FASAC MEETING RECAP

FASAC MEETING RECAP

FASAC members observed that the enactment of the Tax Cuts and Jobs Act on December 22, 2017, resulted in many challenges in companies’ financial reporting, particularly (1) in areas where further clarifications to the tax law were needed and (2) in deploying the internal and external resources to account for, and provide disclosure about, their current and deferred income taxes. 

NOT-FOR-PROFIT ADVISORY COMMITTEE

NOT-FOR-PROFIT ADVISORY COMMITTEE

Revenue Recognition of Grants and Contracts by Not-for-Profits (NFPs)—FASB staff provided a brief overview of the main provisions in the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and discussed feedback received from comment letter respondents. 

SEC ACCEPTS 2018 GAAP FINANCIAL REPORTING TAXONOMY

SEC ACCEPTS 2018 GAAP FINANCIAL REPORTING TAXONOMY

Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting Taxonomy (SRT), which is new this year.

FASB PROPOSES IMPROVEMENTS TO ACCOUNTING FOR COSTS OF IMPLEMENTATION ACTIVITIES PERFORMED IN CERTAIN CLOUD COMPUTING ARRANGEMENTS

      FASB PROPOSES IMPROVEMENTS TO ACCOUNTING FOR COSTS OF IMPLEMENTATION ACTIVITIES PERFORMED IN CERTAIN CLOUD COMPUTING ARRANGEMENTS

The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract.

FASB PROPOSES UPDATE TO LIST OF PERMISSIBLE U.S. BENCHMARK INTEREST RATES FOR HEDGE ACCOUNTING

FASB PROPOSES UPDATE TO LIST OF PERMISSIBLE U.S. BENCHMARK INTEREST RATES FOR HEDGE ACCOUNTING

The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Stakeholders are encouraged to review and provide comment on the proposal by March 30, 2018.

FASB IMPROVES INCOME TAX ACCOUNTING RELATED TO THE TAX CUTS AND JOBS ACT

FASB IMPROVES INCOME TAX ACCOUNTING RELATED TO THE TAX CUTS AND JOBS ACT

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.

The Financial Accounting Standards Advisory Council (FASAC) held its regular quarterly meeting

The Financial Accounting Standards Advisory Council (FASAC) held its regular quarterly meeting

The FASB Chairman provided highlights on FASB activities that were not otherwise on the agenda for the Council meeting. SEC and PCAOB staff members also commented on current issues and activities. FASAC members asked about potential FASB and SEC responses to recent legislation involving a potential bill on tax reform.

FASB Proposes Improvements to Lease Standard Implementation

FASB Proposes Improvements to Lease Standard Implementation

Norwalk, CT, January 5, 2018—The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce costs and ease implementation of the Leases standard for financial statement preparers.  Stakeholders are encouraged to review and provide comment on the proposed improvements by February 5, 2018.

FASB Issues Four Staff Q&A Documents on Implementation Issues Related to the Tax Cuts and Jobs Act

FASB Issues Four Staff Q&A Documents on Implementation Issues Related to the Tax Cuts and Jobs Act

Norwalk, CT, January 22, 2018—The Financial Accounting Standards Board (FASB) staff today issued four Staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act.

FASB Simplifies Adoption of New Leases Standard For Some Land Easements

FASB Simplifies Adoption of New Leases Standard For Some Land Easements

Norwalk, CT, January 25, 2018—The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the application of the new leases guidance to land easements and eases adoption efforts for some land easements. 

Emerging Issues Task Force

Emerging Issues Task Force

The Emerging Issues Task Force (EITF) met on January 18, 2018 to discuss a customer’s accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) incurred in a cloud computing arrangement that is a service contract.