FASB Improves Lease Guidance For Common Control Related Party Arrangements

FASB Seeks Comments On Proposed Improvements To Reporting and Disclosures For Entities Holding Crypt

FASB Improves Accounting For Investments In Tax Credit Structures

Focus on Lease Accounting: FASB Improves Lease Guidance For Common Control Related Party Arrangement

The FASB has issued ASU 2023-01 (Topic 842): Common Control Arrangements. This ASU is an outcome of concerns expressed by private company stakeholders about the application of ASC 842 for common control arrangements identified during the FASB’s post-implementation review process.

Focus On Lease Accounting: FASB Seeks Input On Proposed Improvements To Lease Guidance on Arrangemen

The FASB has issued an Exposure Draft, Leases (Topic 842): Common Control Arrangements. This Exposure Draft is an outcome of concerns expressed by private company stakeholders about the application of ASC 842 for common control arrangements identified during the FASB’s post-implementation review process.

FASB Issues Proposal To Enhance Transparency Around Supplier Finance Programs

The FASB has issued an Exposure Draft that is intended to improve the information available to financial statement users related to the effects of supplier finance programs on a buyer’s working capital, liquidity and cash flows.

FASB Proposes Improvements To Fair Value Guidance For Equity Securities

The FASB has issued an Exposure Draft for public comment that is intended to reduce diversity in practice on whether a contractual restriction that prohibits the sale of an equity security should be considered in measuring its fair value in accordance with Topic 820, Fair Value Measurements.

FASB Issues Guidance For Lessors With Certain Leases With Variable Lease Payments

The FASB has issued ASU 2021-05, Lessors – Certain Leases with Variable Lease Payments.

GASB Proposes Omnibus Statement Addressing Wide Range Of Practice Issues

The GASB has issued an Exposure Draft to provide some additional guidance regarding practice issues that arose during implementation and general practice relating to certain recent pronouncements and other relevant practice issues.

Focus on Lease Accounting: What Else You Need to Know

This RubinBrown Focus on Lease Accounting is the fourth in a series of articles on the new accounting guidance for leases, Accounting Standards Codification Topic 842, Leases (ASC 842). In this series, we will explore different aspects of the new standard. Please contact a member of your RubinBrown team for more information and ways that we may be able to help you.

FASB Proposes Improvements To Discount Rate Guidance For Lessees

The FASB has issued an Exposure Draft, requesting comment by July 16, 2021, related to Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities to provide private companies, not-for-profit entities and employee benefit plans more flexibility in how the discount rate would be determined.

GASB Releases Exposure Draft On Proposed Improvements For Accounting Changes And Error Corrections

GASB Releases Implementation Guide No. 2021-1

The GASB has issued Implementation Guide No. 2021-1, Implementation Guidance Update – 2021. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.

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 Proposes To Improve And Expand Hedge Accounting

The FASB has issued an Exposure Draft, requesting comment by July 5, 2021, related to potential changes to fair value hedging for entities that apply the portfolio layer method (currently referred to as the last-of-layer method).

GASB Issues The Annual Comprehensive Financial Report Exposure Draft

The GASB has issued an Exposure Draft that proposes to replace the previously used term and acronym for the comprehensive annual financial report with a new term and acronym, Annual Comprehensive Financial Report (ACFR).

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.

GASB Proposes Enhanced Guidance On Compensated Absences

The GASB has issued an Exposure Draft entitled Compensated Absences. This Exposure Draft addresses the recognition and measurement guidance for compensated absences and refines the related disclosure requirements.

FASB Simplifies How Private Company Franchisors Evaluate Certain Performance Obligations

The FASB has issued ASU No. 2021-02, Franchisors—Revenue from Contracts with Customers: Practical Expedient that is intended to ease the accounting burden on private company franchisors.

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.