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Financial Accounting Standards Board (FASB) News

FASB Issues New Standard For Variable Interest Entities

by Mike Godfrey,, Washington

Friday, November 2, 2018

The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights. Read Full Story


IRS Prepares For 'Revenue From Contracts With Customers' Standard

by Mike Godfrey,, Washington

Wednesday, March 29, 2017

The Internal Revenue Service has published a proposed revenue procedure in Notice 2017-17 for taxpayers seeking to change a method of accounting for recognizing income after the adoption of the new financial accounting standards for recognizing revenue (IFRS 15). Read Full Story


AICPA Issues Guide On New US Revenue Recognition Rules

by Glen Shapiro,, New York

Friday, January 6, 2017

The American Institute of Certified Public Accountants has issued the first online edition of its Audit & Accounting Guide on Revenue Recognition in response to the new standards from the Financial Accounting Standards Board. Read Full Story


FASB Joins IASB In Lease Accounting Reform

by Mike Godfrey,, Washington

Tuesday, March 1, 2016

The Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has issued an Accounting Standards Update to require all lessees to report their current lease commitments on their balance sheets. Read Full Story


FASB Simplifies Accounting For Cloud Computing Fees

by Leroy Baker,, New York

Friday, August 22, 2014

As part of its simplification initiative in United States financial accounting and reporting, the Financial Accounting Standards Board has issued a proposed Accounting Standards Update intended to improve the accounting for a customer's fees paid in a cloud computing arrangement. Read Full Story


Full US Adoption of IASB Becoming Less Likely: Fitch

by Leroy Baker,, New York

Wednesday, July 16, 2014

Full adoption by the United States of International Financial Reporting Standards appears unlikely to occur in the intermediate term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch Ratings report. Read Full Story


FAF Updates US Accounting Standards Compendium

by Glen Shapiro,, New York

Thursday, February 23, 2012

The Financial Accounting Foundation has announced the publication of the updated print edition of the Financial Accounting Standard Board's Accounting Standards Codification, the single reference source for US Generally-Accepted Accounting Principles. Read Full Story


Banks Need Bespoke Accounting Rules, BoE Says

by Jason Gorringe,, London

Wednesday, January 25, 2012

Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, has called for a rethink of reporting requirements for the banking industry, due to inconsistencies in how banking assets are quantified when the market value is unknown. Read Full Story


GAAP Accounting Change Positive For Banking Investors

by Glen Shapiro,, New York

Thursday, January 5, 2012

Fitch credit ratings agency has said a new accounting rule change, requiring banks to book losses on loans sooner, will have a gradual positive affect on US bank income statements with the effect of insulating investors from risk. Read Full Story


FASB Defers Income Reclassification Reporting Requirements

by Mike Godfrey,, Washington

Wednesday, December 28, 2011

The United States accounting standards setter, the Financial Accounting Standards Board has announced an update that will defer the specific requirements on the separate presentation of items which have been reclassified from accumulated other comprehensive income to net income. A previous update proposed to make mandatory the separate reporting of the respective components of net income and comprehensive income in relation to these items. Read Full Story



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