Accounting & Auditing

What You Need to Know – Changes in Financial Accounting Standards

March 2014

This paper provides an overview of proposed and final standards issued by the Financial Accounting Standards Board (FASB) in 2013 and standards effective for fiscal years beginning on or after December 15, 2012. 

For ease of reference, the paper is structured by entities or industries affected, including standards applicable to private companies and not-for-profit (NFP) entities, standards applicable to a narrow industry and standards applicable to all FASB-regulated public and nonpublic entities. The paper also includes a brief overview of projects on FASB’s 2014 agenda, as well as nonauthoritative frameworks including the American Institute of CPAs (AICPA) Financial Reporting Framework for Small and Medium-sized Entities and the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) 2013 Internal Control Framework. We exclude activities of the U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB).

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