FASB Proposes Improvements Related To Distinguishing Liabilities From Equity

The FASB has issued an exposure draft related to Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.

FASB Updates Various Codification SEC Sections

The FASB issued Accounting Standards Update (ASU) No. 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Release No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.

GASB Issues Omnibus Statement Exposure Draft

The GASB has issued an exposure draft of an omnibus statement to address various accounting and financial reporting issues that have been identified during the implementation and application of several GASB pronouncements.

FASB Proposes Narrow-Scope Improvements To Credit Losses Standard

The FASB recently issued proposed improvements, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The proposed improvements are intended to clarify the appropriate application of the recently issued ASU 2016-13 regarding credit losses.

GASB Issues Implementation Guide On Fiduciary Activities

The GASB previously issued GASB No. 84 Fiduciary Activities regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported.

GASB Proposes Guidance On Deferred Compensation Plans

The GASB has issued an Exposure Draft, Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.

GASB Proposes Statement On Public-Private And Public-Public Partnerships

The GASB has issued an Exposure Draft on Public-Private and Public-Public Partnerships and Availability Payment Arrangements.

Focus on Assurance: FASB Votes To Propose Delay In Effective Dates Of Four ASUs For Certain Entities

The FASB has voted to propose a deferral of the effective dates for several of its recent standards that would provide at least an additional year to companies that have not yet adopted the standards.

FASB Issues Narrow-Scope Improvements To Financial Instruments Standard

The FASB has issued ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments. The ASU was issued to make clarifications and minor corrections to several recently issued financial instruments standards.

FASB Issues Proposal To Simplify Accounting For Income Taxes

The FASB has issued an Exposure Draft which attempts to simplify certain aspects of accounting for income taxes. The proposal would remove certain exceptions to existing guidance and would also add provisions that would seek to clarify or simplify current guidance.

FASB Proposes Revised Improvements to Income Tax Disclosure Requirements

The FASB has issued a revised exposure draft, Income Taxes (Topic 740): Disclosure Framework – Changes to the Disclosure Requirements for Income Taxes. The proposed amendments are part of the disclosure framework project, which has an objective to improve effectiveness of disclosures by facilitating clear communication of information that is most important to users. The proposal would remove disclosures that are no longer considered cost beneficial or relevant and add disclosure requirements identified as relevant.

FASB Updates the Definition of Collections

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). 

FASB Proposes Guidance On Measurement Of Share-Based Payments Issued To Customers

The FASB has issued an Exposure Draft for public comment that is intended to address potential diversity in practice related to the measurement of share-based payments awarded to customers in conjunction with the sale of goods and services. 

FASB Issues Proposal And Invitation To Comment On Recognizing And Measuring Deferred Revenue In Busi

The FASB has issued an Exposure Draft that is intended to address diversity in practice related to whether and how to record deferred revenue in a business combination. Current GAAP requires that a deferred liability be recorded in a business combination when the acquirer assumes a legal obligation.

FASB Proposes Targeted Transition Relief To Institutions Applying The Credit Losses Standard

The FASB recently issued an Exposure Draft titled Targeted Transition Relief for Topic 326, Financial Instruments—Credit Losses.

FASB Proposes Alternative To Accounting For Goodwill And Certain Identifiable Intangible Assets For

FASB recently issued an Exposure Draft related to potential changes to the treatment of goodwill and certain other intangible assets for not-for-profit entities that would allow not-for-profit entities the same accounting alternatives made available to private for-profit companies.

FASB Proposes Codification Improvements To Lessor Implementation Of New Leases Standard

The FASB has issued a proposal that would address challenges to implementing the FASB’s new lease standard.

GASB Issues Proposal For Implementation Guide On Fiduciary Activities

The GASB issued GASB No. 84 Fiduciary Activities in January 2017 to improve the guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. As is customary for new standards, GASB provides implementation guidance via the standard and implementation guides.

FASB Issues Narrow-Scope Improvements To Credit Losses Standard

The FASB recently issued ASU No. 2018-19: Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The ASU intends to clarify the scope of the amendments in ASU No. 2016-13 and to align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements.