Comment Letters Ask FASB to Limit Future Projects
Some trade groups want the Financial Accounting Standards Board (“FASB”) to provide more leeway for implementing current accounting standards before taking on new projects. In feedback to the FASB’s Invitation to Comment, Agenda Consultation, groups like the American Bankers Association (“ABA”) asked the board to consider the time and costs needed when new standards are implemented. The ABA also noted that standards involving revenue, leases, credit losses and financial instrument measurement and classification require significant undertaking that could last over several years. Other comment letters to the agenda consultation document came from the Institute of Management Accountants (“IMA”), which advised. Read More.
Topics: American Bankers Association "ABA", Credit Losses, Financial Accounting Standards Board "FASB", Financial Instruments, financial reporting, Institute of Management Accountants "IMA", leases, U.S. GAAP
FASB Seeks Feedback on Agenda Considerations
The Financial Accounting Standards Board (“FASB”) has released an Invitation to Comment regarding possible financial accounting and reporting topics to add to its agenda. The Invitation to Comment features potential issues and solutions on intangible assets, pensions and other post-retirement benefit plans, distinguishing liabilities from equity, and reporting performance and cash flows. In particular, the FASB is seeking feedback on whether improvement opportunities exist for the financial reporting issues raised in the Invitation to Comment, the priority and approach the board should take in addressing each issue, and if any other financial reporting areas not listed in the document should. Read More.
FASB Recommends Financial Reporting Topics for Discussion Paper
At its board meeting earlier this month, the Financial Accounting Standards Board (“FASB”) reviewed its agenda Discussion Paper scheduled for release later this year. In particular, the FASB recommended the inclusion of the following financial reporting topics: Financial Performance Reporting (including the Performance Statement, Other Comprehensive Income, Cash Flow Statement, and Segment Reporting); Distinguishing Liabilities from Equity; Intangible Assets; and Pensions and Other Postretirement Employee Benefit Plans. Also at the meeting, the FASB decided not to add a project on the Simplifying the Measurement of Asset Retirement Obligations project and also removed Phase 2 of the Liabilities and Equity—Targeted Improvements. Read More.
Topics: Financial Accounting Standards Board "FASB", financial reporting, Health Care Entities (Topic 954), Intangible Assets, Not-for-Profit Entities (Topic 958), Other Postretirement Employee Benefit Plans
Highlights from GASB’s January Meeting
During a two-day meeting last month at its offices in Norwalk, Connecticut, the Governmental Accounting Standards Board (“GASB”) discussed the following topics: Leases. The GASB tentatively decided that the Exposure Draft, Leases, should include governments with principal ongoing operations consisting of leasing assets to other entities. Such governments should be required to disclose upcoming lease payments that are part of the lease receivable, presenting principal and interest separately. Blending Requirements for Certain Component Units. After reviewing a preballot draft of a final Statement, Blending Requirements for Certain Component Units, the GASB made clarifying revisions on the draft document. Irrevocable Split-Interest. Read More.
Topics: Blending Requirements for Certain Component Units, Debt Extinguishment, financial reporting, Governmental Accounting Standards Board "GASB", Implementation Guide 20XX-XX, Irrevocable Split-Interest Agreements, lease accounting
GASB Proposes Guidance for Fiduciary Activities, Certain Asset Retirement Obligations & Pension Issues
The Governmental Accounting Standards Board (“GASB”) recently issued the following three Exposure Drafts: Fiduciary Activities. This Exposure Draft would provide state and local governments guidance on what is considered fiduciary activities, the identification of liabilities to beneficiaries, and how to report fiduciary activities. The proposal would also improve consistency and comparability of fiduciary activity reporting, as well as the usefulness of fiduciary activity information in regard to assessing the responsibility of governments in their fiduciary roles. Comments on Fiduciary Activities are due Thursday, March 31st. Certain Asset Retirement Obligations. This Exposure Draft would provide guidance on how to determine the. Read More.
Topics: Actuarial Standards of Practice, Certain Asset Retirement Obligations, Exposure Drafts, fiduciary activity reporting, financial reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Pension Plans, state and local governments