• Streamlining of pension disclosure rules moves forward

    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.
  • Update takes shape to guidance for grants, contributions to not-for-profits

    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.
  • Update allows later adoption of revenue, leases standards for some businesses

    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.