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 …
Power and Utilities Sector asks FASB to Fix Rules for Construction Costs tied to Leases
The power and utilities sector has asked the FASB to address a narrow reporting issue involving the costs around the …
New FASB Accounting Rules on Segment Reporting, Income Taxes, Crypto—Coming by Mid-December
The FASB will publish new accounting standards on income taxes and crypto assets in the middle of December, the Board’s …
Statement of Cash Flows to be Narrowly Reorganized for Financial Institutions, FASB Says
The FASB on November 8, 2023, voted to add a rulemaking project to its agenda to reorganize the statement of …
Dozens of Firms, Groups Balk Over Proposed FASB Disclosure Rules on Income Statement Expenses
Some of the nation’s biggest companies and trade organizations told the FASB that its proposed disclosure rules to disaggregate income …
As Accounting Rules Often Surface in Deal Litigation, Some Suggest FASB Study
U.S. accounting rulemakers should routinely study why certain accounting topics keep surfacing in corporate lawsuits to assess how rules that …
FASB Revises Fourth Quarter Agenda Outlook: Three New Standards, Two Proposals Left to Come by Year-End
The FASB revised its fourth quarter technical agenda on Oct. 10, 2023, to showcase that the board will issue three …