FASB Standard Addresses New SEC Guidance
A new Accounting Standards Update (“ASU”) features amendments to select Securities and Exchange Commission (“SEC”) paragraphs under the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). Issued as ASU No. 2017-14, Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606), the standard amends the Accounting Standards Codification to incorporate the following SEC guidance: SEC Staff Accounting Bulletin (“SAB”) No. 116: SAB No. 116 aligns current SEC staff guidance with ASC Topic 606, Revenue from Contracts with Customers. This bulletin updated SAB Topic 13, Revenue Recognition, SAB Topic 8, Retail Companies,. Read More.
Topics: Accounting Standards Codification, Accounting Standards Update "ASU", FASB, Financial Accounting Standards Board "FASB", Income Statement, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, SEC, SEC Staff Accounting Bulletin, Securities and Exchange Commission "SEC", Vaccines for Federal Government Stockpiles
Project to Improve Structure of FASB’s Codification Underway
A Financial Accounting Standards Board (“FASB”) group is undertaking a project to make improvements to the board’s Accounting Standards Codification. Led by the FASB’s Technical Corrections and Improvements project team, the project will focus on reorganizing the structure of the Codification’s content. All guidance in the Codification will remain untouched. Most changes will impact the industry Topics. Some Topics will be simplified to reflect superseded guidance, which often caused parts of remaining guidance left among lengthy passages of outdated guidance. The overlapping Topic structure from several industry Topics will also be eliminated, creating a more user-friendly structure. The planned changes will. Read More.
FASB Revisiting Financial Performance Reporting Project
Resembling previous efforts, the Financial Accounting Standards Board (“FASB”) is considering adding a project on financial performance reporting to its current agenda. At its June 25th meeting, the staff began research on which issues the forthcoming project should address and discussed problems faced during prior attempts to improve the presentation of financial statements. Eventually, staff members were instructed to study how the income statement could be enhanced, but recognized that most income statement changes would have to be mirrored on the balance sheet. Also at the meeting, FASB members could not agree on the degree to which a balance sheet. Read More.