FASB

The board issued an ASU Tuesday to tweak its credit losses standard to deal with some of the issues raised by stakeholders.

The changes mainly reflect application of the new lease accounting standard for casinos with wide area progressive slot machines.

The core issue is its potential for exploitation and fraud, according to Prof. J. Edward Ketz.

The Financial Accounting Standards Board approved an accounting standards update to help companies make the transition from the London Interbank Offered Rate to newer reference rates.

The Financial Accounting Standards Board released a proposed accounting standards update Tuesday aimed at clarifying some areas of its 2017 hedging standard for derivatives.

The accounting impact is estimated to affect more than 5,000 commercial banks and other financial entities that provide credit in the U.S., as well as non-financial institutions.

The Financial Accounting Standards Board issued an accounting standards update Monday to simplify and increase the comparability of accounting for nonemployee share-based payments, specifically those made to customers.

Public companies reached the deadline for compliance with the new lease accounting rules in January, but their journey is far from over.

The group who oversee the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have begun a search for a new leader.

The board aims to help community banks and credit unions with the new standard.

Environmental, social and governance reporting is filled with competing sets of rules, according to accounting standard-setters and experts.

The board approved proposals to delay the effective dates of its leases, credit losses, hedging and long-duration insurance contract standards.

The American Institute of CPAs’ Financial Reporting Committee has sent a letter to the Financial Accounting Standards Board questioning the costs and benefits of FASB’s current goodwill impairment model.

13 Democratic senators want more country-by-country information from companies.

Input on the initial invitation to comment is due by October 7.

As FASB considers additional interventions in the way public companies account for goodwill, they would do well to remember one of Hippocrates’ maxims for physicians.

The clock is ticking on the countdown to the implementation of the new accounting rules for private companies.

To ensure entities have reliable and proper historical data accumulated when they implement CECL, they should start start cleaning up their data.

Only 26.3 percent of public company execs say their implementation of the lease accounting standard is complete, according to a new survey by Deloitte.

Small banks are likely to benefit from the proposed delay, allowing them to learn the lessons from larger banks that have already begun using the new rules.