports the proposed elimination of the development stage entity reporting requirements, but expresses reservations about a change to the consolidation guidance.

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Final standards

See the FASB's website for a copy of each Accounting Standards Update (ASU).

Accounting Standard Update No. 2014-08
FASB – 04/10/2014
Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Accounting Standard Update No. 2014-07
FASB – 03/20/2014
Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council)

Accounting Standard Update No. 2014-06
FASB – 03/14/2014
Technical Corrections and Improvements Related to Glossary Terms

Accounting Standard Update No. 2014-05
FASB – 01/23/2014
Service Concession Arrangements (Topic 853) (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2014-04
FASB – 01/17/2014
Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2014-03
FASB – 01/16/2014
Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council)

Accounting Standard Update No. 2014-02
FASB – 01/16/2014
Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council)

Accounting Standard Update No. 2014-01
FASB – 01/15/2014
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)

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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. 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.

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