The Financial Accounting Standards Board in December rejected several agenda requests, including voting unanimously to reject a request to eliminate the held-to-maturity classification for debt securities. Before the vote, board members highlighted their reasons for rejecting the request, indicating that the current classification model, including HTM, is the preferred model and should not be eliminated.
The Financial Accounting Standards Board issued an accounting standards update to address what it said have been investor requests to provide more transparency about a company’s income taxes
A proposal by the Financial Accounting Standards Board to require more detailed information about expenses in public companies’ financial statements would not offer discernible benefits for the users of bank financial statements and instead would result in additional costs for all parties involved, ABA said.
ABA recommended several revisions to a proposed Financial Accounting Standards Board update concerning accounting for acquired financial assets.
ABA members have until Sept. 20 to submit comments to the Financial Standards Accounting Board on proposed changes to its accounting standards for purchased financial assets, as opposed to the 60-day comment period FASB originally proposed
ABA said it was generally pleased with a proposal by the Financial Accounting Standards Board to revise accounting standards to require certain cryptoassets be measured at fair value.
Existing income tax disclosures for investors, lenders and others who use financial statements to make capital allocation decisions are generally fair, and a proposal by the Financial Accounting Standards Board to expand those requirements wouldn’t improve a user’s assessment of the prospects for future cash flows, and may even lead to confusion and incorrect conclusions, ABA said in comments to FASB.
Financial Accounting Standards Board’s parent organization announced this week it would provide free, enhanced online access to the Accounting Standards Codification and the Governmental Accounting Research System.
The new plan outlines the goals that the organization will address during the next several years.
The Financial Accounting Standards Board today issued a proposed accounting standards update intended to improve accounting and disclosures for equity method investments in tax credit structures.