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.

Select news releases

2013 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC Effective May 20, 2013
FASB - 5/20/2013
The FAF and FASB announced that the SEC has adopted the 2013 U.S. GAAP Financial Reporting Taxonomy. The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC. The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

IASB and FASB Propose Changes to Lease Accounting
FASB - 5/16/2013
The IASB and FASB published for public comment a revised exposure draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.

SB Seeks Input on Revising U.S. GAAP Financial Reporting Taxonomy Calculation Hierarchy
FASB - 5/15/2013
The FASB issued an invitation to comment (ITC) on proposed structural changes to the U.S. GAAP Taxonomy. The ITC sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies.

FASAC survey seeks input on the FASB's future project priorities
FASB - 5/8/2013
The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, issued a survey to solicit stakeholder views about the FASB’s future agenda. Participants are asked to respond to the survey by May 30, 2013.

PCC votes to expose proposed alternatives within U.S. GAAP for private companies
FASB - 5/7/2013
On May 7, the Private Company Council (PCC) voted to move forward with proposed alternatives within U.S. GAAP designed to improve financial reporting for private companies. The PCC’s approved exposure of the proposals is the first step in a process toward endorsement by the FASB.

FASB Proposes Deferral of Certain Disclosures for Nonpublic Employee Benefit Plans
FASB - 4/30/2013
The FASB issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.

Financial Accounting Foundation Names Russell G. Golden Chairman of the Financial Accounting Standards Board
FASB - 4/23/2013
The FAF has appointed Russell G. Golden as the next chairman of the FASB, effective July 1, 2013. Mr. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends on June 30. Mr. Golden has served as a FASB member since his appointment in September 2010. He previously served for six years on the FASB staff.

FASB Issues Standard on the Liquidation Basis of Accounting
FASB - 4/22/2013
The FASB issued an Accounting Standards Update (ASU) that improves financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting. The ASU is effective for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted.

FASB Exposes Private Company Decision-Making Framework for Public Comment
FASB - 4/15/2013
The FASB, along with the Private Company Council (PCC), issued an Invitation to Comment seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP.

FASB Proposes Improvements to Reporting Discontinued Operations
FASB - 4/2/2013
The FASB issued for public comment its proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations. The proposal re-defines “discontinued operation” and would require organizations to provide additional disclosures about discontinued operations such as operating, investing and financing cash flows.

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses on Financial Assets
FASB - 3/28/2013
The FASB has extended the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations. The new comment deadline on Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15), is May 31, 2013.

FASB Issues XBRL Implementation Guide on Other Comprehensive Income
FASB - 3/28/2013
The FASB issued U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Other Comprehensive Income (OCI) — the fifth in a series of eXtensible Business Reporting Language (XBRL) implementation guides intended to improve use of the U.S. GAAP Taxonomy. The purpose of this guide is to demonstrate the modeling of OCI transactions focusing on changes in and the reclassification out of accumulated OCI.

FASB Staff Responds to Frequently Asked Questions about Proposal to Improve Accounting for Current Expected Credit Losses
FASB - 3/25/2013
The FASB published a FASB staff document that responds to frequently asked questions (FAQs) about its recent proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15). The FAQ document addresses common questions posed by stakeholders about the exposure draft.

FASB Adds Three Additional Implementation Guides to the XBRL Series
FASB - 3/21/2013
The Financial Accounting Standards Board (FASB) recently added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the U.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.

FASB to Join IFRS Foundation’s Accounting Standards Advisory Forum
FASB - 3/19/2013
The Financial Accounting Foundation (FAF) announced that the FASB will join the Accounting Standards Advisory Forum (ASAF) — the new advisory group for the International Accounting Standards Board (IASB). The ASAF was established earlier this year by the IFRS Foundation to improve cooperation among worldwide standard setters and advise the IASB as it develops International Financial Reporting Standards (IFRS).

FASB moves forward with final standard on investment companies
FASB - 3/14/2013
On March 13, 2013, the FASB met to certain proposed disclosures designed to increase transparency into an investment company's interest in an investee fund. These investee fund disclosures have been the final area of focus as the FASB finalizes its standard on investment companies. At its meeting, the FASB decided to remove the proposed disclosures from the current project and re-evaluate them at a later date. The FASB also agreed to move forward with issuing a final standard on investment companies.

FASB Responds to Financial Accounting Foundation’s Post-Implementation Review Report on Statement 131 on Segment Reporting
FASB - 3/6/2013
The FASB announced that it will review the issues raised by the Post-Implementation Review of its business segment reporting standard with its stakeholders and the SEC staff to determine whether further review of the standard is warranted.

Proposed standards

See the FASB’s website for a copy of all outstanding Proposed Standards.

Proposed Accounting Standards Update—Leases (Topic 842)
FASB - 5/16/2013
This proposed Update outlines proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions. [Comments due - September 13, 2013]

Invitation to Comment: FASB U.S. GAAP Financial Reporting Taxonomy (UGT) — A Proposal to Revise the UGT Calculation Hierarchy
FASB - 5/15/2013
This invitation to comment (ITC) proposes structural changes to the U.S. GAAP Taxonomy. The ITC sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies. [Comments due - July 14, 2013]

Proposed Accounting Standards Update—Technical Corrections and Improvements Related to Glossary Terms
FASB - 5/6/2013
This proposed Update proposes technical corrections and improvements to the FASB Accounting Standards Codification (the Codification). The proposed update is part of the FASB's ongoing project to improve the Codification. This set of proposed changes is focused on improving the Codification's master glossary. [Comments due - August 5, 2013]

Proposed Accounting Standards Update—Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update No. 2011-04
FASB - 4/30/2013
The objective of this proposed Update is to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities. [Comments due - May 31, 2013]

Proposed Accounting Standards Update—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)
FASB - 4/17/2013
The objective of this proposed Update is to provide guidance on accounting for investments in affordable housing projects that qualify for the low income housing tax credit. [Comments due - June 17, 2013]

Invitation to Comment: Private Company Decision-Making Framework—A Guide for Evaluating Financial Accounting and Reporting for Private Companies
FASB - 4/15/2013
The FASB, along with the Private Company Council (PCC), issued an Invitation to Comment: Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies, seeking stakeholder input on the proposed private company decision-making framework. The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. GAAP. [Comments due - June 21, 2013]

Proposed Accounting Standards Update: Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations
FASB - 4/2/2013
The FASB issued for public comment its proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations. The proposal re-defines “discontinued operation” and would require organizations to provide additional disclosures about discontinued operations such as operating, investing and financing cash flows. [Comments due - August 30, 2013]

PwC comment letters

PwC Comments on Proposed ASU: Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities and the Proposed Amendments to the FASB Accounting Standards Codification
PwC - 5/15/2013
PwC supports the FASB’s proposed comprehensive framework for classifying financial instruments, which is not dependent on legal form. We agree that the primary drivers for how financial assets are classified and measured should be a company's business model for managing its financial assets, as well as the cash flow characteristics of the instruments. The accounting model should faithfully portray the economic consequences of transactions in the context of a company's business strategies and the nature of those financial instruments.

PwC Comments on Proposed ASU: Transfers and Servicing (Topic 860): Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings
PwC - 3/29/2013
PwC is fully supportive of the Board's continuing efforts to respond in a timely manner to stakeholder concerns over elements of the transfers of financial assets accounting model.

Final standards

See the FASB’s website for a copy of each ASU.

Accounting Standard Update No. 2013-07
FASB – 4/22/2013
Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting

Accounting Standard Update No. 2013-06
FASB – 4/19/2013
Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-05
FASB – 3/4/2013
Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-04
FASB – 2/28/2013
Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)

Accounting Standard Update No. 2013-03
FASB – 2/7/2013
Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities

Accounting Standard Update No. 2013-02
FASB – 2/5/2013
Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

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