- The FASB published updates to the information businesses must disclose about the estimates and assumptions used to determine the fair values of assets and liabilities. The board simultaneously issued an update to improve disclosure requirements for pensions and postretirement benefits.
- The FASB’s latest effort to update its Conceptual Framework is focusing on the so-called “building blocks” of financial statements — the definitions of assets and liabilities. These questions have confounded the FASB for years, and the board still needs more work to decide how to improve the framework’s definition of a liability.
- The FASB agreed to publish a final version of its amended guidance for classifying debt as long-term or short-term. Before it issues the final update, the accounting board still wants to solicit feedback about its decision that a long-term financing arrangement would be ignored in determining how other debt should be classified.
- ASU 2016-14 has brought the most significant changes to not-for-profit reporting standards since 1993. Is your organization aware of the changes? All not-for-profits should reference Baker Tilly's guide to assist with implementation of the new standard.
- The FASB published a long-awaited update to U.S. GAAP’s guidance for long-term insurance policies. The changes require insurers to regularly assess their need to update the assumptions they use for estimating their liabilities to policyholders. The amended accounting marks a sea change from current reporting practices, which often leave insurers with forecasts about policyholders and future cash flows that are based on assumptions that may be years, if not decades, out of date.