FASB Eliminates Troubled Debt Accounting Rule With Limits, Enhances Loan Disclosures
The FASB on March 31, 2022, published an amendment to credit loss accounting rules to enhance the usefulness of vintage …
Roll Out Affordable Housing Accounting Rule Conditionally to All Tax Credit Investments, Task Force Says
The FASB should extend the accounting rule used for low-income housing tax credit (LIHTC) investments to all federal and state …
FASB Will Finalize Narrow Proposal Related to Contractual Sale Restrictions on Equity Shares
The FASB on March 23, 2022, voted 4 to 3 to finalize a proposal that clarifies the rules for measuring …
Exclusive Interview With FASB Chair Richard Jones: Includes Insights on Path for Cryptocurrencies, ESG
FASB Chair Richard Jones told Thomson Reuters in a March 2022 interview that the Federal Reserve’s proposed U.S. central bank digital currency …
Chalk Up All Inseparable Customer Relationships as Goodwill, FASB Says
The FASB on March 2, 2022, tentatively voted by 5 to 2 to require public companies to subsume all customer …
Casey Vacating Chair Seat at Financial Accounting Foundation Year-End
A search is underway to replace Kathleen Casey as chair of the Financial Accounting Foundation (FAF) when she leaves that …
FASB ‘Invitation-to-Comment’ Coming in Second Quarter on Government Assistance to Companies
Companies will likely get to weigh in during this year’s second quarter on whether the FASB should merge international accounting …
In an Unusual Move, SEC’s Acting Chief Accountant Suggests Standard-Setting Priorities for Accounting Board
In an unusual move, Paul Munter, the SEC’s acting chief accountant, in a public statement emphasized the importance of investor views …
FASB Sticks With Efforts to Revise the Income Statement, Signals Added Costs for Companies
The FASB on February 16, 2022, voted to reframe its project to revise the income statement, sticking with the objective …
Private Companies Misjudging Level of Effort Needed to Adopt New lease Accounting Rules
Some private companies have misjudged the amount of backwork the FASB’s lease accounting standard requires and could run into adoption …