FASB

The proposed update would give insurers an extra year to implement the new rules.

Michael Morrow will be the new chair of the Financial Accounting Standards Advisory Council, and new members are joining the Private Company Council.

His analysis underscored how sweeping accounting changes coming in the next few years are raising questions for the life insurance industry.

The American Institute of CPAs’ Financial Reporting Executive Committee is offering some advice on issues related to the new credit losses standard.

The board wants to give private companies, nonprofits, and certain small public companies extra time to implement new standards on CECL, leases and hedging.

Both public and private companies are underestimating the challenges of transitioning to the new lease accounting standard, according to a new survey.

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16.

Private companies, nonprofits and some smaller public companies will get some extra time to get ready for major accounting standards, under a recent proposal.

The proposed update aims to improve the guidance for both convertible instruments and the derivatives scope exception for contracts in a company’s own equity.

The Financial Accounting Standards Board is aiming to clarify the interaction between two of its earlier standards.

The Financial Accounting Standards Board voted Wednesday to propose to delay some of its major accounting standards — including credit losses, leases, hedging and long-duration insurance contracts — for private companies, nonprofits and small reporting companies.

Much of the focus has been on banks and credit unions, but others may be hit by the new standard, too.

The Financial Accounting Standards Board has issued an invitation to comment document asking for input from its constituents on the accounting for certain identifiable intangible assets acquired in a business combination and the subsequent accounting for goodwill.

The new rules adjust accounting to an age when viewers are streaming video online and binge watching their favorite series.

The Financial Accounting Standards proposed some minor adjustments Thursday to the credit losses standard, also known as CECL because of its use of a Current Expected Credit Losses model.

The board is looking for public companies to take part in a study focusing on potential improvements to the segment disclosure requirements.

The standard-setter plans to offer accounting relief to companies that need to modify their contracts as banks move the global reference rates for loans and more.

The Financial Accounting Standards Board is considering giving privately held companies and not-for-profit organizations an extra two years to implement standards.

Sandy Peters, head of financial reporting policy advocacy at the CFA Institute, talks about some of the most important points for investors and accountants to consider under the new standard on leases.

Deputy chief accountant Sagar Teotia will serve as an interim successor.