FASB News Questions on Applicability of U.S. Deferred Tax Accounting to OECD Pillar Two Rules FASB staff have been fielding questions about the applicability of…
FASB News Part of Proposal on Lease Accounting Draws Skepticism FASB’s November 2022 proposal on lease agreements between commonly controlled entities received mixed reviews with…
FASB News Board Will Issue Rule for Tax Credit Investments FASB has unanimously agreed with its Emerging Issues Task Force (EITF) that a proposal related…
PCAOB News Analysis Finds Decline in Number of Critical Audit Matters The PCAOB published post-implementation review (PIR) reports on its recent pronouncements on critical audit…
FASB News Proposal Raises Red Flags Over Definition of Joint Venture FASB may need to revise the definition of a joint venture in order for…
FASB News Private Companies Back Proposal on Related Party Leases Under Common Control The Private Company Council (PCC), threw its support behind FASB’s November proposal…
FASB News Small Private Construction Companies Not Complying With New Revenue Rules Small private companies in the construction sector appear oblivious to the fact that…
FASB News Investors Await Disclosure Rules on Income Taxes Paid FASB Chair Richard Jones reassured advisers that a proposal the board plans to issue next…
FASB News Advisers Offer Tepid Approval on Board Developing Rules for Government Grants FASB’s main advisory body said the board should advance its efforts to…
FASB News Proposed Clarification of Lease Accounting Rules for Subsidiaries Controlled by the Same Parent Company FASB has proposed what could be the eighth round…
FASB News Proposed Concepts for Recognizing and Derecognizing Financial Statement Items FASB has issued a proposal for public comment on the concepts it plans to…
FASB News Small Public Filers Urge Efforts on Accounting Rules for Government Grants FASB’s current research on accounting for government grants should be advanced to…
FASB News Two Standards and Two Proposals Coming by Year-End, Plus a Peak into 2023 For the remainder of this year, FASB plans to publish…
IASB News Companies Will Have to Disclose Pollution Caused by External Suppliers Multinational and other companies will be required to disclose their indirect greenhouse gas…
FASB News New Conceptual Framework Chapter on ‘the Reporting Entity’ Proposed Companies can provide comments on a FASB proposal that would define the concept of…
FASB News More Expense Lines Could be Required on the Income Statement FASB plans to require all companies to break out into component parts more…
FASB News New Rules on Supplier Finance Programs Will Reveal Financial Health Starting next year, U.S. companies that use supplier finance programs to buy goods…
FASB News ‘All’ Software Costs Will Be Addressed Under New FASB Project According to FASB, the current guidance on accounting for software costs is outdated…
FASB News More Changes May be in the Pipeline for Lease Accounting While FASB said earlier this year that it would hold off on making…
FASB News Staff Propose Data Quality Committee Rules, Other Updates to GAAP Taxonomy FASB’s taxonomy staff has issued a proposal that would incorporate seven additional…
FASB News Multinationals May Get Converged Standards on Rate Regulation, Government Grants Multinational companies, many of which have routinely asked for converged solutions for U.S.…
FASB News Inflation Reduction Act Could Impact Future Accounting Standards FASB Chair Richard Jones on August 23 hinted that legislation in the Inflation Reduction Act…
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 SEC Accepts 2022 Q3 Supplemental GAAP Taxonomy FASB said the SEC accepted the 2022 Q3 Supplemental GAAP Taxonomy, which includes improvements to the…
FASB News Trustees Seeking Members for Key Advisory Body FASB’s trustees announced on August 2 that the application period is now open for new members…
FASB News Improvement to Supplier Finance Program Disclosure Rule is Credit Positive, Moody’s Says FASB’s recent decision to make changes to the disclosure of supplier…
FASB News Two SEC Commissioners Urge FASB, GASB Trustees Not to Govern Over ESG Reporting. Two conservative SEC commissioners—Hester Peirce and Mark Uyeda—urged the Financial…
FASB News Taxonomy Update for Long-Term Insurance Rules Proposed FASB staff have proposed an update to the U.S. GAAP Taxonomy with respect to a recently-proposed…
FASB News Pay Attention to Inventory Rules When Reporting Freight Costs Private Company Council (PCC) Chair Candace Wright said she wants to raise awareness about…
FASB News Report Explains Process to Establish New Rulemaking Priorities FASB has published a report about its process for establishing new technical and research agendas,…