FASB Announces Top Priorities for 2017
After issuing several key Accounting Standards Updates and announcing new board members last year, the Financial Accounting Standards Board (“FASB”) is preparing for a busy 2017. In a five-minute video, FASB Technical Director Sue Cosper outlines the FASB’s top priorities for this year. The FASB’s top priorities for 2017 include: Finalizing the hedging and long-duration insurance standards; Supporting the implementation of its revenue recognition, leases, and credit losses standards; Potential improvements to nonprofit financial reporting, particularly distinguishing between exchanges and contributions; and Redeliberating feedback on the Invitation to Comment and continuing to focus on its Conceptual Framework. Click here to watch the video.
Topics: Accounting Standards Update "ASU", Conceptual Framework Project, FASB Nonprofit Standard, Financial Accounting Standards Board "FASB", Hedging, Invitation to Comment, leases, Leases (Topic 842), Long-Duration Insurance, Revenue from Contracts with Customers (Topic 606), Revenue Recognition
Summary of FASB’s November 30 Meeting
In addition to approving a simplified goodwill impairment test , the Financial Accounting Standards Board (“FASB”) discussed the following topics at its November 30 meeting: Nonemployee share-based payment accounting. The FASB reached decisions based on feedback from external reviewers, and instructed staff members to develop a proposed Accounting Standards Update (“ASU”) with a 90-day comment period. Conceptual framework—measurement. The FASB reached decisions on guidance for the initial carrying amount of an asset, and instructed staff members to create an updated project plan regarding the elements of financial statements alongside the presentation and measurement concepts. Issue No. 16-B, “Employee Benefit Plan Master Trust Reporting.” The FASB ratified. Read More.
Exposure Draft Issued for Presenting Items in Financial Statements
Moving forward on its conceptual framework project, the Financial Accounting Standards Board (“FASB”) has issued the Exposure Draft, Conceptual Framework for Financial Reporting: Chapter 7: Presentation. The proposal is intended to help financial statement users better evaluate future cash flows by addressing how to group individual items, and clarify the relationships between assets, liabilities, and equity and the impact of related changes of such assets and liabilities on income and cash flows. Comments on the Exposure Draft are due Wednesday, November 9. More details can be found in the FASB press release.
FASB to Meet This Morning
Per its Notice of Meetings , the Financial Accounting Standards Board (“FASB”) is expected to discuss the following projects today: The proposed Accounting Standards Update, Business Combinations (Topic 805): Clarifying the Definition of a Business. Interest income associated with the purchase of callable debt securities. The proposed Statement of Financial Concepts, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. If necessary, the FASB will conclude with an open discussion on technical projects or other administrative issues. Wednesday’s meeting will begin at 9 a.m., ET. More on the meeting can be found via FASB.org.
FASB Discusses Conceptual Framework Project
At the June 1 board meeting, the Financial Accounting Standards Board (“FASB”) continued deliberations regarding the proposed chapter on presentation with respect to its Conceptual Framework project. The FASB reached tentative decisions about which information will be required for disclosure, the grouping of recognized items into line items, incorporating FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, and whether or not to emphasize the Conceptual Framework as a non-authoritative tool for standard-setting activities. Read more on the tentative board decisions from the FASB’s June 1 meeting at FASB.org.