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.

FASB Proposes Alternative To Goodwill Triggering Event Assessment For Certain Companies And Organiza

The FASB has issued an Exposure Draft related to potential changes to the evaluation of goodwill impairment.

GASB Proposes New Implementation Guidance To Assist Stakeholders With Application Of Its Pronounceme

The GASB has issued an Exposure Draft entitled GASB Implementation Guidance Update – 2021. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.

FASB Issues New Guidance On Callable Debt Securities

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs that is intended to clarify the accounting for certain callable debt securities.

FASB Issues Proposal To Clarify Scope Of Reference Rate Reform Guidance

In March 2020, the FASB issued ASU 2020-04 – Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

FASB Proposes Three Targeted Improvements To The Leases Standard

The FASB has issued an Exposure Draft related to Leases (Topic 842) intended to improve three targeted areas of the lease guidance.

FASB Issues Guidance On Presentation and Disclosures By Not-for-Profit Entities For Contributed Nonf

The FASB has recently issued ASU 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Prior to ASU 2020-07, there were no specific disclosure requirements for contributed nonfinancial assets other than for contributed services.

FASB Seeks Comment On A Proposal On Determining Current Price Of An Underlying Share For Equity-Clas

In response to feedback from private company stakeholders, the Private Company Council noted that determining the fair value of traditional share-option awards at the grant date or at a modification date is costly and complex as private company equity shares often do not have an observable market price, as the shares are not actively traded.

FASB Issues New Guidance On Convertible Instruments And Contracts In An Entity’s Own Equity

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity that is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity.

FASB Proposes Concepts For Defining Elements In A Financial Statement

The FASB has issued an Exposure Draft related to the Conceptual Framework.

GASB Issues Exposure Draft On Financial Reporting Model Improvements

The GASB has issued an Exposure Draft of a proposed Statement, Financial Reporting Model Improvements.