The FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does not include any preliminary views but is to help the FASB staff gather information from stakeholders about any benefits or issues that should be considered in the project. Comments are due September 12, 2022.
The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and also 6 key goals that they hope to achieve. Comments are due July 22, 2022.
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the definition of SOFR due to market changes. Comments are due June 6.
The first quarter of 2022 has come to an end. It brought with it the publication of four ethics interpretations, two final ASUs, and two proposed SASes. This blog will provide you with what was issued and proposed in Q1 of 2022.
FASB has issued a new Chapter to the Concepts Statements focusing on Presentation. Presentation includes how the elements are presented as totals and subtotals on the face of the financial statements. While Concept Statements are not GAAP, they are the theory used by the board to create GAAP.
