FASB Related Content

Deloitte: Lease Accounting Implementation Still Incomplete at Most Companies

Just 26.3% of public company executives report that their implementation of the FASB and IASB lease accounting standards is complete, according to a June 2019 Deloitte poll. read more

FASB Proposes Guidance Update on Transition From LIBOR

The FASB issued a proposed accounting standards update that would provide temporary optional guidance in accounting for, or recognizing the effects of, reference rate reform on financial reporting. read more

Financial Accounting Foundation Names Morrow New FASAC Chair

The Board of Trustees of the Financial Accounting Foundation appointed Michael M. Morrow the new chair of the Financial Accounting Standards Advisory Council, effective January 1, 2020. read more

FASB Seeks Public Comment on CECL Implementation Delay

The FASB is seeking public comments on a proposal that would grant certain private companies and organizations more time to implement FASB standards on current expected credit losses, leases and hedging. read more

FASB Votes to Extend CECL Implementation for Some Lenders

The Wall Street Journal reported that the FASB has proposed to extend by three years the implementation deadline of CECL for small public lenders, private lenders and nonprofits. read more

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

The Financial Accounting Standards Board issued an Accounting Standards Update (ASU) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value. read more

Professional Orgs to FASB: We’re Not Ready for New Lease Accounting Rules

The Wall Street Journal reported that the American Institute of Certified Public Accountants and the Associated General Contractors of America asked FASB to delay the new lease accounting rules for private companies by one year. read more

FASB Clarifies Implementation, Disclosure Requirements in Leases Standard

The FASB issued an Accounting Standards Update that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard. read more

FASB Proposes New ASU on Deferred Revenue

The Financial Accounting Standards Board proposed an Accounting Standards Update (ASU) and Invitation to Comment (ITC) on the recognition and measurement of deferred revenue in business combinations. read more

FASB Issues Staff Q&A Document on Estimating Credit Loss Reserves

FASB staff issued a question-and-answer document that addresses particular issues related to the weighted average remaining maturity (WARM) method for estimating the allowance for credit losses. read more

2019 GAAP Financial Reporting Taxonomy & SEC Reporting Taxonomy Available

The Financial Accounting Standards Board announced the availability of the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. read more

FASB Issues Narrow-Scope Improvements to Credit Losses Standard

The Financial Accounting Standards Board issued an Accounting Standards Update that amends the transition requirements and scope of the credit losses standard issued in 2016. read more

JetBlue Selects Accruent Software to Manage Lease Processes

JetBlue Airways has selected Accruent’s lease administration and accounting software to manage its lease processes and ensure FASB/IASB compliance. read more

Software Concepts for Reporting Lease Accounting Standards Codification 842

This article discusses reporting concepts and solutions for systems specifically designed to meet the reporting requirements of both the lessor and lessee under ASC 842. While placing considerable focus on lessee reporting, new software has the opportunity to create simplified and powerful reporting and structuring capabilities for the lessor.... read more

FASB Proposes Narrow-Scope Improvements to Accounting for Lessors

The FASB issued a proposal that would reduce costs and ease implementation of the leases standard for financial statement preparers. The proposal would also clarify a specific requirement in the standard related to lessor accounting. read more

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