Financial Accounting Standards Board (FASB)

The FASB’s mission 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.

Website: www.fasb.org

PwC resources

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.

FASB Accounting Standards Codification Quick Reference Guide

Our quick reference guide includes the structure of the Codification, examples of the citation format, how new authoritative guidance will be released and incorporated into the Codification, and more.

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Listen to our podcast for our FASB standard setting Q3 update

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

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Select news releases

Proposed standards

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

Proposed ASU: Entertainment - Film, Other Assets, Film Costs and Entertainment - Broadcasters, Intangibles, Goodwill and Other

The proposed ASU would address this issue by converging the capitalization guidance for films and episodic content. It would also address when a company or organization should assess films and license agreements for program material for impairment at the film-group level, while amending the presentation and disclosure requirements for content that is either produced or licensed.

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Proposed ASU: Codification Improvements to Topic 326, Financial Instruments - Credit Losses

The proposed amendments would align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and would clarify the scope of the guidance in the amendments in Update 2016-13.

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Proposed ASU: Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

The amendments in this proposed Update would align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license).

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Proposed ASU: Derivatives and hedging (topic 815): inclusion of the OIS rate based on the SOFR as a benchmark interest rate for hedge accounting purposes

The amendments in this proposed Update would permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate.

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PwC comment letters

Final standards

See the FASB's website for a copy of each Accounting Standards Update (ASU) and see our Effective dates for new FASB guidance page.

 

Meeting minutes

Meeting minutes - Current and archived

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.

 

Contact us

Heather Horn
US Strategic Thought Leader, National Professional Services Group, PwC US
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David Schmid
IFRS & US Standard Setting Leader, National Professional Services Group, PwC US
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