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 a Q1 2018 FASB Standard setting update

Here's what you need to know about recent accounting and financial reporting developments and their potential impacts.

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Select news releases

FASB Proposes Improvements to Accounting for Costs of Implementation Activities Performed in Certain Cloud Computing Arrangements

The Financial Accounting Standards Board issued a proposed Accounting Standards Update that would clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract.

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FASB Proposes Update to List of Permissible U.S. Benchmark Interest Rates for Hedge Accounting

The FASB issued a proposed Accounting Standards Update that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018.

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FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act

The ASU provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded.

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FASB Issues Staff Q&A Document on Whether Private Companies and Not-for-Profits Can Apply SEC SAB 118

In the Q&A, the FASB staff indicates that they would not object to private companies and not-for-profit organizations applying SAB 118, and observe that if a private company or not-for-profit organization applies SAB 118, they would be in compliance with GAAP.

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2018 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available

The Financial Accounting Standards Board (FASB) today announced the availability of the 2018 GAAP Financial Reporting Taxonomy. The Board also announced the availability of the 2018 SEC Reporting Taxonomy (SRT). The SRT is new for 2018. Both taxonomies are pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

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Registration Opens for December 15 CPE webcast IN FOCUS: FASB Update for Private Companies and Not-for-Profit Organizations

Registration now is open for an upcoming Financial Accounting Standards Board (FASB) webcast that provides an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations. IN FOCUS: FASB Update for Private Companies and Not-for-Profit Organizations will take place on Friday, December 15, 2017, from 1:00 to 2:40 p.m. Eastern Standard Time.

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FAF Trustees Reappoint James L. Kroeker as Vice Chairman of Financial Accounting Standards Board; Gary Buesser Named to Board Effective July 2018

The Board of Trustees of the Financial Accounting Foundation (FAF) announced the reappointment of James L. Kroeker as vice chairman of the Financial Accounting Standards Board (FASB). The Trustees also announced the appointment of Gary R. Buesser—a long-time portfolio manager and financial analyst—to the FASB. Both terms are effective July 1, 2018.

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FASB Proposes Clarifications to Land Easements Application Guidance in New Leases Standard

The Financial Accounting Standards Board issued a proposed Accounting Standards Update (ASU) intended to clarify the application of the new leases guidance to land easements. Stakeholders are asked to review and provide comments on the proposed ASU by October 25, 2017.

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FASB issues two taxonomy proposals on 2018 GAAP Financial Reporting and 2018 Shared Reporting for comment

FASB has released the proposed 2018 GAAP Financial Reporting Taxonomy for public review and comment. The Board also issued, new for 2018, the proposed 2018 Shared Reporting Taxonomy (SRT). The deadline to submit written comments for both documents is October 31, 2017.

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Registration opens for FASB CPE webcast on proposed improvements to NFP grant and contribution accounting

Registration now is open for an upcoming Financial Accounting Standards Board (FASB) webcast on a proposed Accounting Standards Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. IN FOCUS: Proposed Improvements to Not-for-Profit Grant and Contribution Accounting will take place on Monday, Sept. 11, 2017, from 1:00 to 2:00 p.m. ET.

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Proposed standards

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

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.

 

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