FASB

Nothing stands in the standard-setters way except itself.

A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.

Extensible Business Reporting Language is starting to become more widely used, thanks to the SEC’s rules requiring the use of XBRL in financial filings in recent years and a new rule requiring XBRL for foreign issuers.

The Financial Accounting Standards Board has released an accounting standard update aimed at simplifying the accounting for financial instruments that have so-called “down round” features.

The Private Company Council discussed the implementation costs of cloud computing during a meeting Tuesday and is asking its associated organization, the Financial Accounting Standards Board, to provide guidance on how to account for those costs.

Organizations are finally starting to prepare for the new lease accounting standard that will be taking effect in 2019, but as they do they’re running into some unexpected complexities.

The American Institute of CPAs’ Financial Reporting Executive Committee has released several more working drafts of industry-specific guidance related to various implementation issues involving the revenue recognition standard and is asking for feedback on them.

The Financial Accounting Standards Board has proposed an accounting standards update to reduce the cost and complexity of financial reporting related to the consolidation of variable interest entities, based on recommendations from FASB’s sister organization, the Private Company Council.

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Many businesses are slow-walking to implementing the revenue recognition standard, even as the effective date approaches next year.

The Financial Accounting Standards Board voted Wednesday to proceed to a final standard on hedge accounting, part of the financial instruments project that FASB had been working on for years with the International Accounting Standards Board before the two boards went their separate ways.

As companies get ready for the new lease accounting standard, they’re coming across a variety of complications and questions before the standard takes effect in the next few years.

Companies should begin to plan now how to incorporate the new standards and update procedures for the Financial Accounting Standards Board’s accounting updates on two significant topics: revenue recognition and lease accounting.

The long-awaited IFRS 17 will provide more consistent treatment for all types of insurance in different countries.

The Financial Accounting Standards Board has issued an accounting standards update for determining the customer of service concession arrangements.

The Financial Accounting Standards Board is asking for comments on how effective its U.S. GAAP Financial Reporting Taxonomy really is.

The Sustainability Accounting Standards Board has overhauled its board structure, adding a nine-member SASB Standards Board, overseen by the SASB Foundation board of directors.

The Financial Accounting Standards Board has released an accounting standards update containing guidance on which changes to the terms or conditions of a share-based payment award require companies to apply modification accounting.

The Public Company Accounting Oversight Board is seeing signs of progress on audit quality in its inspections.

Now that the political battles of the 1990s are past, FASB should be able to correct these deficient practices.