Apr 30, 2025 | Newsletter
On April 1, the FASB issued a Staff Educational Paper clarifying how to apply revenue recognition guidance to construction contracts with retainage provisions, leading the PCC to remove a related project from its agenda. The FASB finalized guidance on derivatives and is meeting again to discuss CECL, Purchased Financial Assets, and Paid-in-Kind Dividends on Preferred Stock, with two final ASUs and a proposal on debt exchanges expected this quarter. The GASB had a quieter April but held meetings this week to discuss the 2025 Implementation Guidance Update, Infrastructure Assets feedback, revenue and expense recognition, and a technical plan for the remainder of 2025. GASB’s meetings will conclude on May 1 with a joint session with the AICPA’s State and Local Government Expert Panel. The ASB did not meet in April but has a three-day meeting planned for May to address its fraud proposal and a significant SSAE update, with FinREC also meeting in New York next month. The PEEC did not meet in April but has two upcoming meetings in May, so additional updates are expected soon.
Apr 17, 2025 | Accounting
The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value.
Apr 3, 2025 | Accounting, Auditing, Ethics, Government
In our Q1 2025 in Review Blog, we look at the standard setting activities of the FASB, GASB and AICPA. The first quarter had a flurry of activities with promises of more standards coming down the pike. This is a great way to keep up to date during busy season without getting in the weeds!
Mar 20, 2025 | Accounting
On November 14, 2024, the Financial Accounting Standards Board (FASB) issued an Invitation to Comment (ITC) on Financial Key Performance Indicators (KPIs) for Business Entities. This ITC is part of the FASB’s ongoing research project focused on KPIs, aiming to gather feedback on potential standard-setting in this area.
Mar 13, 2025 | Accounting
Accounting for environmental credits has been a gray area for years, but FASB is looking to bring some structure with its latest proposed update (Topic 818). The goal? Standardizing how companies recognize and measure these credits and obligations in financial statements.
