Lookback at FASB in 2022: Fewer Rules Issued Than Prior Years
The FASB, the nation’s developer of U.S. GAAP, closed out 2022 having issued six narrow accounting standards, a drop from …
FASB Issues Two-Year Extension on Accounting Rules that Facilitate Shift from LIBOR
The FASB on Dec. 21, 2022, published a two-year extension of temporary accounting relief guidance to continue to ease the …
Present Crypto Assets Separately From Other Intangibles on the Balance Sheet, FASB Says
Companies should be required to present crypto assets separately from other intangible assets on the balance sheet because they have …
Insurance Sector Gets Accounting Relief for Disposed of businesses and Contracts
The FASB on Dec. 15, 2022, published a tweak to its long-term insurance accounting standard to make it easier for …
FASB Proposal Coming Early Next Year to Require Greater Disclosure of Income Taxes Paid in U.S., Overseas
The FASB on Nov. 30, 2022, voted to issue a proposal during next year’s first quarter that would require companies …
FASB Proposes to Clarify Lease Accounting Rules for Subsidiaries Controlled by the Same Parent Company
The FASB on Nov. 30, 2022, proposed what could be the eighth round of changes to lease accounting rules, this …
House Bill Would Subject FASB to New Procedural Requirements, Mandate Chair Testimony
Two House republicans on Nov. 16, 2022, introduced legislation that would subject the FASB to new procedural checks and require …
Companies Already Have Implementation Questions on SEC’s New Pay vs. Performance Rule
The Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) staff has already been getting implementation inquiries about the commission’s …
FASB to Become More Diverse with New Board Appointment, Plus New Trustee Chair Named
The Financial Accounting Foundation (FAF) on Nov. 15, 2022, said Joyce Joseph was appointed to the FASB to succeed current …
Don’t Drop Efforts on Accounting Rules for Government Grants, Small Public Filers tell FASB
The FASB’s current research on accounting for government grants should be advanced to its rulemaking agenda – and as a …