Having started his transition at the beginning of the pandemic, Board Chair Richard Jones now faces the uncertainty of the presidential election and what Congress might do with accounting standards.
The board has voted to defer the effective date of its long-duration insurance contract standard for one year.
Richard Jones is making post-implementation reviews of standards one of his top priorities, and taking a closer look at FASB’s crowded agenda.
Two bills — one providing relief from a loan accounting standard and another extending forbearance measures — would collectively contain credit losses.
More than half the companies that completed their first audits under the new standard needed to make an extra effort.
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.
The Financial Accounting Standards Board and the Governmental Accounting Standards Board are under new chairmen Wednesday after their long-serving leaders completed their second terms.
The meeting was the last in chairman Russell Golden’s term.
The pandemic and the new accounting standard are leading to lower regulatory capital ratios at global investment banks, according to a new report.
The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards due to COVID-19, although they still have the option to apply the standards early.