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.

Resources


PwC resources

Status of FASB standard-setting projects
We provide quick access to the expected publication dates for select FASB standard-setting projects.

Effective dates for FASB guidance
The FASB's active standard setting means it is more important than ever to know which standards are effective when. Here we provide effective dates for the FASB's recently released guidance, segregated between public companies and nonpublic companies.

Video: 2015 Top 5 Year end accounting reminders
Hear PwC’s Top 5 accounting topics to keep top of mind as companies head into the 2015 reporting cycle.

Video: The quarter close - Interview with Jim Kroeker
Hear PwC’s Pat Durbin and FASB Vice Chair Jim Kroeker discuss the new revenue standard, the FASB’s current and longer term standard setting agenda and more in this special feature interview.

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Select news releases

FASB proposes changes to several aspects of pension accounting 
FASB - 01/26/2016
The FASB issued two proposed Accounting Standards Updates (ASUs) intended to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans. While not changing any of the recognition and measurement provisions of current retirement benefits accounting, the FASB is proposing changes to the presentation of the net benefit cost in an effort to improve the transparency and usefulness of financial information. The board is also proposing to eliminate some current disclosures and add several new ones. As proposed, the financial statement presentation and disclosure changes will affect all companies with pension or other postretirement benefit plans.

FASB issues final guidance on the recognition and measurement of financial instruments
FASB - 01/05/2016
The FASB published Accounting Standards Update (ASU) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities.  

2016 U.S. GAAP Financial Reporting Taxonomy now available
FASB - 12/17/2015
The FASB announced the availability of the 2016 U.S. GAAP Financial Reporting Taxonomy, pending final acceptance by the SEC. The FASB is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC. The 2016 Taxonomy contains updates for new accounting standards and other improvements to the 2015 Taxonomy currently used by SEC issuers.

FASB proposes improvements to fair value measurement disclosure requirements
FASB - 12/03/2015
The FASB issued a proposed Accounting Standards Update (ASU) titled Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value, intended to improve the effectiveness of disclosure requirements on fair value measurements. The proposed ASU would improve existing disclosure requirements related to fair value measurement, clarify disclosure requirements, as well as identify ways to improve the board’s decision process.

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Proposed standards

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

Proposed Accounting Standards Update—Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force)
FASB - 01/29/2016
Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This proposed Update addresses eight specific cash flow issues with the goal of reducing the existing diversity in practice. [Comments due - March 29, 2016]

Proposed Accounting Standards Update—Changes to the Disclosure Requirements for Defined Benefit Plans
FASB - 01/26/2016
This proposed ASU would modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. [Comments due - April 25, 2016]

Proposed Accounting Standards Update—Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
FASB - 01/26/2016
This proposed ASU seeks to improve guidance related to the presentation of defined benefit costs in the income statement. [Comments due - April 25, 2016]

Proposed Accounting Standards Update—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement
FASB - 12/03/2015
This proposed ASU is intended to improve the effectiveness of disclosure requirements on fair value measurements. The proposed ASU would improve existing disclosure requirements related to fair value measurement, clarify disclosure requirements, as well as identify ways to improve the board’s decision process. [Comments due - February 29, 2016]

Proposed Accounting Standards Update—Disclosures by Business Entities about Government Assistance

FASB - 11/12/2015
This proposed ASU aims to improve financial statement disclosures about government assistance that businesses and other for-profit organizations receive. Specifically, the proposal applies to government assistance programs where the government has discretion regarding to whom, how much, or when the assistance is to be provided under a legally-enforceable agreement with a business. [Comments due - February 10, 2016]

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PwC comment letters

PwC comments on the FASB's proposed changes to the definition of a business
PwC - 01/22/2016
PwC supports the overall direction of the proposal, but provides suggestions focused on limiting the application of the proposed “fair value screen,” which is intended to limit the number of transactions requiring additional analysis. We also recommend that the FASB provide additional clarity on what constitutes a “substantive process.”

PwC comments on FASB's proposed changes to the definition of materiality
PwC - 12/08/2015
PwC supports the FASB's proposed changes to the definition of materiality, subject to a specific recommendation.

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Final standards

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

Accounting Standard Update No. 2016-01
FASB – 01/05/2016
Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Accounting Standard Update No. 2015-17
FASB – 11/20/2015
Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

Accounting Standard Update No. 2015-16
FASB – 09/30/2015
Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments

Accounting Standard Update No. 2015-15
FASB – 08/18/2015
Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)

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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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