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FASB makes technical corrections and improvements to Codification

Jul 17, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-09, “Codification Improvements.”

The ASU’s amendments “clarify, correct errors in, or make minor improvements to the Codification.” Specifically, the ASU makes improvements to the following ASC topics:

  • ASC 220-10, Income Statement — Reporting Comprehensive Income.
  • ASC 470-50, Debt — Modifications and Extinguishments.
  • ASC 480-10, Distinguishing Liabilities From Equity.
  • ASC 718-740, Compensation — Stock Compensation — Income Taxes.
  • ASC 805-740, Business Combinations — Income Taxes.
  • ASC 815-10, Derivatives and Hedging.
  • ASC 820-10, Fair Value Measurement.
  • ASC 940-405, Financial Services — Brokers and Dealers — Liabilities.
  • ASC 962-325, Plan Accounting — Defined Contribution Pension Plans — Investments — Other.

For more in­for­ma­tion, see the ASU on the FASB’s Web site.

FASB discusses interim reporting disclosures

Jul 12, 2018

At its July 11, 2018, meeting, the FASB discussed its project on interim reporting disclosures and directed its staff to develop principles for interim disclosure and to conduct additional research related to the project.

For more in­for­ma­tion, see the tentative Board decisions on the FASB’s Web site.

SEC updates EDGAR filer manual and technical specifications

Jul 09, 2018

The SEC has implemented Release 18.2 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual. The release updates volume II of EDGAR as well as various technical specifications.

In addition, as a result of the release, the EDGAR system will no longer support the 2016 GAAP Taxonomy.

For more in­for­ma­tion, see the announcement on the SEC’s Web site.

Investor Advisory Committee holds June 2018 meeting

Jul 03, 2018

At its June 28, 2018, meeting, the FASB’s Investor Advisory Committee (IAC) discussed emerging issues and trends, income tax reform, the FASB’s ongoing project efforts, and the FASB’s disclosure review research project.

The next IAC meeting is scheduled for November 29, 2018. For more information, see the meeting recap on the FASB’s Web site.

PCC holds June 2018 meeting

Jul 03, 2018

At its June 26, 2018, meeting, the Private Company Council (PCC) discussed feedback received on various topics from participants at recent Town Hall meetings as well as the EITF’s consensus on cloud computing, its outreach related to share-based compensation, revenue recognition implementation issues, the balance sheet classification of debt, and the FASB’s project to reorganize consolidation guidance.

The next PCC meeting is scheduled for October 9, 2018. For more information, see the meeting recap on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.