- Employee benefit plan specialists have a robust conversation discussing fiduciary types, the current regulatory environment and the evolving benefit plan landscape.
- The FASB in the past month has received letters from four groups asking the board to scale back or clarify aspects of its much-watched lease accounting standard. The board plans to debate these questions by early December and consider whether to amend the standard, which goes into effect for public companies in 2019.
- 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.
- The FASB’s Emerging Issues Task Force took an important step toward answering a question about the accounting for the costs of purchasing business software applications that are managed as a cloud computing service. Before the task force submits a formal recommendation the FASB, it wants more research about how the costs would be capitalized.
- The FASB is considering whether to update the definitions for some primary financial reporting terms such as revenues and expenses. The debate is part of the accounting board’s effort to revise its Conceptual Framework, the guide the board uses to help it write consistent accounting standards.