Can FASB Fix Complex Commodities Accounting Rules? Not Without IFRS, CPA Group Says
Accountants who believe that the FASB may end up aligning U.S. GAAP with international financial reporting standards on commodities, recently …
Securities Industry Asks FASB for Three Extra Months to Study Proposal on Purchased Financial Assets
The Securities Industry and Financial Markets Association (SIFMA) asked the FASB to extend the comment period on proposed accounting rules …
FASB Proposes to Amend Credit Loss Accounting Rules to Simplify Reporting of Purchased Financial Assets
The FASB on June 27, 2023, issued a proposal to obtain public comment on changes to provide a single accounting …
Unique Effective Date Challenge Posed for Private Companies on Coming FASB Rules on SEC Disclosures
Private companies will not know when coming FASB disclosure rules that are aimed at incorporating certain SEC disclosures into U.S. …
New FASB Lease Accounting Rules Better for Investors but Some Financial Reports Lack Comparability
Questions continue to surface to the FASB about lease accounting rules, including whether analysts and lenders find the resulting new …
Firms Want to Adopt ‘Operable’ FASB Proposal on Crypto Rules ASAP with Fixes; Signal Appetite for More Rules
Some of the nation’s largest crypto businesses, Big Four accounting firms and others, told the FASB that proposed crypto assets …
Print Editions of GAAP Codification End This Year
A final print edition of the Accounting Standards Codification will be issued this year and “it does say on it …
Chair Jones: FASB Studying Two Parallel Paths to Potentially Revise the Statement of Cash Flows
FASB Chair Richard Jones on June 1, 2023, said the board plans to decide “at some point in time” whether …
FASB Gets Mixed Reviews from Groups on Proposed Tax Disclosure Rules, Including Strong Concerns
The FASB received a mixed bag of responses by its May 30, 2023, deadline to proposed income tax disclosure rules, …
The Accountants Weigh in: Savvy Businesses Can Successfully Navigate This Year’s Economic Stresses
In the past three years, seven U.S. banks failed. These include Silicon Valley Bank, Signature Bank and First Republic Bank …