FASB Proposes Narrow-Scope Improvements To Financial Instruments Standards

The FASB recently issued an Exposure Draft that is intended to address certain questions that have arisen regarding the implementation of a number of newly issued ASUs related to recognition and measurement of financial instruments, credit losses and targeted improvements to hedge accounting.

FASB Revises New Leases Standard For Lessors

The FASB has issued ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. The ASU is intended to resolve various implementation questions and issues raised by lessors relative to ASU No. 2016-02, Leases (Topic 842), a pronouncement which significantly modifies the required accounting treatment for leases and which becomes effective on January 1, 2019 for public business entities, and on January 1, 2020 for all other entities.

GASB Proposes Additional Implementation Guidance

The GASB has issued an Exposure Draft entitled GASB Implementation Guide No. 201X-Y, Implementation Guidance Update – 201X. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions. The implementation guidance takes the form of questions and answers on a variety of governmental accounting topics.

FASB Issues Guidance For Disclosures About Government Assistance

The FASB has issued ASU 2021-10, Government Assistance (Topic 832):  Disclosures by Business Entities about Government Assistance. Current GAAP has no authoritative guidance on the accounting for government grants, like Paycheck Protection Program loans and Employee Retention Credits, received by business entities.

FASB Proposes Improvements To Disclosure And Accounting For Credit Losses Standard

FASB Proposes Improvements To Reportable Segment Disclosures For Public Entities

The FASB has issued an Exposure Draft for public comment that is intended to improve disclosures about a public entity’s reportable segments and provide more detailed information about a reportable segment’s expenses.

FASB Proposes To Extend Reference Rate Reform Relief

In 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was intended to ease the potential burden in accounting for reference rate reform on financial reporting during the temporary transition period.

FASB Publishes Invitation To Comment On Government Grant Accounting

The FASB has published an invitation to comment (ITC) related to the potential incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, into GAAP with comments to be accepted until September 12, 2022 in order to get feedback on recognition, measurement, and presentation requirements of IAS 20.

FASB Seeks Comments On Proposed Improvements To Accounting For Purchased Financial Assets

The FASB has issued an Exposure Draft intended to simplify and improve the application of Topic 326, Financial Instruments – Credit Losses to purchased financial assets. As currently written, the existing guidance requires entities to differentiate purchased financial assets between those with a “more-than-insignificant” deterioration in credit quality (PCD assets) and those without a “more-than-insignificant” deterioration (non-PCD assets) as of the acquisition date.

GASB Changes Name Of Report To “Annual Comprehensive Financial Report"

The GASB has issued Statement No. 98, The Annual Comprehensive Financial Report.  Many governments issue an annual financial reporting package which contains the basic financial statements, footnotes, required supplementary information, other supplementary information, and an introductory section and statistical section