FASB kicked off September with a proposed ASU on Codification Improvements, addressing 22 issues that it wants to either clarify or address in one fell swoop. The FASB then issued ASU 2026-03, Investment Companies with Equity Securities Subject to Contractual Sale Restrictions, to address a fair value issue with respect to contractual sale restriction which we covered in a recent blog. Then, at the end of the month, the FASB proposed changes to fair value considerations with respect to Residential Mortgage Servicing Rights. FASB also held two board meetings this month, in addition to a liaison meeting with TIC, PCC and IMA. The end-of-year activity has definitely picked up!
The GASB issued a proposal to obtain feedback on Voluntary Digital Financial Reporting. Comments are due November 30, 2026. They also met for a two-day session addressing Implementation Guidance, Revenue and Expense Recognition, Infrastructure Assets, and Going Concern Uncertainties and Severe Financial Stress. Finally, they issued Implementation Guide No. 2026-1, Financial Reporting Model Improvements—Subsidies, which provides questions and answers around the implementation of GAS 103.
The ASB is next scheduled to meet in November. ARSC has no set date on the books yet! PEEC will meet October 19 to discuss alternative practice structures.
The 2026 Compliance Supplement has still not been issued. HOWEVER, the AICPA has released a DRAFT of the supplement for planning purposes. You do NOT need to be a GAQC member to access the draft. At this point, there is no set issuance date. Congress limited the President’s ability to issue the 2026 Uniform Guidance, which was expected this month, through a continuing resolution. Stay tuned for further developments!
