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…
FASB News Private Company Council Sets Town Halls The Private Company Council (PCC), the body that advises the FASB on private company accounting matters, will…
FASB News Goodwill Triggering Event Evaluation for Private Companies, Nonprofits Proposed FASB issued a proposal to allow private companies and nonprofits to evaluate whether an…
FASB News Banking Industry Has Provided Timely Data on Credit Losses During Current Crisis The banking industry has risen to the occasion to answer investor…
FASB News Proposed Concepts for Presenting Financial Statement Items Finalized On December 9, FASB voted 6 to 1 to finalize its August 2016 proposal on…
FASB News PCC Approves Share Option Proposal, with Clarifications The Private Company Council (PCC) unanimously said the FASB should move forward with an August proposal…
FASB News Trustees to Propose Draft of Strategic Plan Next Year Companies will be able to weigh in next year on a proposed draft of…
FASB News Trustees Approve 2021 Budget Trustees of the Financial Accounting Foundation (FAF), the parent body of the nation’s two main accounting rulemakers, approved its…
FASB News Companies Worry Proposal on Franchise Fees Would Unravel Rules A September 2020 proposal from FASB would compromise revenue accounting rules, introducing industry-specific guidance…
FASB News Investors Urge Movement on Government Assistance Project FASB should move ahead with its work to provide accounting disclosure rules around government assistance companies…
FASB News Codification Updated to Streamline Disclosures, Various Rules FASB has issued an update to the U.S. GAAP codification to streamline the disclosure section and…
FASB News FASB Proposes Clarifications to Accounting for Certain Modifications of Forwards and Options FASB has issued a narrow proposal aimed at clarifying and reducing…
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 New Rules for Long-Term Insurance Need Fixes for Embedded Derivatives, Insurance Sector Says Insurance companies are finding it tougher to account for embedded…
FASB News Multiple Amendments to Standards Represent Continuous Improvement FASB does not find it frustrating to have to amend new accounting rules over and over,…
FASB News Proposed Improvements for Taxonomy Issued Companies can now weigh in on whether they agree with the proposed technical and other conforming improvements for…
FASB News Option to Avoid Applying Credit Loss Rules to Trade Receivables May Be Considered The new credit loss accounting rules did not move the…
FASB News Roundtable Raises Question on Whether to Redefine Leases An FASB lease accounting roundtable discussion on September 18 raised the surprising question of whether…
FASB News Consultation Document on Internationally Applicable Rules for Nonprofits to be Published A collaborative effort of various accounting groups worldwide will generate a consultation…
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 Online Forum for CPE Providers Scheduled FASB will hold an online forum on October 12 that is designed to help companies and professionals…
FASB News Proposed GAAP Codification Amendments Split Up FASB will continue to split up a November 2019 proposal aimed at improving the Accounting Standards Codification…
FASB News Twenty Projects on Technical Agenda to Be Reconsidered FASB plans to determine whether it still wants to pursue 20 of the projects on…