FASB

The Financial Accounting Standards Board has appointed Hillary H. Salo, a partner at KPMG, as its new technical director and chair of the Emerging Issues Task Force.

The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition and leases standards.

Members of the American Accounting Association's Financial Reporting Policy Committee denounce provisions in the CARES Act they see as threatening FASB’s independence and setting a dangerous precedent with serious potential to undermine confidence in corporate financial reporting.

The Financial Accounting Foundation’s board of trustees is changing the process for assessing the effectiveness of standards.

The proposal would delay the effective date for one year for some private companies and nonprofits in applying the leases standard and for franchisor businesses in applying the revenue recognition standard.

The Financial Accounting Standards Board staff released a question-and-answer document to respond to questions about the lease accounting guidance for lease concessions in the wake of the novel coronavirus pandemic.

The Financial Accounting Standards Board plans to propose that private companies and nonprofits get an extra year to implement the lease accounting standard while also giving private franchisor companies an extra year for revenue recognition.

The Financial Accounting Standards Board will be meeting next week to discuss the impact of the novel coronavirus pandemic on its stakeholders, including pushing back the effective dates of some of its upcoming accounting standards.

The $2.2 trillion package passed by the Senate includes a provision that would allow banks the temporary option to postpone compliance with the credit losses standard.

BPM provides coronavirus online resource center; BKD debuts virtual chief information officer advisor services; and more CPA news.

The American Institute of CPAs’s Financial Reporting Committee released working drafts of two pieces of implementation guidance for the Financial Accounting Standards Board’s long-duration insurance contracts standard.

The Financial Accounting Standards Board issued the Current Expected Credit Loss (CECL) accounting standard in 2016. Since then, many questions have been raised about what it requires, particularly by financial services companies.

The board's ASU offers temporary optional guidance to help with the accounting for reference rate reform.

The Financial Accounting Standards Board made some narrow improvements to different aspects of the financial instruments guidance, including the current expected credit losses standard.

The Financial Accounting Foundation, the group that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has named acting president John W. Auchincloss as the FAF’s executive director.

The new standard caused lease liabilities for the average company to skyrocket 1,475 percent, from $4.4 million to $68.9 million post transition.

The new hedge accounting standard is encouraging more companies to re-evaluate their risk management, according to a new report from Deloitte.

The Financial Accounting Standards Board proposed an accounting standards update Monday to enhance the transparency of how not-for-profit organizations present and disclose contributed non-financial assets.

CECL’s impact on a financial institution is all about the portfolio makeup.

With FASB reviewing the standards for goodwill, PJ Patel, co-CEO and senior managing director at Valuation Research Corp., dives into the evolving complexities in the field.