FASB Standard Setter Update: 1Q 2021

Thoughtware Article Published: Apr 16, 2021

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An advisor consulting a client

This paper provides an overview of proposed and final standards issued by FASB through March 2021, along with recent updates on outstanding exposure drafts and active projects. During the quarter, only three accounting standards were issued and no exposure drafts. FASB did meet regularly and made progress on several long-standing projects.

Article

Sep 10, 2021

ASC 842, Leases: September 2021 Update

FASB has provided nonpublic entities and NFPs additional time to implement ASC 842, Leases. This document has been refreshed to incorporate…

Article

Aug 13, 2021

Lease Rules Affecting Construction

Read on for an overview of Accounting Standards Codification 842, including tips for implementation.

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Jul 27, 2021

FASB Retackles TDR, PCD, & CECL Vintage Disclosure

FASB added two projects to its active standard-setting agenda—accounting for troubled debt restructurings and purchased credit deteriorated…

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Jul 21, 2021

Lessor Relief Finalized for Variable Leases

ASU 2021-05 updates guidance in ASC 842, Leases, to restore long-standing accounting practice for certain sales-type leases with variable…

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Jul 15, 2021

2Q 2021 Audit Committee Update – Public Companies

This article addresses key accounting and financial reporting considerations for public companies as they prepare second quarter financial…

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Jun 22, 2021

Discount Rate Lease Relief Proposed for NFPs & Private Companies

FASB has issued an exposure draft to provide relief in determining the discount rate to use under the new lease guidance in ASC 842.

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