• Investor panel to offer input on segments, disclosures

    The FASB plans to hear input from its Investor Advisory Committee (IAC) on two early-stage projects that could usher in major changes to GAAP. The IAC plans to discuss the FASB’s examination of segment reporting and its project to more clearly distinguish between liabilities and equity. The panel also plans to discuss the SEC’s disclosure simplification initiative.
  • Input sought on draft guidance for measuring fair value of inventory

    The AICPA’s Financial Reporting Executive Committee (FinREC) issued proposed guidance for estimating the fair value of raw materials and finished goods acquired when one business buys another. If finalized, the guidance will be included in an audit and valuation guide for business combinations.
  • Proposal calls for updates to hedging, financial instruments guidance

    The FASB released for public comment a slew of minor updates to three of its most important accounting standards in recent years: credit losses, hedge accounting and the classification and measurement of financial instruments. The proposal covers questions the FASB has received in recent months on how banks and businesses should apply the accounting standards.
  • 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.