• Implementation guidance may have its relationship to U.S. GAAP defined

    The FASB has stepped up its efforts to answer the inquiries businesses and not-for-profits have had about the major standards it has published in recent years. Now the board is trying to ensure that financial reporting professionals are able to access this informal guidance in a consistent way.
  • Former PCAOB chief auditor Martin Baumann to chair IAASB

    The International Auditing and Assurance Standards Board (IAASB) said Martin Baumann, the PCAOB’s chief auditor from 2009 to 2018, will become its chairman for a three-year term. The International Federal of Accountants (IFAC), the IAASB’s parent organization, said Baumann was joining the IAASB at a time of rapid change for financial reporting and auditing.
  • Regulators near completion of rule to offer capital relief

    Banking regulators said they plan to finalize a rule to ease the effect on capital of the FASB’s credit loss standard by the first quarter of 2019. The rule change offers banks the option to phase in, over a period of three years, the “adverse effects” on regulatory capital they expect when they adopt the FASB’s credit loss standard.
  • Decision on goodwill amortization set for October

    The FASB plans to formally vote in October on adding a project to its agenda to let public companies amortize goodwill. But the accounting board’s research staff is hearing mixed views about whether public companies should be free to adopt an optional accounting method that private companies are already using.
  • 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.