Accountants Predict Easier Year as Big Ticket FASB Changes Aren’t on the Table
This year will be easier for reporting companies than prior years because the FASB scaled back somewhat on major standard-setting …
Use of Employee Stock Ownership Plans Growing but Disclosures Inadequate
More private companies are using employee stock ownership plans (ESOPs) these days, but risk managers are not getting enough information …
FASB Votes Against 5 Technical Agenda Requests: Would do More Harm Than Good
The FASB on December 20, 2023, voted against adding five new projects to its technical rulemaking agenda, including on accounting …
FASB Decision Not to Consider Eliminating Held-to-Maturity for Debt Securities Disappoints Investor Advocates
Some investor protection advocates expressed disappointment following the Financial Accounting Standards Board’s (FASB) decision last week not to add a …
Newly Issued FASB Rules Require Fuller Disclosure of Taxes Paid in US, Other Countries
The nation’s main accounting rulemaker on December 14, 2023, published new disclosure rules that require more transparency about income taxes …
House Bill Reintroduced to Add FASB Procedural Checks, Require Annual Chair Testimony
A House Republican on December 12, 2023, reintroduced legislation requiring the chair of the FASB to testify annually before two …
FASB Publishes its First Direct Accounting Standard for Reporting Crypto Assets
The FASB on December 13, 2023, issued its first direct accounting and disclosure standard on crypto assets to provide guidance …
Gensler Defends SEC Staff Accounting Bulletin on Crypto After GAO Report Deems it a Rule
Securities and Exchange Commission (SEC) Chair Gary Gensler once again defended the controversial Staff Accounting Bulletin (SAB) No. 121 on …
FASB Rolling out New Process Next Year to Leverage Emerging Issues Task Force
FASB Chair Richard Jones told a conference on December 5, 2023, that the board will roll out a new process …
FASB Publishes New Segment Expense Disclosure Rules for Public Companies
The FASB issued a new accounting standard on November 27, 2023, which makes the biggest changes in 25 years to …