FAF Strategic Plan

FAF Strategic Plan

The FAF has released its strategic plan which includes the mission, vision and values of the FAF which is the parent entity to the FASB and GASB. The plan lists out the goals that FAF has set for itself.

Proposed Changes to Lease Accounting (Topic 842)

Proposed Changes to Lease Accounting (Topic 842)

FASB has proposed changes to Topic 842, Leases for related parties under common control. The proposal would change the evaluation of the lease term for private entities under common control to allow the use of what was in writing. The proposal would also change the amortization of leasehold improvements for all common control entities including public entities. Comments are due January 16, 2023.

Proposal: Joint Venture Accounting

Proposal: Joint Venture Accounting

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint venture, the proposal would require the use of fair value of the items contributed. The proposal also includes new disclosure requirements. Comments are due December 22, 2022.

Proposed Concept Statement: Chapter 2: The Reporting Entity

Proposed Concept Statement: Chapter 2: The Reporting Entity

While the FASB continues to work on updating GAAP, they have also been diligently working on filling in the gaps in the conceptual framework. This proposal would add chapter 2 to the framework and provides guidance on what is the reporting entity for financial reporting purposes. It address the concepts of parent only, combined, and consolidated financial statements. Comments are due January 16, 2023.

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