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.
FASB publishes recap of May 5 PCC meeting
FASB - 05/05/2015
The FASB published a summary of issues addressed by the Private Company Council (PCC) at its May 5 meeting. Among other developments, the PCC directed the FASB staff to conduct further research and develop recommendations for private companies to have an unconditional option to make an initial election of a PCC alternative. The PCC also asked the board and FASB staff to consider conducting research on clarifying the application of certain aspects of variable interest entity guidance (not already addressed by ASU No. 2014-07, Applying Variable Interest Entities Guidance toCommon Control Leasing Arrangements) to private companies under common control.
FASB Seeks Public Comment on Proposal to Defer Effective Date of Revenue Recognition Standard
FASB - 04/29/2015
The FASB has issued for public comment a proposed Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, that would defer the effective date of its new revenue recognition standard by one year. The proposed ASU would permit public organizations to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations would be permitted to apply the new revenue standard to annual reporting periods beginning after December 15, 2018.
FASB proposes improvements to not-for-profit financial statements
FASB - 04/22/2015
The FASB has issued proposed Accounting Standards Update (ASU), Presentation of Financial Statements of Not-for-Profit Entities, intended to improve the information provided in not-for-profit financial statements and notes to financial statements. It includes proposed improvements to the current net asset classification requirements and the information presented in financial statements and notes to financial statements about a not-for-profit organization’s liquidity, financial performance, and cash flows.
FAF Board of Trustees issues the 2015 strategic plan
FASB - 04/09/2015
The Financial Accounting Foundation (FAF), the FASB, and the GASB have developed a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively. This plan represents an evolution and a refinement of previous plans and mission statements developed by the groups.
FASB announces the SEC's adoption of 2015 U.S. GAAP Financial Reporting Taxonomy
FASB - 03/09/2015
The FASB announced that the SEC has adopted the 2015 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.
FASB issues proposed Taxonomy implementation guide on repurchase-to-maturity transactions and repurchase financings
FASB - 03/02/2015
The FASB issued a proposed U.S. GAAP Financial Reporting Taxonomy Implementation Guide, Repurchase-to-Maturity Transactions and Repurchase Financings. The proposed guide provides examples to help users of the Taxonomy understand how the modeling for disclosures of repurchase-to-maturity transactions and repurchase financings is structured within the Taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting repurchase-to-maturity transactions and repurchase financings under U.S. GAAP and/or SEC authoritative literature.
See the FASB's website for a copy of all outstanding proposed Standards.
Proposed Accounting Standards Update—Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing
FASB - 05/12/2015
The proposed Update would clarify guidance related to performance obligations and licensing contained in the new revenue recognition standard. The proposed Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. [Comments due - June 30, 2015]
Proposed Accounting Standards Update—Recognition of Breakage for Certain Prepaid Stored-Value Cards
FASB - 04/30/2015
The amendments in the proposed Update would provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage be accounted for consistent with the breakage guidance in Topic 606, Revenue from Contracts with Customers, for those liabilities with the characteristics described in this proposed Update. [Comments due - June 29, 2015]
Proposed Accounting Standards Update—Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date
FASB - 04/29/2015
This proposed Update would defer the effective date of its new revenue recognition standard by one year. The proposed ASU would permit public organizations to apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations would be permitted to apply the new revenue standard to annual reporting periods beginning after December 15, 2018. [Comments due - May 29, 2015]
Proposed Accounting Standards Update—Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets
FASB - 04/23/2015
Topic 815, Derivatives and Hedging, requires a derivative contract to be recorded at fair value unless it qualifies for a scope exception. The amendments in this proposed Update address whether a contract for the purchase or sale of electricity on a forward basis should be eligible to meet the physical delivery criterion of the normal purchases and normal sales scope exception when the delivery location is within a nodal energy market and one of the contracting parties incurs charges (or credits) for the subsequent transmission of the electricity based in part on locational marginal pricing differences payable to (or receivable from) an independent system operator. [Comments due - May 18, 2015]
Proposed Accounting Standards Updates—(I) Fully Benefit-Responsive Investment Contracts, (II) Plan Investment Disclosures, and (III) Measurement Date Practical Expedient
FASB - 04/23/2015
These proposed Updates are intended to reduce complexity in employee benefit plan accounting, which is consistent with the FASB’s 'Simplification Initiative.' The proposed Updates are related to one area of several potential simplifications for employee benefit plans submitted by stakeholders. [Comments due - May 18, 2015]
Proposed Accounting Standards Update—Presentation of Financial Statements of Not-for-Profit Entities
FASB - 04/22/2015
This proposed Update is intended to improve the information provided in not-for-profit financial statements and notes to financial statements. The proposed ASU sets forth the FASB’s proposed improvements to current net asset classification requirements and information presented in financial statements and notes to financial statements about a not-for-profit organization’s liquidity, financial performance, and cash flows. [Comments due - August 20, 2015]
PwC comments on FAF's Three-Year-Review of the Private Company Council
PwC - 05/06/2015
PwC believes the PCC has advanced the concerns of private companies and, in a short amount of time, established itself as an important contributor to the FASB’s understanding of private company perspectives. In our letter, we share our recommendations to ensure the longer-term success of the PCC.
PwC comments on the FASB's income tax exposure draft on balance sheet classification of deferred taxes
PwC - 04/01/2015
PwC generally supports the decision to require all deferred income tax assets and liabilities be presented as noncurrent in a classified statement of financial position.
PwC comments on FASB's income tax exposure draft on intra-entity asset transfers
PwC - 04/01/2015
PwC generally supports the proposal to require recognition of the current and deferred income tax consequences of an intra-entity asset transfer when the transfer occurs.
See the FASB's website for a copy of each Accounting Standards Update (ASU).
Accounting Standard Update No. 2015-08
FASB – 05/08/2015
Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115
Accounting Standard Update No. 2015-07
FASB – 05/01/2015
Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)
Accounting Standard Update No. 2015-06
FASB – 04/30/2015
Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions
Accounting Standard Update No. 2015-05
FASB – 04/15/2015
Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement
Accounting Standard Update No. 2015-04
FASB – 04/15/2015
Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
Accounting Standard Update No. 2015-03
FASB – 04/07/2015
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
Accounting Standard Update No. 2015-02
FASB – 02/18/2015
Consolidation (Topic 810): Amendments to the Consolidation Analysis
Accounting Standard Update No. 2015-01
FASB – 01/09/2015
Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
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.