FASB has published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification. Stakeholders are encouraged to review and provide input on the proposed ASU by April 22, 2025.
FASB has decided against adding a new project to its priority “technical” agenda that would have considered requiring banks to disclose more information about credit risk transfer transactions. In a unanimous decision made during a live-streamed regular board meeting, members voted not to move ahead with pursuing an update to the codification which underpins generally accepted accounting principles related to accounting for CRTs.
FASB has published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the ITC by June 30, 2025.
FASB has published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
PCAOB inspectors outlined their priorities for 2025 inspections in a PCAOB staff report released Dec. 9. The report highlights risks and other considerations the staff believes auditors should consider when planning and performing their current and upcoming audits, as well as sectors and industries that PCAOB inspection staff will prioritize. The report also provides a set of suggested questions that audit committees may consider as they exercise their oversight role.
FASB has published a proposed Accounting Standards Update (ASU) on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.
FASB has published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on financial key performance indicators (Financial KPIs). Stakeholders are asked to review and provide comment on the ITC by April 30, 2025.
FASB has published a proposed Accounting Standards Update (ASU) that would improve the navigability of the disclosures that are required to be provided in interim reporting periods and clarify when that guidance is applicable and what disclosures are required to be provided in interim reporting periods.
FASB has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification® Topic 805, Business Combinations. The proposed ASU is based on a recommendation of the Emerging Issues Task Force (EITF).