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 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.
FASB Votes on New Agenda Priorities
FASB - 01/29/2014
The FASB voted to reorganize its agenda to focus more closely on the issues most important to FASB stakeholders. The FASB voted to add to its technical agenda a project to develop guidance for disclosure requirements related to government assistance.
FASB Issues Recap of January 28 PCC meeting
FASB - 01/28/2014
The FASB published a brief summary of issues addressed by the Private Company Council (PCC) at its January 28 meeting. Among other developments, the PCC finalized an accounting alternative that would provide an exception to application of variable interest entity (VIE) guidance for certain common control leasing arrangements of private companies and sent it to the FASB for endorsement.
FASB Issues Two Updates for Private Companies on Accounting for Goodwill, Interest Rate Swaps
FASB - 01/16/2014
The FASB published two Accounting Standards Updates to provide nonpublic entities with accounting alternatives which are intended to (1) simplify the goodwill impairment model and (2) make it easier for certain interest rate swaps to qualify for hedge accounting.
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]
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.
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.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
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)
Accounting Standard Update No. 2013-12
FASB – 12/23/2013
Definition of a Public Business Entity—An Addition to the Master Glossary
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.