Trying to find an update on recent FASB standard setting? Stop looking and start listening. In this episode, we highlight the key accounting and financial reporting developments that took place during the third quarter of 2018. Among topics covered, we examine recently finalized accounting standards—including new amendments to the leasing standard, as well as changes made to the conceptual framework relating to the FASB’s ongoing disclosure effectiveness project. We also discuss other amendments the FASB issued this quarter—including targeted improvements to the accounting for long-duration insurance contracts and new guidance related to cloud computing arrangements.
| Duration 14:56
The FASB issued a few amendments on the new leases standard. The updated guidance addresses two items: the first one adds a new transition method, and the second one adds a new practical expedient for lessors. To learn more, refer to PwC’s In brief: Adopting the new leases standard just got easier.
In addition to the new guidance, in August, the FASB also proposed a few additional amendments to the new leases standard.
In August, the FASB made some changes to its conceptual framework and issued some amendments relating to its ongoing disclosure effectiveness project.
They made two changes to the conceptual framework.
These changes will help the board identify and evaluate disclosure requirements as they develop new accounting standards or amend existing standards.
As part of this project, the board reviewed the disclosure requirements in its existing guidance through the lens of its new framework.
The FASB issued targeted improvements to its guidance for accounting for long-duration insurance contracts. The new guidance revises key elements of the measurement models and disclosure requirements for insurers of these contracts. To learn more, refer to PwC's In depth: Detailing the new accounting for long-duration contracts of insurers.
FASB also issued the final amendment on cloud computing arrangements. The amendments are consistent with the final EITF consensus. To learn more, read our August In depth: Cloud computing arrangements: Customer accounting for implementation costs.
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