- 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.
- 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.
- The FASB updated U.S. GAAP to delete two pieces of outdated SEC interpretive guidance. One deletion deals with an aspect of the financial instruments standard, and the other addresses consolidated balance sheets of public utility holding companies.
- The FASB issued a series of revisions to its standard for the classification and measurement of financial instruments. The changes are considered editorial in nature and are not expected to change the crux of the standard, which provides guidance for measuring certain types of financial assets and liabilities.
- FASB issued an Accounting Standards Update (ASU) and the FASB staff has issued several Staff Q&As that address various financial accounting and reporting impacts from the Tax Cuts and Jobs Act (TCJA).