FASB Related Content

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

Is the Service Contract the new Operating Lease?

With ASC 842 requiring all leases to be placed on balance sheet, will more lessees seek to structure equipment financing arrangements as service contracts, and is that really possible?... read more

EY FASB Update: Additional Transition Option Added

According to EY Accounting Link, the FASB amended the new standard to provide another option for transition and oil and gas entities must be cautious when applying the definition of a lease. read more

Deloitte: Lease Accounting Preparedness Keeps Executives Awake at Night

Deloitte’s latest poll revealed having the right IT systems in place remains a key challenge for public companies as the effective January 1, 2019 lease accounting standards implementation date approaches quickly. read more

New Survey Finds Most Firms Haven’t Started Lease Accounting Transition

A survey from Robert Half and Protiviti found only 44% of companies have begun the transition to adopt the Financial Accounting Standards Board's new lease accounting standard. read more

Monk Steps Down From Financial Accounting Standards Board

Harold Monk, a member of the FASB board, has informed the trustees of the FAF that he intends to resign from the FASB, citing person reasons, effective May 31, 2018. read more

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