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.
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.
FASB issues guidance to simplify share-based payment accounting
FASB - 03/30/2016
The FASB issued Accounting Standard Update (ASU) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to significantly impact net income, EPS, and the statement of cash flows. Implementation and administration may present challenges for companies with significant share-based payment activities.
FASB forms transition resource group for upcoming credit losses standard
FASB - 03/22/2016
The FASB announced the members of the Transition Resource Group (TRG) for its upcoming credit losses standard. The TRG will solicit, analyze, and discuss implementation issues that could arise when organizations implement the upcoming credit losses standard. The group will then share their views with the FASB, which will help the board determine what, if any, action is appropriate to address those issues. The TRG also will provide stakeholders with a forum to learn about the new standard from others involved with implementation. The first public meeting is scheduled for April 1, 2016.
FASB announces the SEC's adoption of 2016 U.S. GAAP Financial Reporting Taxonomy
FASB - 03/08/3016
The FASB announced that the SEC has adopted the 2016 U.S. GAAP Financial Reporting Taxonomy. The FASB staff is responsible for the ongoing development and maintenance of the Taxonomy applicable to public issuers registered with the SEC. The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.
FASB issues new guidance on lease accounting
FASB - 02/25/2016
On February 25, 2016, the FASB issued a new standard, Leases (ASC 842). Lessees will need to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Existing sale-leaseback guidance, including guidance for real estate, is replaced with a new model applicable to both lessees and lessors.
FAF issues post-implementation review report on earnings per share accounting standard
FASB - 02/24/2016
The Financial Accounting Foundation (FAF), the oversight body of the FASB, has completed its Post-Implementation Review (PIR) of FASB Statement No. 128, Earnings Per Share (now part of Accounting Standards Codification Topic 260). Overall, the PIR found that Statement 128 accomplished its objectives of simplifying the computation of earnings per share, achieved greater compatibility with international accounting standards, and provides useful information to users of financial statements.
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.
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]
PwC comments on FASB’s proposed amendments to fair value disclosures
PwC - 02/29/2016
PwC supports the overall objective of the FASB’s disclosure framework project to make financial statement disclosures more effective, balancing the information needs of financial statement users with the costs and complexity of producing that information. While some of the FASB’s proposed changes to fair value disclosures result in more decision-useful information, on balance, we do not believe the proposal improves disclosure effectiveness in this area. As a result, we question the need for these amendments. We believe a more impactful solution could be achieved by focusing on the foundation of the disclosures, the fair value hierarchy.
PwC comments on the FASB's proposal related to government assistance disclosures
PwC - 02/10/2016
PwC does not support the proposed standard as currently drafted primarily because the scope of the proposed standard (1) is too broad, (2) depends on a potentially challenging assessment of whether a government has exercised discretion, and (3) could include arrangements subject to other recognition, measurement, and disclosure guidance. We are concerned this will create significant incremental costs for preparers and challenges for auditors that are not justified by the perceived incremental benefits to users.
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.”
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2016-10
FASB – 04/14/2016
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
Accounting Standard Update No. 2016-09
FASB – 03/30/2016
Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
Accounting Standard Update No. 2016-08
FASB – 03/17/2016
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)
Accounting Standard Update No. 2016-07
FASB – 03/15/2016
Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting
Accounting Standard Update No. 2016-06
FASB – 03/14/2016
Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force)
Accounting Standard Update No. 2016-05
FASB – 03/10/2016
Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force)
Accounting Standard Update No. 2016-04
FASB – 03/08/2016
Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force)
Accounting Standard Update No. 2016-03
FASB – 03/07/2016
Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (PCC 15-01)
Accounting Standard Update No. 2016-02
FASB – 02/25/2016
Leases (Topic 842)
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
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.