FASB News Should the EITF’s Purview be Broadened? Some accounting professionals have suggested that FASB broaden the Emerging Issues Task Force’s (EITF) purview so that…
FASB News Life Insurers Ask for Expanded Hedge Accounting Proposal Recent comments from the insurance sector advocated that a recent FASB proposal to provide a…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News Decisions on Restricted Equity Stock Sales Would Cause Investment Funds to Overstate Assets FASB’s recent decisions related to valuing equity securities that are…
FASB News Two GAAP Taxonomy Implementation Guides Proposed for Public Comment FASB’s Extensible Business Reporting Language (XBRL) staff said companies can now weigh in on…
FASB News Annual Goodwill Impairment Test Might Be Eliminated FASB said it favored doing away with the annual goodwill impairment test for public companies, signaling…
FASB News Commenters Press Dire Need for Crypto Accounting Rules FASB should develop an accounting framework to address cryptocurrencies because the value of such assets…
PCAOB News SEC Removes PCAOB Chairman Duhnke, Seeks to Fill All Board Member Positions The SEC said that William Duhnke was “removed” as chairman of…
FASB News Business Combination Rule Could Change FASB is examining whether to change the rules regarding accounting for business combinations with respect to the subsequent…
FASB News More Tweaks Coming to Credit Loss Accounting Rules? FASB could decide at a future meeting on whether to tweak credit loss accounting rules…
FASB News Congress Presses FASB to Tackle Accounting for Cryptocurrencies A bipartisan congressional group has asked FASB to establish accounting standards for digital assets such…
FASB News Webcast on New Accounting for Gifts-in-Kind Announced Accountants and others that work with charities and other not-for-profit organizations can now register for a…
FASB News Final Accounting Rules Related to Share Option Awards Being Drafted On April 20, the Private Company Council (PCC) tentatively voted to draft final…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
FASB News Roundtable on Credit Loss Accounting Rules Set for May 20 FASB has announced it will host a virtual roundtable next month on the…
FASB News Chief Accountants Caution Against Tinkering with Statement of Cash Flows Finance chiefs at some of the nation’s largest companies told FASB that the…
FASB News Special Meeting on Board’s Five-Year Agenda The Financial Accounting Standards Advisory Council (FASAC), the FASB’s main advisory body, held a special session on…
FASB News ‘Last-of-Layer’ Hedging Renamed, Expanded Model Proposed FASB said it changed the name “last-of-layer” to the “portfolio layer” hedging method, and will propose expanding…
FASB News Companies Say Proposal on Acquired Revenue Earning Contracts Would Ease Accounting Costs T-Mobile US Inc., Cisco Systems Inc., IBM Corp., Pfizer Inc., and…
FASB News EITF Limits Scope of Proposal on Forwards, Options FASB should limit the scope of an October 2020 proposal to freestanding equity-classified written call…
FASB News Segment Reporting Discussions Continue On March 10, FASB discussed segment reporting issues, work that ultimately could provide investors with more useful disclosures about…
FASB News Agenda Requests from Big Four Rejected FASB voted against adding two projects to its technical agenda, one to clarify rules related to common…
IASB News Advisory Council to Discuss Post-COVID-19 Workplan The IFRS Advisory Council held discussions this week on an on-site workplan for the global accounting rulemaker…
FASB News Taxonomy Guides on Disclosures for Consolidation Rules Proposed On February 16, the FASB staff announced that the public can now weigh in on…
FASB News Early Application Permitted for Simpler Rules on Convertible Instruments On February 9, FASB reminded public companies that simpler, more cost-efficient new accounting rules…
FASB News FASB Adds Three New Members to Nonprofit Advisory Panel FASB announced three new members to its Not-for-Profit Advisory Committee (NAC), the panel that…
FASB News Banking Sector Urges Expanded Proposal on Evaluating Goodwill Triggering Events FASB’s December 2020 proposal to ease accounting for evaluating goodwill triggering events would…
IASB News Rules Related to Accounting Policies, Disclosures Expected Next Month In February, the IASB will modify rules on the disclosure of accounting policies, and…
GASB News Accounting Definition for Compensated Absences to Be Tweaked On January 12, GASB discussed amendments to decades-old rules for reporting vacations, sick leave, paid…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…