FASB sets up web page for implementing new standards

Courtesy of GASB

The Financial Accounting Standards Board has created a new web page to help companies implement its new standards.

FASB has been rolling out a series of important new accounting standards in recent years, including revenue recognition, leasing, credit losses and hedging, and they are set to take effect over the next few years. Companies have been getting ready to implement them, starting with the revenue recognition standard, which goes into effect next year for public companies. The new web page, Implementing New Standards, includes links to educational materials and implementation guidance for FASB’s major standards about the new standards.

The web page also deals with how FASB handles outreach and implementation assistance. The web page includes links on FASB’s outreach to stakeholders,transition resource groups, and technical inquiry servicefor implementation questions.

FASB has also produced a short video offering a brief overview of FASB’s implementation assistance efforts.

Source: Accounting Today

Possible new changes for tax expenditures

The Federal Accounting Standards Advisory Board is proposing changes in how the federal government accounts for tax expenditures.
FASAB chairman D. Scott Showalter said Friday the board is seeking input on the proposed Statement of Federal Financial Accounting Standards, Tax Expenditures: Management’s Discussion and Analysis and Disclosure Requirements.

Generally, tax expenditures are provisions in the tax law available to subsets of taxpayers who engage in certain kinds of activities, face special circumstances, or otherwise meet specified criteria. The government uses tax expenditures to stimulate behavior that will accomplish public policy goals, such as facilitating homeownership, reducing the cost of borrowing for state and local governments, encouraging higher education, and promoting domestic energy production.

Courtesy of AccountingToday

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