FASB Major Initiatives
FAF will maintain XBRL taxonomy for U.S. GAAP
The Financial Accounting Foundation (FAF) is accepting responsibility for the ongoing maintenance of the U.S. GAAP financial reporting taxonomy applicable to public companies registered with the SEC.
FASB moving forward on priority projects
Financial statements, financial instruments and more Codification updates
FASB exposes new FIN 48 guidance
FASB issued a proposed staff position for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, to include guidance for the application of FIN 48 to pass-through entities and tax-exempt not-for-profit entities.
FASB issues final staff positions on fair value measurements and impairments
The FASB issued three final Staff Positions (FSPs) that are intended to provide additional application guidance and enhance disclosures regarding fair value measurements and impairments of securities.
Global Standard Convergence
FASB has advocated movement toward all U.S. public companies using accounting standards promulgated by a single global standard setter when preparing their financial reports.
FASB Accounting Standards Codification
Understanding FASB accounting standards updates and new Codification citations
Citations for references to the FASB Accounting Standards Codification™ are listed as “ASC {Topic}-{Subtopic}-{Section}-{Paragraph}”. A citation may be made at the topic, subtopic, section, or paragraph level. For example, a reference to the entire Fair Value Measurements and Disclosures topic would be FASB ASC 820.
Education and Training
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