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Generally Accepted Accounting Procedures › FASB

Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles... more +
Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles are intended to create consistency in documentation across companies and industries. Consistent documentation assists investors to better analyze potential investments and assists regulators to detect potential fraud and/or wrongdoing. less -
Cooley LLP

What might the FASB be looking at for 2025?

Cooley LLP on

In the last couple of months of 2024, the FASB issued some “invitations to comment” intended to allow FASB stakeholders to express their views on whether or not the FASB should pursue the projects identified. It could well...more

Crunched Credit

The Administrative Illuminati in Pursuit of Command and Control (Or the Unmentionable in Hot Pursuit of the Inedible with...

Crunched Credit on

The way we regulate rarely works terribly well for the regulator or the regulated.  Yet, we keep doing it the same way…a subspecies of insanity to be sure.   As an example, has anyone out there in CRE land taken a gander at...more

WilmerHale

Segments, Taxes, SAB 74 and More

WilmerHale on

The Financial Accounting Standards Board (FASB) was quite active at the end of 2023 and published two notable Accounting Standards Updates (ASUs) that are expected to meaningfully affect public company disclosures regarding...more

Latham & Watkins LLP

FASB Adopts Changes to Accounting and Disclosure Standards for Digital Assets

Latham & Watkins LLP on

The new standard aims to improve accounting treatment of certain digital assets under GAAP and may pave the way for increased institutional adoption. On September 6, 2023, the Financial Accounting Standards Board (FASB)...more

Ballard Spahr LLP

FASB Proposes New Crypto Accounting Standards, SEC Alert Reinforces ‘Securities’ Enforcement Authority

Ballard Spahr LLP on

Summary - The past week was a busy one in the cryptocurrency sphere: The Financial Accounting Standards Board (FASB) proposed new standards for crypto assets, and the SEC released an alert urging investors to remain...more

Cooley LLP

The FASB issues new ASU on supply chain financing arrangements

Cooley LLP on

For several years, the SEC staff and advisory committees, credit rating agencies, investors, the Big Four accounting firms and other interested parties have been making noise about a popular financing technique called “supply...more

Cooley LLP

FASB plans to require supply chain financing disclosure beginning next year

Cooley LLP on

For several years, the SEC staff and advisory committees, credit rating agencies, investors, the Big Four accounting firms and other interested parties have been making noise about a popular financing technique called “supply...more

Cooley LLP

FASB issues proposed update on supply chain financing programs

Cooley LLP on

For over two years, the SEC staff and advisory committees, credit rating agencies, investors, the Big Four accounting firms and other interested parties have been making noise about a popular financing technique called...more

Opportune LLP

ASC 842: Implementing The New Lease Accounting Standard

Opportune LLP on

In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases. This new lease accounting standard (ASC 842) significantly impacts how private and public businesses across...more

Proskauer Rose LLP

Inclusion of Government Grants in EBITDA

Proskauer Rose LLP on

In response to the COVID-19 epidemic, the U.S. government has provided relief to companies through various grant programs. The receipt of these grant proceeds represents a meaningful lifeline to many companies and the...more

Mayer Brown

Financial Statement Disclosure of Supply Chain and other Trade Payables Programs

Mayer Brown on

Financial Statement Disclosure of Supply Chain and other Trade Payables Programs - Trade payables programs have in recent years increased greatly in popularity among both large and small companies. While originally the...more

White & Case LLP

Practical Tips to Prepare for Upcoming Quarterly Disclosures

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As companies close their books on the second quarter and prepare their second quarter disclosures, it is important to assess the continuing impact of COVID-19 on businesses, employees and financial results and provide...more

Morrison & Foerster LLP

Coronavirus (COVID-19): U.S. SEC Staff Statements On Public Company Disclosure And Financial Reporting

Morrison & Foerster LLP on

As the COVID-19 pandemic and the measures taken to prevent the spread of the disease continue to affect public companies, the staff of the Office of Chief Accountant and the Division of Corporation Finance of the U.S....more

Fox Rothschild LLP

The Ballad Of The Hare And The Tortoise: FASB Delays ASC 606

Fox Rothschild LLP on

Surprise! On April 8th, FASB delayed for one year the implementation of the new ASC 606 revenue recognition standards for private companies, citing the coronavirus pandemic. In addition to delaying implementation, FASB...more

Stinson - Corporate & Securities Law Blog

FASB Finalizes Guidance on LIBOR Reference Rate Reform Transition

Stinson - Corporate & Securities Law Blog on

FASB has issued an Accounting Standards Update (ASU) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform....more

Vedder Price

Highlights from 2019 ALI-CLE Accountants’ Liability Program

Vedder Price on

Junaid A. Zubairi, Chair of Vedder Price’s Government Enforcement and Special Investigations group, served as co-chair of the 2019 ALI-CLE Accountants’ Liability program on October 17 and 18, 2019 in Washington, DC. The...more

Stinson - Corporate & Securities Law Blog

FASB Issues Exposure Draft on LIBOR Transition

Stinson - Corporate & Securities Law Blog on

FASB has issued a proposed Accounting Standards Update, or ASU, to provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial...more

Troutman Pepper Locke

Capital Leases Are Dead; Long Live Finance Leases

Troutman Pepper Locke on

Starting in 2019, public companies will need to adopt the new lease accounting rules set forth in the new Financial Accounting Standards Board (FASB) standard ASC 842 (Leases). Originally published in Law360 - January 16,...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Business Owners–Did you really earn that revenue? The Authorities say “Not so FASB.”

Shumaker, Loop & Kendrick, LLP on

Thanks to a new revenue recognition standard implemented by the Financial Accounting Standards Board (FASB), formally titled “ASC 606, Revenue from Contracts with Customers” (“ASC 606”), the ability of business owners to...more

Thomas Fox - Compliance Evangelist

New Revenue Recognition Standard: What Does It Mean For Compliance?

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The new Revenue Recognition standard which may significantly impact the compliance profession, compliance programs and compliance practitioners going forward is here and ongoing in full force....more

King & Spalding

Covenants Reconsidered In Preparation for New Lease Accounting Rules (ASC 842; IFRS 16)

King & Spalding on

A joint effort by the Financial Accounting Standards Board (“FASB”) and the International Financial Reporting Standards Foundation (“IFRS”) will fundamentally reset the accounting treatment of leases under both US-GAAP and...more

King & Spalding

FASB Clarifies Revenue Recognition of Initial Franchise Fees (ASC 606)

King & Spalding on

This past Monday, November 5, 2018, the Financial Accounting Standards Board (“FASB”) published much-sought after guidance regarding the recognition of franchise fees under Accounting Standard Codification 606, Revenue...more

Opportune LLP

Commodity Hedging: Lessons Learned by Early Adopters of New Hedge Accounting Rules

Opportune LLP on

For public companies with a December 31, 2018, fiscal year-end, new hedge accounting rules will become effective on January 1, 2019. The FASB issued the new hedge accounting guidance on August 28, 2017, through Accounting...more

Bass, Berry & Sims PLC

FAQs on the SEC’s New Disclosure Simplification Rules

Bass, Berry & Sims PLC on

We previously blogged about the recent SEC disclosure simplification rules. As the rules have now been published in the Federal Register and are set to go effective on November 5, 2018, set forth below are some FAQs on the...more

Akerman LLP

SEC Amendments To Update And Simplify Disclosure Requirements Become Effective November 5, 2018

Akerman LLP on

On October 4, 2018, the Securities and Exchange Commission (the “Commission”) published the final rule adopting amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of...more

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