SEC Adopts 2015 GAAP Financial Reporting Taxonomy
The U.S. Securities and Exchange Commission (SEC) has adopted the 2015 GAAP Financial Reporting Taxonomy, the agency reported on Monday. The 2015 GAAP Taxonomy is available online.
Financial Accounting Standards Board (FASB)
FASB Issues Standards Update for Consolidation Guidance
The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and ...
FASB Issues Alternative Accounting Standard on Intangible Assests
The Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding accounting for identifiable intangible assets in a business combination. FASB Accounting Standards Update No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, is based on a consensus reached by the Private Company […]
FASB Releases Proposed 2015 GAAP Financial Reporting Taxonomy
The Financial Accounting Standards Board (FASB) has released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2014.
FASB Commended for Update to Financial Guidance Reporting of Going Concern Entities
"“The CAQ commends FASB for its efforts in developing a standard that provides guidance regarding a preparer’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern, and, where required, to provide footnote disclosures about going concern uncertainties each reporting period," said executive director Cindy Fornelli.
Proposal Would Simplify Accounting for Cloud Computing Fees Paid by Customers
As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.
FASB Redesigns Technical Agenda Website
The Financial Accounting Standards Board (FASB) today relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand how individual projects relate to the Board’s overall activities. The new plan is found at fasb.org/technicalagenda.
FASB Simplifies Inventory Management Guidelines
As part of an initiative towards simplifying accounting standards, the Financial Accounting Standards Board (FASB) has issued two proposed updates that are meant to ease the measurement of inventory and eliminate the requirements for extraordinary items