FASB delays private companies, not-for-profit organizations, and certain smaller reporting companies effective date to January 2021.
FASB UPDATE - Possible Effective-Date Extension for Privately-Held Companies
An important decision around lease accounting for privately-held companies recently took place. FASB voted unanimously on July 17, 2019 to propose delaying the effective date of ASC-842 for privately-held companies, nonprofits, and small reporting companies.
What it Means - The delay allows for an additional year – until January 2021 - for privately-held companies to integrate the rules into their accounting practice. The lease accounting standards for public companies went into effect in January 2019.
What You Need To Know About Changing Lease Accounting Standards
ERIC C. WEST APPOINTED TO THE FASB’S EMERGING ISSUES TASK FORCE
Norwalk, CT, June 6, 2018—Financial Accounting Standards Board (FASB) Chairman Russell G. Golden today announced the appointment of Eric C. West, director of accounting policy for Amazon.com, Inc., to the Emerging Issues Task Force (EITF).
FASB NAMES NEW MEMBERS TO ITS SMALL BUSINESS ADVISORY COMMITTEE
FASAC MEETING RECAP
FASAC members observed that the enactment of the Tax Cuts and Jobs Act on December 22, 2017, resulted in many challenges in companies’ financial reporting, particularly (1) in areas where further clarifications to the tax law were needed and (2) in deploying the internal and external resources to account for, and provide disclosure about, their current and deferred income taxes.
NOT-FOR-PROFIT ADVISORY COMMITTEE
Revenue Recognition of Grants and Contracts by Not-for-Profits (NFPs)—FASB staff provided a brief overview of the main provisions in the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and discussed feedback received from comment letter respondents.
SEC ACCEPTS 2018 GAAP FINANCIAL REPORTING TAXONOMY
Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting Taxonomy (SRT), which is new this year.
FASB PROPOSES IMPROVEMENTS TO ACCOUNTING FOR COSTS OF IMPLEMENTATION ACTIVITIES PERFORMED IN CERTAIN CLOUD COMPUTING ARRANGEMENTS
FASB PROPOSES UPDATE TO LIST OF PERMISSIBLE U.S. BENCHMARK INTEREST RATES FOR HEDGE ACCOUNTING
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018.
FASB IMPROVES INCOME TAX ACCOUNTING RELATED TO THE TAX CUTS AND JOBS ACT
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.
The Financial Accounting Standards Advisory Council (FASAC) held its regular quarterly meeting
The FASB Chairman provided highlights on FASB activities that were not otherwise on the agenda for the Council meeting. SEC and PCAOB staff members also commented on current issues and activities. FASAC members asked about potential FASB and SEC responses to recent legislation involving a potential bill on tax reform.
FASB Proposes Improvements to Lease Standard Implementation
Norwalk, CT, January 5, 2018—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce costs and ease implementation of the Leases standard for financial statement preparers. Stakeholders are encouraged to review and provide comment on the proposed improvements by February 5, 2018.
FASB Issues Four Staff Q&A Documents on Implementation Issues Related to the Tax Cuts and Jobs Act
Norwalk, CT, January 22, 2018—The Financial Accounting Standards Board (FASB) staff today issued four Staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act.
FASB Simplifies Adoption of New Leases Standard For Some Land Easements
Emerging Issues Task Force
The Emerging Issues Task Force (EITF) met on January 18, 2018 to discuss a customer’s accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) incurred in a cloud computing arrangement that is a service contract.
