FASB Approves Technical Corrections to U.S. GAAP
A handful of routine corrections and clarifications to U.S. GAAP will soon be published as final amendments. Approved October 19 by the Financial Accounting Standards Board (“FASB”), two of changes were introduced in April as part of Proposed Accounting Standards Update (ASU) No. 2016-220, Technical Corrections and Improvements: Subtopic 820-10, Fair Value Measurement — Overall. The updated guidance clarifies the difference between a valuation approach and a valuation technique. An organization now must disclose when it changes to a valuation approach or valuation technique, and explain why the change occurred. ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting. Read More.
FASB to Meet Twice This Week
According to its Notice of Open Meetings , the Financial Accounting Standards Board (“FASB”) is scheduled to hold the following meetings next week: Wednesday, June 1st: The FASB will meet to review the Proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, the proposed Concept Statement for presentation, and its project to improve the financial statements of nonprofits. If time permits, the meeting will conclude with an open discussion on minor issues concerning technical projects or administrative affairs. The meeting is scheduled to begin at 9:30 a.m. EST. Friday, June 3rd: The FASB Academic. Read More.
Fair Value Measurement Proposal Released
The Financial Accounting Standards Board (“FASB”) has unanimously approved the release of a proposal related to its disclosure framework project. Proposed Accounting Standards Update No. 2015-350, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement, seeks to improve the footnote disclosure rules under Topic 820, Fair Value Measurement. The proposal calls for the elimination of requirements in Topic 820 considered redundant and no longer useful, as well as updates to other rules. As mentioned in our December 7th blog , the FASB also proposes the addition of three new disclosure requirements for public businesses: The changes. Read More.
FASB Announces Topics for September 3rd Board Meeting
Prepping for its board meeting Wednesday, the Financial Accounting Standards Board (“FASB”) has announced the three topics it will cover: Financial instruments—impairment. FASB will continue to discuss Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15). The discussion will focus on write-off guidance and clarifying the term which an entity should estimate its projected credit losses for financial instruments. Disclosure framework: disclosure review—fair value measurement. FASB plans to cover application to fair value disclosures of the concepts in the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. While no decisions are anticipated from the discussion, prospective. Read More.