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Financial Performance Reporting Among Priorities as FASB Sets Agenda
FASB decided to perform research on six topics for consideration of possible accounting standard setting, according to a news release from the board. Four issues will be added to its research agenda and included in an agenda discussion paper that will be issued to the public in the first half of this year: Financial performance reporting. Pensions and other post-retirement employee benefit plans. Intangible ...
Read MoreFASB Proposes Amendments on Classification of Certain Cash Flows
The FASB issued a proposal that aims to reduce diversity in practice in reporting on the following types of cash flows: Cash payments for debt prepayment or extinguishment costs would be classified as financing cash outflows. Cash payments made to settle a zero-coupon bond attributable to accreted interest would be classified as an operating outflow, and the portion attributable to principal would be ...
Read MoreFASB Proposes Changes in Pension and Post-retirement Reporting
The Financial Accounting Standards Board has issued two proposed accounting standards updates to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans. One of the proposed updates, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans, is part of the FASB’s broader ...
Read MoreCompanies Expected to See Biggest Impact from New Leasing Standard
The lease accounting standard that the Financial Accounting Standards Board plans to release this quarter is expected to have a major impact on many companies, requiring current off-balance sheet leasing activities to be reflected on balance sheets for the first time. Earlier this month the International Accounting Standards Board released its version of the standard, which differs in some key respects from FASB’s (see IASB ...
Read MoreCompanies Getting Ready for FASB's Leasing Standard
The Financial Accounting Standards Board is expected to release its long-awaited lease accounting standard this quarter, and companies are bracing for the impact on their balance sheets. The changes will require companies to gather significantly more information and require more management judgments each reporting period, according to PricewaterhouseCoopers. The changing model might affect financial ratios and metrics, “lease vs.
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