FASB Proposes Amendments to Financial Instruments and Leases
Last week, the Financial Accounting Standards Board (“FASB”) issued a proposed Accounting Standards Update (“ASU”), Technical Corrections and Improvements to Recently Issued Standards: I. Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and II. Accounting Standards Update No. 2016-02, Leases (Topic 842). The proposed changes address the following areas: Equity Securities without a Readily Determinable Fair Value—Discontinuation. The proposed amendment allows a company measuring an equity security using the measurement alternative to change to a fair value method in agreement with Topic 820, Fair Value Measurement. Equity Securities without a. Read More.
Topics: Equity Securities, Fair Value Measurement (Topic 820), FASB, Financial Accounting Standards Board "FASB", Financial Instruments—Overall (Subtopic 825-10), Forward Contracts, lease accounting, Proposed Accounting Standards Update, Purchased Options, Readily Determinable Fair Value
Minor Changes Proposed to Top Accounting Standards
In the next few months, the Financial Accounting Standards Board (“FASB”) plans to issue proposed updates with several limited revisions to its leases and classification and measurement standards. Announced during the FASB’s June 21 meeting, the proposed amendments will be released separately from the usual group of technical corrections the board issues each year due to the importance of the affected Accounting Standards Updates (“ASU”). The changes involve 16 amendments to ASU No. 2016-02, Leases (Topic 842), including fixing cross references, aligning terminology with other aspects of U.S. GAAP, and clarifying the categorization of leases if the terms and conditions. Read More.
Topics: FASB, FASB Technical Corrections, Financial Accounting Standards Board "FASB", Financial Instruments—Overall (Subtopic 825-10), Leases (Topic 842), Proposed Accounting Standards Update, U.S. GAAP
FASB Nonprofit Council to Discuss Standard-Setting Projects
A web conference is scheduled today involving the Financial Accounting Standards Board (“FASB”) and its Not-for-Profit Advisory Committee (the “Committee”). The meeting will provide the Committee an opportunity to discuss recent accounting issues impacting nonprofit organizations. Committee members will also have a chance to offer feedback on the FASB’s latest projects. In particular, the FASB wants the Committee’s input on projects such as the revenue recognition of grants and contracts, nonprofit limited partnerships consolidation, and the proposed amendments to the disclosure of net periodic pension costs and net periodic postretirement benefit costs. The board is also interested in how nonprofit. Read More.
Topics: FASB, Financial Instruments - Credit Losses (Topic 326), Financial Instruments—Overall (Subtopic 825-10), Leases (Topic 842), Limited Partnerships Consolidation, Net Periodic Pension Costs, Net Periodic Postretirement Benefit Costs, Revenue from Contracts with Customers (Topic 606)