- Two years after releasing a proposal to improve the disclosure requirements for pensions and other postretirement benefits, the FASB has begun to publicly debate the disclosure requirements that will remain and those that will be dropped. The discussion was part of the board’s broader project to improve U.S. GAAP’s requirements for the information in financial statement footnotes.
- The FASB released a proposal to add a benchmark interest rate to its standard for hedge accounting. The proposed benchmark rate was developed by the Federal Reserve as an alternative to the London Interbank Offered Rate (LIBOR), which was tarnished by a rate-rigging scandal in 2012.
- FASB issued an Accounting Standards Update (ASU) and the FASB staff has issued several Staff Q&As that address various financial accounting and reporting impacts from the Tax Cuts and Jobs Act (TCJA).
- The FASB in August released a proposal aimed at helping organizations determine how to record grants and other funds from foundations and government bodies that often have strings attached to them. The board is reviewing feedback on its proposal and finalizing an update to clarify the difference between restrictions and donor-imposed conditions on a gift or grant. The guidance would apply to both recipients of funding as well as to the organizations that give out grants.
- The FASB updated U.S. GAAP to alleviate concerns from banks and insurance companies about the accounting implications of the Tax Cuts and Jobs Act (TCJA). The final amendment is optional for companies to apply.