FASB

The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.

The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their second terms.

The meeting was the last in chairman Russell Golden’s term.

The pandemic and the new accounting standard are leading to lower regulatory capital ratios at global investment banks, according to a new report.

The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.

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.