FASB Issues Accounting Standards Update To Remove References To Concepts Statements

The FASB has issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements.

FASB Improves Lease Guidance For Common Control Related Party Arrangements

FASB Improves Accounting For Investments In Tax Credit Structures

FASB Clarifies Accounting For Certain Call Options

The Financial Accounting Standards Board has issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options that is intended to reduce diversity in practice in the accounting for the modification or exchange of freestanding equity-classified written call options that remain equity classified after the modification or exchange.

FASB Issues Alternative To Goodwill Triggering Event Assessment

The FASB has issued ASU 2021-03, Intangibles – Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events to provide private companies and not-for-profit entities with the option to perform the identification and evaluation of a triggering event for goodwill impairment as of the end of the reporting period.

FASB Clarifies Scope Of Recent Reference Rate Reform Guidance

The FASB has issued ASU 2021-01, Reference Rate Reform (Topic 848).  Recently, the FASB has worked to try to ease the potential accounting burden of the expected move of global capital markets away from LIBOR (or another reference rate that is expected to be discontinued) as a result of reference rate reform.

AICPA Clarifies Accounting For Paycheck Protection Program Loans

The AICPA issued Q&A Section 3200, which provides guidance on accounting for forgivable loans received under the Small Business Administration Paycheck Protection Program (PPP).

COVID-19: FASB Issues Delay For Leases And Revenue Recognition Standards For Private Companies And N

The FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.

FASB Clarifies Accounting For Lease Concessions And Other Effects of COVID-19

The FASB has issued a question-and-answer document in relation to lease guidance applied in Topic 840 and Topic 842 related to lease concessions that are anticipated in many instances related to the effects of the COVID-19 pandemic.

FASB Issues Accounting Standards Update – Codification Improvements To Financial Instruments

The FASB issued ASU 2020-03 Codification Improvements to Financial Instruments in order to improve guidance and correct unintended application.

FASB Adds SAB Topic On The Accounting For Loan Losses To The Codification

The FASB has issued ASU 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).

FASB Clarifies The Interaction Between The Accounting For Equity Securities, Equity Method Investmen

The FASB has issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 to clarify the application of the measurement alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment plus or minus any observable price changes amended in ASU 2016-01.

FASB Issues Change In Effective Date Philosophy And Delay In Effective Dates Of Four ASUs For Certai

The FASB recently approved delays of the effective dates for several of its recent standards that provide at least an additional year to companies that have not yet adopted the standards in ASU 2019-09, Financial Services – Insurance (Topic 944): Effective Date and ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The deferral of implementation is a result of outreach with stakeholders and monitoring of implementation.

FASB Clarifies Implementation Guidance And Disclosure Requirements In Leases Standard

The FASB recently released its first Accounting Standards Update of 2019, ASU 2019-01 Leases (Topic 842) Codification Improvements. This ASU was released with the intent of clarifying conflicting or unclear guidance within the new leases standard that will be implemented under ASU 2016-02, Leases (Topic 842).