Thursday, June 09. 2022
FASB Releases Proposed Taxonomy Implementation Guide on Disclosures about Offsetting Assets and Liabilities
On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities.
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Friday, May 20. 2022
FASB Announces Meeting of Investor Advisory Committee
The Financial Accounting Standards Board’s (FASB) Investor Advisory Committee (IAC) will convene a meeting on Tuesday, May 24th to address matters of interest to financial statement users including income tax disclosures, digital assets, segment reporting, disaggregation of income statement expenses, and ESG-linked financial instruments.
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Monday, May 09. 2022
FASB to Hold Small Business Advisory Committee Meeting
The Financial Accounting Standards Board (FASB) has announced that it will convene a meeting of its Small Business Advisory Committee (SBAC). The meeting will take place on Thursday, May 12, 2022, from 1:00 p.m. – 3:00 p.m. ET.
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Monday, May 02. 2022
FASB Announces Proposed Updates to Reference Rate Reform Guidance
On April 20, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that includes two issues concerning reference rate reform. The first concerns the transition from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) toward new reference rates that are more dependable and stable. LIBOR is presently the most widely used reference rate in the global financial markets. The second expands the use of Secured Overnight Financing Rate (SOFR)-based interest rates available as benchmark interest rates.
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Tuesday, April 26. 2022
FASB Releases Proposed Taxonomy Implementation Guides for Accounting Changes, Reorganizations, and Reinsurance-Related Disclosures, Seeks Comment
The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB.
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Friday, April 15. 2022
FASB Broadens Disclosure Requirements and Enhances Accounting Concerning the Credit Losses Standard
On March 31st, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) in which a new standard addresses troubled debt restructuring (TDR) and vintage disclosures. The update is designed to provide investors with sufficiently detailed disclosures so they may gather useful information about certain loan refinancings, restructurings, and write-offs. The new ASU undertakes remarks submitted by investors and other stakeholders during the post-implementation review of the credit losses standard. The revisions both create a single model for loan modification accounting by creditors and provide enhanced write-off disclosures and loan modification.
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Friday, April 08. 2022
FASB Enhances and Broadens Hedge Accounting
The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to promote synergy between hedge accounting and an organization’s risk management procedures. The latest ASU builds on the FASB’s 2017 issuance of a hedging standard which improved alignment between the two entities. The earlier standard also increased transparency concerning how results of hedging activities are presented – on the face of the financial statements and in the footnotes – for investors and analysts when hedge accounting is applied.
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Wednesday, March 23. 2022
FASB to Host Webinar: 2022 GAAP and SEC Reporting Taxonomy Improvements and SEC Update
The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06}
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Posted by LeAnn Dey
in Accounting, Events, FASB News, Filing Technology, US GAAP Taxonomy, XBRL
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Wednesday, January 26. 2022
FASB Publishes Proposed Revisions to Future Taxonomy Related to Proposed ASU on Liabilities - Supplier Finance Programs
In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates.
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Tuesday, January 11. 2022
GASB Adds Pre-Agenda Research Activity and Major Project to Technical Plan
In December 2021, the Governmental Accounting Standards Board (GASB) voted to approve pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022. The GASB also approved the addition of a major project focusing on “going concern” uncertainties and severe financial stress. An entity is a “going concern” if it is able to continue operating long enough to carry out its commitments, obligations, and objectives. The GASB is investigating how “going concern” states are influenced by severe financial distress.
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Friday, January 07. 2022
FERC Solicits Comment on Recovery, Reporting of Industry Dues, Expenses
The FERC issued a Notice of Inquiry (NOI) on December 16th to assess the rate recovery, reporting and accounting treatment of industry association dues and certain civic, political, and related expenses. The NOI also evaluates the ratemaking impact of potential accounting and reporting developments and whether increased disclosure or guidance is needed concerning defining donations for charitable, social, or community welfare purposes. The notice also considers whether modifications are necessary to guarantee those expenses are appropriately accounted for and recovered in rates. {expires: 2022-02-23}
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Tuesday, January 04. 2022
FASB Appends Its Standard-Setting Conceptual Framework
On December 22nd, the Financial Accounting Standards Board (FASB) appended its Conceptual Framework with two new chapters. The Conceptual Framework is comprised of complementary objectives and fundamentals that provide the FASB with a foundation for setting standards and concepts for it to use as tools for resolving accounting and reporting questions.
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Tuesday, December 28. 2021
SEC Announces Approval of PCAOB Budget and Accounting Support Fee for 2022
On December 15th, the SEC voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the associated annual accounting support fee. The PCAOB monitors the audits and auditors of the financial statements that are submitted by registered broker-dealers and issuers. Section 109 of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish, with SEC approval, a reasonable accounting support fee to fund its operations.
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Friday, December 17. 2021
FASB Proposes Updates for Future Taxonomy Related to Proposed ASU on Troubled Debt Restructurings and Vintage Disclosures
On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels.
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Monday, December 13. 2021
SEC Staff Issues Accounting Guidance on “Spring-Loaded” Compensation Awards to Executives
On November 29th, the SEC’s Office of the Chief Accountant and the Division of Corporation Finance published Staff Accounting Bulletin (SAB) No. 120, an interpretive guidance for public companies which details how to properly identify and disclose compensation costs for “spring-loaded awards” made to executives. Spring-loaded awards are share-based compensation arrangements in which a company grants stock options or other awards shortly before it announces market-moving information, for example, the disclosure of a substantial transaction or an earnings release that surpasses expected results.
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