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Materiality – AICPA Issues SSARS No. 25 to Align with GAAS and Converge with International Materiality Standards NEW!

Joint Ventures – FASB Discusses Nonmonetary Asset Contributions to Joint Ventures 

FASB Discusses Segment Reporting 

Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities 

FASB Discusses Simplifying the Balance Sheet 

Debt -- FASB Discusses Debt Classification and Other Matters 

FASB Discusses Disclosure Framework and Other Issues 

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income - FASB ASU No. 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220) 

Income Statement - Reporting  Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) - FASB ASU 2017-14 

Income Statement - Reporting Comprehensive Income (Topic 220) - FASB Proposed ASU 2018-210 

Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern - FASB ASU 2014-15 

Proposal on Simplifying the Classification of Debt in a Classified Balance Sheet Discussed

FASB Discusses Disclosure Framework and Other Matters 

FASB Accounting Standards Update No. 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323)

FASB Proposed Accounting Standards Update 2017-200 - Debt (Topic 470) - Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent)

FASB Proposed Accounting Standards Update 2016-370 - Distinguishing Liabilities from Equity (Topic 480): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception

FASB Accounting Standards Update No. 2015-01 - Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items 

FASB Proposed Statement of Financial Accounting Concepts - Concepts Statement 8 - Conceptual Framework for Financial Reporting - Chapter 7: Presentation


Articles 

Materiality – AICPA Issues SSARS No. 25 to Align with GAAS and Converge with International Materiality Standards

Summary - The American Institute of CPAs (AICPA) Accounting and Review Services Committee (ARSC) has issued Statement on Standards for Accounting and Review Services (SSARS) No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions.

Convergence with International Review Standards
As noted in an AICPA news release relating to SSARS No. 25, the AICPA issued SSARS No. 25 to converge AR-C section 90, Review of Financial Statements, with International Standard for Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements. The ARSC believes that the SSARS requirements should be as closely converged with ISRE 2400 (Revised) as possible to facilitate an accountant’s ability to perform and report on engagements in accordance with both sets of standards. Such convergence should reduce any confusion regarding the level of assurance obtained in accordance with either set of standards.

Further, SSARS 25 also aligns more closely with other principles of generally accepted auditing standards (GAAS). While, as noted in the AICPA’s news release, there are significant differences between an audit engagement and an engagement performed in accordance with SSARSs, other concepts, such as materiality, are consistent regardless of the level of services performed on the financial statements.

  • SSARS No. 25 amends SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, specifically:
  • AR-C section 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services;
  • AR-C section 70, Preparation of Financial Statements;
  • AR-C section 80, Compilation Engagements; and
  • AR-C section 90, Review of Financial Statements.

The AICPA has also issued an At-A-Glance, Revisions to Review Standard for Consistency with Other Professional Standards, to accompany SSARS 25. The At-a-Glance provides a summary and background discussion on SSARS 25 and the materiality standards.

Effective Date:
The amendments made by SSARS 25 are effective for engagements performed in accordance with SSARSs on financial statements for periods ending on or after December 15, 2021, with early implementation permitted.

For more information, click here.

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Joint Ventures – FASB Discusses Nonmonetary Asset Contributions to Joint Ventures

Summary - As reported in its “Summary of Board Decisions” publication, the FASB met on January 22, 2020, and began its initial deliberations on its accounting by a joint venture for nonmonetary assets contributed by investors project. The FASB directed the staff to continue research on various alternatives for recognizing and measuring nonmonetary assets contributed to a joint venture in a joint venture’s financial statements.

For more information, click here.

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FASB Discusses Segment Reporting 

Summary - As reported in its "Summary of Board Decisions" publication, the FASB met on December 19, 2018, and discussed feedback received on the 2018 segment aggregation study. That study considered alternatives to improve the aggregation criteria and the reportable segments process. The FASB acknowledged the challenges identified by participants in the study. Specifically, the FASB was concerned that the alternatives could increase the frequency of restatements of segment information in prior reporting periods. The FASB also was concerned about the incentive for entities to use the flexibility within the management approach to work around the alternatives. Overall, the FASB was not persuaded that the alternatives provided cost-beneficial solutions.

The FASB directed its staff to focus next on the segment disclosure requirements in order to facilitate a second segment reporting study. As part of that effort, the FASB staff will analyze options to improve how the management approach applies to the segment disclosure requirements, specifically, the meaning of “regularly reviewed” information. The staff plans to bring that analysis to the FASB at a later date. The FASB plans to make technical decisions upon the conclusion of both studies.

For more information, click here.
© 2019 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Summary -  These amendments change presentation and disclosure requirements for not-for-profit entities to provide more relevant information about their resources (and the changes in those resources) to donors, grantors, creditors, and other users. 
These include qualitative and quantitative requirements in the following areas:
  • Net Asset Classes;
  • Investment Return;
  • Expenses;
  • Liquidity and Availability of Resources; and
  • Presentation of Operating Cash Flows.
Effective for Not-for-profit organizations for annual financial statements issued for fiscal years beginning after December 15, 2017, and for interim periods within fiscal years beginning after December 15, 2018. Application to interim financial statements is permitted but not required in the initial year of application. Early application of the amendments is permitted.
For more information, click here.

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FASB Discusses Simplifying the Balance Sheet

Summary - As reported in its "Summary of Board Decisions" publication, the FASB met on October 24, 2018, and continued redeliberations of proposed ASU, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). The FASB directed its staff to conduct additional research, focusing on a potential alternative that considers the contractual linkage between certain debt arrangements and unused long-term financing arrangements in place at the balance sheet date. That research also would consider the need to include other conditions within or surrounding that financing arrangement, such as the financial capability of the lender, the existence of a subjective acceleration clause, the required use of the proceeds, and the timing and terms of the arrangements.

The FASB also discussed the research project on the subsequent accounting for goodwill and the accounting for certain identifiable intangible assets in a business combination. The FASB decided to add a project to the technical agenda for not-for-profit entities and directed the staff to draft a proposed ASU for vote by written ballot to extend the amendments in ASU No. 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council), and ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council), to not-for-profit entities.

For more information, click here.

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Debt -- FASB Discusses Debt Classification and Other Matters

As reported in its "Summary of Board Decisions" publication, the FASB met on August 22, 2018, and continued redeliberations of proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). The FASB reached a number of decisions, including the following:

  • Reversed its previous decision that if a long-term financing arrangement is in place as of the balance sheet date (for example, an unused line of credit), the amount of current maturities for any other debt arrangements would be reduced by the unused amount of the long-term financing arrangement up to the amount of the current maturities and classified as a noncurrent liability. Therefore, an unused long-term financing arrangement in place at the balance sheet date should be disregarded in determining the classification of debt.
  • Clarified how to apply the debt classification principle when a debt covenant violation exists and the creditor provides a grace period. Specifically, the Board decided that when a borrower violates a provision of a long-term debt agreement and the creditor provides a specified grace period for the borrower to cure the violation, which makes the debt no longer callable at the balance sheet date, the borrower should classify the debt as a noncurrent liability.
  • To require an entity to disclose information when a borrower violates a provision of a long-term debt agreement and the creditor provides a specified grace period. That disclosure would be required when (1) the violation has not been cured before the financial statements are issued (or are available to be issued) and (2) the violation would make the long-term obligation callable.

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FASB Discusses Disclosure Framework and Other Issues

Summary As reported in its "Summary of Board Decisions" publication, the FASB met on May 2, 2018, and discussed board member views on the draft of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting-Chapter 8, Notes to Financial Statements. The Board indicated support for the draft.

The FASB also discussed revenue recognition of grants and contracts by not-for-profit entities. The FASB discussed the substantive external review and board member comments received on a draft of the final Accounting Standards Update, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, and agreed with the staff's analysis and approach for addressing those comments.

For more information, click here.
 
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Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income - FASB ASU No. 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220)

Summary - The FASB issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.

ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded.

The ASU requires financial statement preparers to disclose:

  • A description of the accounting policy for releasing income tax effects from AOCI;
  • Whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and
  • Information about the other income tax effects that are reclassified.

The amendments affect any organization that is required to apply the provisions of Topic 220, Income Statement—Reporting Comprehensive Income, and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP.

The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized.

For more information, click here.

© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

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Income Statement - Reporting  Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) - FASB ASU 2017-14

Summary - The FASB has issued Accounting Standards Update (ASU) No. 2017-14, Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606). ASU 2017-14 includes amendments to certain SEC paragraphs within the FASB Accounting Standards Codification (Codification). ASU 2017-14 amends the Codification to incorporate the following previously issued guidance from the SEC.
 
SEC Staff Accounting Bulletin (SAB) No. 116
The SEC issued SAB 116 to bring existing SEC staff guidance into conformity with the FASB's adoption of and amendments to ASC Topic 606, Revenue from Contracts with Customers. The SAB modified SAB Topic 13, Revenue Recognition, SAB Topic 8, Retail Companies, and Section A, Operating-Differential Subsidies, of SAB Topic 11, Miscellaneous Disclosure. ASU 2017-14 supersedes various SEC paragraphs and amends an SEC paragraph pursuant to the issuance of SAB 116.
 
SEC Interpretive Release on Vaccines for Federal Government Stockpiles (SEC Release No. 33-10403)
The SEC issued this release to update its 2005 Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile. The release stated that consistent with ASC Topic 606, manufacturers should recognize revenue for vaccines that are placed into the Vaccines for Children Program and the Strategic National Stockpile.  The release states that until a registrant adopts ASC Topic 606, it should continue referring to the guidance included in the 2005 Release. ASU 2017-14 supersedes various SEC paragraphs and adds an SEC paragraph pursuant to this guidance.

For more information, click here.
 
© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Income Statement - Reporting Comprehensive Income (Topic 220) - FASB Proposed ASU 2018-210

Summary The FASB has issued a proposed Accounting Standards Update (ASU) for public comment that is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the Act). Comments on the proposed ASU are due by February 2, 2018.
 
Stakeholders expressed concerns about current Generally Accepted Accounting Principles that required organizations to adjust deferred tax liabilities and assets after a change in tax laws or rates. It is expected that this proposed ASU will eliminate the stranded tax effects associated with the Act's change in the federal corporate income tax rate, while improving the usefulness of information reported to financial statement users.
 
If adopted as proposed, the amendments would require financial statement preparers to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act (or portion thereof) is recorded. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate.
 
In the period of the reclassification, organizations would be required to make the following transition disclosures:
  • The nature and reason for the change in accounting principle;
  • A description of the prior-period information that has been retrospectively adjusted; and
  • The effect of the change on affected financial statement line items.
If adopted as proposed, the amendments would be effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption would be permitted. Organizations would be required to apply the proposed amendments retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized.

For more information, click here.
 
© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern - FASB ASU 2014-15

Summary The amendments in ASU 2014-15 are intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures.
 
Under GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities.
 
Currently, GAAP lacks guidance about management's responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern or to provide related footnote disclosures.
 
This ASU provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes.

Effective - Effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued.

For more information, click here.
 
© 2018 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

Proposal on Simplifying the Classification of Debt in a Classified Balance Sheet Discussed

Summary Wolter Kluwer has added a GAAP Update Service that discusses the FASB's proposed guidance in Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent). The proposal is intended to improve financial reporting by simplifying guidance used to determine whether debt should be classified as current or noncurrent in a classified balance sheet. The proposed amendments would replace the existing, fact-specific guidance with an overarching, cohesive principle for debt classification that focuses on a borrower's contractual rights and obligations that exist as of the reporting date.
 
Under the proposal, a borrower would continue to classify its debt as noncurrent when a violation of a debt covenant has been waived, if a borrower receives a waiver before the financial statements are issued (or are available to be issued) and the waiver meets certain conditions. 

For more information, click here.
 
© 2017 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

FASB Discusses Disclosure Framework and Other Matters

Summary As reported in its "Summary of Board Decisions" publication, the FASB met on November 1, 2017, and discussed issues related to the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting-Chapter 8: Notes to Financial Statements. The FASB reached a number of decisions, including the following:

  • The Concepts Statement would retain Appendix A, Decision Questions to Be Considered in Establishing Disclosure Requirements, with additional introductory language.
  • Information about the potential effects of changes in: (a) general economic conditions or market factors; or (b) entity- or sector-specific factors on a line item should be removed from the chapter as disclosures that the FASB should consider in establishing disclosure requirements.
  • Future-oriented information is acceptable for disclosure when it is information about estimates and assumptions used as inputs to measurements; it is not acceptable when it is information about the effect of specified future changes in existing conditions on specific line items.
  • The discussion of information about existing plans and strategies should be limited to those that affect recognition and measurement.
  • The Concepts Statement would retain the concepts on interim disclosures
For more information, click here.
 
© 2017 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

FASB Accounting Standards Update No. 2017-03 - Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323)

Summary - The FASB has issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. The amendments add paragraph 250-10-S99-6 which includes the text of “SEC Staff Announcement: Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of a Registrant When Such Standards Are Adopted in a Future Period (in accordance with Staff Accounting Bulletin [SAB] Topic 11.M).”

For more information, click here.

© 2017 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

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FASB Proposed Accounting Standards Update 2017-200 - Debt (Topic 470) - Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent)

Summary - The FASB has issued a proposed Accounting Standards Update, Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent), with comments due by May 5, 2017. The proposal is intended to improve financial reporting by simplifying guidance used to determine whether debt should be classified as current or noncurrent in a classified balance sheet. The proposed amendments would replace the existing, fact-specific guidance with an overarching, cohesive principle for debt classification that focuses on a borrower’s contractual rights and obligations that exist as of the reporting date.

Under the proposal, a borrower would continue to classify its debt as noncurrent when a violation of a debt covenant has been waived, if a borrower receives a waiver before the financial statements are issued (or are available to be issued) and the waiver meets certain conditions.

For more information, click here.

© 2017 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

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FASB Proposed Accounting Standards Update 2016-370 - Distinguishing Liabilities from Equity (Topic 480): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception

Summary - The FASB has issued proposed Accounting Standards Update, Distinguishing Liabilities from Equity (Topic 480): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Comments are due by February 6, 2017.

The amendments in Part I of the proposal would change the accounting for certain equity-linked financial instruments (or embedded features) with down round features. The proposed amendments would require that when determining whether certain financial instruments should be classified as liabilities or equity instruments, an entity would not consider the down round feature when assessing whether the instrument is indexed to its own stock. However, an entity would recognize the effect of the feature when triggered (i.e., when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) as follows:

  • For a financial instrument classified as equity, an entity would recognize the value of the effect of the down round feature in equity as a dividend.
  • For a financial instrument classified as a liability, an entity would recognize the value of the effect of the down round feature through a charge to net income.
  • For financial instruments with down round features that have been triggered during the reporting period, an entity would disclose that the feature has been triggered, the value of the effect of the down round feature being triggered, and the financial statement line item in which that effect is recorded.

The amendments in Part II of the proposal are a recharacterization of the indefinite deferral of certain provisions of Subtopic 480-10 that are currently presented as pending content in the Codification, to a scope exception. These amendments will not have an accounting effect.

For more information, click here.

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FASB Accounting Standards Update No. 2015-01 - Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items 

Summary - The amendments in ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. 

If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item.

Effective Date - Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. An entity that prospectively applies this ASU should disclose both the nature and the amount of an item included in income from continuing operations after adoption that adjusts an extraordinary item previously classified and presented before the date of adoption, if applicable.

For more information, click here.
 
© 2017 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.

FASB Proposed Statement of Financial Accounting Concepts - Concepts Statement 8 - Conceptual Framework for Financial Reporting - Chapter 7: Presentation

Summary -  The FASB has issued for public comment an exposure draft related to its conceptual framework presentation project. Comments are due by November 9, 2016.
 
The exposure draft, Conceptual Framework for Financial Reporting: Chapter 7: Presentation, describes proposed concepts related to how recognized items should be presented in a financial statement. This chapter will become a basis for the FASB when creating presentation requirements in future standards.
 
The proposal is designed to provide a foundation for future standards to enhance financial statement users' abilities to assess prospects for future cash flows by addressing how to:

  • Group individual recognized items into line items and subtotals; and
  • Clarify the relationships among assets, liabilities, and equity and the effects of related changes of those assets and liabilities on comprehensive income and cash flows.
"The Conceptual Framework is the foundation for resolving accounting and reporting questions," stated FASB Chair Russell G. Golden. "These proposals are intended to provide direction, structure and a basis for consistent Board conclusions when making standard setting decisions related to presentation."
 
The proposal is part of the FASB's larger conceptual framework project, which is also addressing measurement and disclosure concepts.

For more information, click here.

© 2016 CCH Incorporated and/or its affiliates. All rights reserved. Used with permission.