FASB Makes Updates to Technical Agenda
At its September 20 public meeting, the Financial Accounting Standards Board (“FASB”) agreed to add the following three projects to its technical agenda: A project on differentiating liabilities and equity, with a emphasis on indexation and settlement, convertible debt, disclosures, and earnings per share A section of the FASB’s Financial Performance Reporting Research project aimed at the disaggregation of performance reporting by function and nature A narrow-scoped project on segment reporting aimed at improving the aggregation criteria and segment disclosures The addition of these projects completes the last stage of the FASB’s agenda consultation project. Also at the meeting, the. Read More.
Topics: FASB, FASB Financial Instruments project, FASB Technical Agenda, Financial Accounting Standards Board "FASB", Intangible Assets, liabilities and equity, Other Postretirement Employee Benefit Plans
SEC’s Bricker Discusses Credit Loss Standard
The Financial Accounting Standards Board’s (“FASB”) standard for reporting credit losses was the subject of Wesley Bricker’s speech at last week’s American Institute of Certified Public Accountants’ National Conference on Banks & Savings Institutions. Bricker, the Security and Exchange Commission’s (“SEC”) Interim Chief Accountant, addressed the importance of implementing Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326). In particular, Bricker encouraged companies to work with their audit committees and auditors to review implementation plans so the new standard meets the reporting objectives. He also noted that the implementation process requires collaboration between all stakeholders when applying the standard’s. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Credit Loss Model "CECL", FASB Financial Instruments project, Financial Accounting Standards Board "FASB", Financial Instruments - Credit Losses (Topic 326), Securities and Exchange Commission "SEC"
Banks Urged to Prepare for FASB Credit Loss Standard
Banking institutions are advised to act fast on implementation plans for Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326). At the AICPA National Conference on Banks and Savings Institutions last week, Louis Thompson of the Office of the Comptroller of the Currency told depository institutions to start preparing for the Financial Accounting Standards Board’s (“FASB”) current expected credit loss (“CECL”) standard. Thompson emphasized that due to the substantial changes in writing down bad loans and securities, implementation efforts should require full commitment and cooperation to ensure the new guidance is applied in a disciplined and. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Credit Loss Model "CECL", FASB Financial Instruments project, Financial Accounting Standards Board "FASB", Financial Instruments - Credit Losses (Topic 326)