• Revenue standard work to continue well beyond effective date

    Now that the FASB’s landmark revenue standard is effective, the board wants to see how the standard has changed financial reporting and assess the benefits it may have produced for the companies that comply with it and the investors that use the information from it. The board also wants to learn what it might do differently once a standard is published, and businesses and other organizations are implementing it.
  • Update adds SEC guidance on Tax Cuts and Jobs Act to U.S. GAAP

    The FASB issued an update to U.S. GAAP’s income tax accounting standard to insert references to the SEC’s interpretive guidance to help businesses apply the Tax Cuts and Jobs Act and comply with U.S. GAAP’s income tax reporting requirements. The update inserts the SEC guidance into the FASB’s income tax accounting standard.
  • Update allows later adoption of revenue, leases standards for some businesses

    Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.