Financial Accounting Standards Board

FASB has published an Accounting Standards Update that improves the relevance and consistency in application of the induced conversion guidance in FASB Accounting Standards Codification? Subtopic 470-20, Debt—Debt with Conversion and Other Options. https://bit.ly/4iaw80j The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted.

FASB has published a proposed Accounting Standards Update that, for public business entities that do not have an annual reporting period that ends on December 31, clarifies the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. https://bit.ly/413GWqJ The proposed ASU is open to public comment for 15 days and is available at www.fasb.org.

Registration is now open for a free live webinar, "FASB Update for Private Companies and Not-for-Profit Organizations," being held on December 12th at 1:00 p.m. Eastern Time. ?? Register now: https://bit.ly/3Z5kfBd The event will provide a semiannual update on the Financial Accounting Standards Board’s (FASB) standard-setting activities related to private companies and not-for-profit organizations. ?? Date: Thursday, December 12, 2024 ? Time: 1:00–3:05 p.m. ET ?? CPE Credit: Earn up to 2.5 hours of Continuing Professional Education credit for attending the live broadcast. ?? Registration: https://bit.ly/3Z5kfBd

The Financial Accounting Standards Board (FASB) has issued the report on Post-Implementation Review: Revenue from Contracts with Customers (Topic 606). https://bit.ly/4fJw9GJ The report discusses how the FASB staff conducted the Revenue PIR process, which included outreach with more than 2,200 stakeholders from diverse backgrounds, key implementation support provided throughout the adoption of the revenue standard, and using what was learned during the PIR process to improve the revenue standard and, more broadly, the standard-setting process.

The FASB recently welcomed the Small Business Advisory Committee (SBAC) to Norwalk for its November meeting. Topics of discussion included proposals currently out for comment and the new FASB agenda consultation project. We thank the members of the SBAC for sharing insights that help the Board address the needs of small publicly traded companies as part of the standard-setting process.

The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. The ASU is available at https://bit.ly/3YPPKPr

The Financial Accounting Standards Board has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification? Topic 805, Business Combinations. The proposed ASU is based on a recommendation of the Emerging Issues Task Force (EITF). Stakeholders are encouraged to review and provide input on the proposed ASU by December 16, 2024. Visit https://bit.ly/4f54HD6

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) that would establish authoritative guidance on the accounting for government grants received by business entities. Stakeholders are encouraged to review and provide input on the proposed ASU by March 31, 2025. https://bit.ly/4hXlERF

The Financial Accounting Foundation (FAF) Board of Trustees has announced the appointment of new Trustees Lara Abrash, Luis A. Aguilar, Prat Bhatt, and Paul Quinsee. All four begin their term of service on January 1, 2025, and conclude on December 31, 2029. “The FAF Board of Trustees is pleased to welcome Lara, Luis, Prat, and Paul as its newest Board members,” said FAF Chair Edward Bernard. “Their broad and varied financial expertise, combined with their diverse experience and skill sets, will ensure the continued support and progress of the standard-setting missions of the FASB and GASB.” For more information, please visit https://bit.ly/4fV8jaF

FASB has published a proposed Accounting Standards Update (ASU) to update the guidance on accounting for software. Stakeholders are encouraged to review and provide comments on the proposed ASU by January 27, 2025. For more information, please visit www.fasb.org