Accounting Journal Entries
Deloitte Accounting Journal Entries briefly summarise the newest developments in US accounting standard setting, usually on the same day they occur.
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FASB reaches tentative decisions related to its project on last-of-layer hedging
22 Oct 2019
At its October 16, 2019, meeting, the FASB reached tentative decisions related to its project on last-of-layer hedging.
FASB votes to finalize ASUs on amendments to the effective dates for credit losses, derivatives and hedging, leases, and insurance standards
18 Oct 2019
At its meeting on October 16, 2019, the FASB concluded deliberations on two proposed Accounting Standards Updates (ASUs) related to the amended effective dates for (1) the credit losses, derivatives and hedging, and leases standards and (2) the insurance standard.
FASB considers feedback on proposed amendments to current expected credit losses standard
19 Sep 2019
At its September 18, 2019, meeting, the FASB discussed stakeholder feedback on its June 27, 2019, proposed Accounting Standards Update (ASU) that would amend certain aspects of the Board’s new credit losses standard, ASU 2016-13. The FASB also discussed agenda requests related to clarifying the interaction between ASC 805 and ASC 326.
Recent developments related to the assessment of Zimbabwe as a highly inflationary economy
13 Sep 2019
Zimbabwe has used bond notes pegged to the U.S. dollar (USD) as its local currency since 2009. Over the last year, the consumer price index (CPI) inflation in Zimbabwe began to rise. In February 2019, Zimbabwe reinstated a local currency, the Real Time Gross Settlement (RTGS) dollar, and allowed the value to float against the USD thus causing an acceleration of the increase in CPI inflation. As a result of the rising CPI, the cumulative three-year inflation rate for the period ended June 30, 2019, now exceeds 100 percent.
FASB reaches tentative decisions on proposed improvements to hedge accounting
05 Aug 2019
At its July 31, 2019, meeting, the FASB reached tentative decisions related to proposed Codification improvements to the hedge accounting guidance.
FASB votes to finalize ASU on the accounting for share-based consideration payable to a customer
01 Aug 2019
At its meeting on July 31, 2019, the FASB discussed feedback on its proposed Accounting Standards Update (ASU) on the accounting for share-based consideration payable to a customer.
FASB discusses reference rate reform: Facilitation of the effects of the interbank offered rate transition on financial reporting
22 Jul 2019
At its July 17, 2019, meeting, the FASB continued to discuss its reference rate reform project.
FASB further clarifies accounting for impairment of operating lease receivables
18 Jul 2019
On July 17, 2019, the FASB discussed, in a non-decision-making meeting, accounting for impairment of operating lease receivables.
FASB discusses reference rate reform, distinguishing liabilities from equity, and the conceptual framework
26 Jun 2019
At its June 19, 2019, meeting, the FASB discussed (1) reference rate reform, (2) distinguishing liabilities from equity, and (3) conceptual framework.
FASB discusses proposed improvements to measurement of credit losses
05 Jun 2019
At its meeting today, the FASB decided to issue a proposed ASU on improvements to measurement of credit losses.
FASB tentatively approves targeted improvements to accounting for hedging activities
16 May 2019
At its May 8, 2019, meeting, the FASB reached tentative decisions related to certain implementation issues of ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities."
FASB adds projects to EITF technical agenda at agenda prioritization Board meeting
10 May 2019
At its May 8, 2019, meeting, the FASB decided to add the following two projects to the Emerging Issues Task Force’s (EITF’s) technical agenda: (1) Financial Instruments — Clarifying the Interactions Between Topic 321 and Topic 323; and (2) Revenue Recognition — Contract Modifications of Licenses of Intellectual Property.
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