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 …
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 …
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 …
Exclusive Midyear Interview with FASB Chair Richard Jones
FASB Chair Richard Jones likened the accounting year so far to country music group Zac Brown Band’s “Same Boat,” a …
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 …
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 …
FASB to Whittle Through Agenda ‘Fairly Quickly’ and Issue Consult Document Again Next Year, Chair Says
The FASB plans to complete most of the projects on its technical agenda in the next 18 months and may …
Fed Up with Lease Accounting Rules, Some Private Companies Turn to Tax Basis to File Statements
Some privately held companies are fed up and “exhausted” over adopting big new accounting standards, especially leases, and now have …