Tag Archives: FASB

Disclosure Simplification: SEC Referral Prompts FASB to Seek GAAP Tweaks

Last August, when the SEC adopted its disclosure simplification rules, it referred to FASB certain Reg S-X & S-K line items that overlapped with GAAP but called for incremental disclosure, and asked FASB to consider incorporating those additional disclosure requirements … Continue reading

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FASB clarifies aspects of new leases standard

By Amy Leisinger, J.D. The Financial Accounting Standards Board has issued an Accounting Standards Update to address concerns raised by stakeholders in the transitional period leading up to implementation of FASB’s new leases standard. The ASU aligns the guidance for … Continue reading

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FASB proposes relief for firms transitioning to the credit losses standard

By Amy Leisinger, J.D. The Financial Accounting Standards Board has proposed an Accounting Standards Update (ASU) to ease the entities’ transition to the credit losses standard by providing them with the option to measure certain types of assets at fair … Continue reading

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FASB Revises Standard for Testing Goodwill Impairment

FASB has approved a revised accounting standard intended to simplify how companies test goodwill for impairment. Current guidance requires a company to test goodwill for impairment, at least annually, using a two-step process. The amendments to Topic 350 in the … Continue reading

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FASB Nixes Unfunded Liability Reporting Requirement

Good news for employers in union defined benefit plans! The Financial Accounting Standards Board (FASB) had proposed a rule that would require companies to report to disclose potential withdrawal liability for multiemployer defined benefit pension in which they participated which … Continue reading

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