List of FASB pronouncements - Wikipedia
Generally Accepted Accounting Principles (GAAP or U.S. GAAP) is the accounting standard . FASB previously had 4 major types of publications: Statements of standards. There have been around 50 interpretations published to date. IFRS Standards and U.S. GAAP comparison. .. Listing of pre-codification U.S. GAAP standards. The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting , U.S. Steamship Entities 25, Recognition, 65, Transition and Open Effective Date Information were issued as FASB Statements, FASB Interpretations, FASB Staff Positions, or other types of FASB standards.
Update —Income Taxes Topic Intra-Entity Transfers of Assets Other Than Inventory [Download] October For public business entities, the amendments are effective for annual reporting periods beginning after December 15,including interim reporting periods within those annual reporting periods.
For all other entities, the amendments are effective for annual reporting periods beginning after December 15,and interim reporting periods within annual periods beginning after December 15, Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements interim or annual have not been issued or made available for issuance.
That is, earlier adoption should be in the first interim period if an entity issues interim financial statements. Classification of Certain Cash Receipts and Cash Payments a consensus of the Emerging Issues Task Force [Download] August Effective for public business entities for fiscal years beginning after December 15,and interim periods within those fiscal years.
List of FASB pronouncements
An entity that elects early adoption must adopt all of the amendments in the same period. Update —Not-for-Profit Entities Topic Presentation of Financial Statements of Not-for-Profit Entities August Effective for annual financial statements issued for fiscal years beginning after December 15,and for interim periods within fiscal years beginning after December 15, Application to interim financial statements is permitted but not required in the initial year of application.
Early application of the amendments is permitted. The amendments should be initially adopted only for an annual fiscal period or for the first interim period within the fiscal year of adoption.
Securities and Exchange Commission SEC filers, the amendments in this Update are effective for fiscal years beginning after December 15,including interim periods within those fiscal years. For all other public business entities, the amendments in this Update are effective for fiscal years beginning after December 15,including interim periods within those fiscal years.
For all other entities, including not-for-profit entities and employee benefit plans within the scope of Topics through on plan accounting, the amendments in this Update are effective for fiscal years beginning after December 15,and interim periods within fiscal years beginning after December 15, All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15,including interim periods within those fiscal years.
Update —Revenue from Contracts with Customers Topic The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic and any other Topic amended by Update The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic and any other Topic amended by Update Improvements to Employee Share-Based Payment Accounting [Download] March For public business entities, the amendments are effective for annual periods beginning after December 15,and interim periods within those annual periods.
For all other entities, the amendments are effective for annual periods beginning after December 15,and interim periods within annual periods beginning after December 15, Early adoption is permitted for any entity in any interim or annual period.
The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements of Update Simplifying the Transition to the Equity Method of Accounting [Download] March Effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method.
Earlier application is permitted. Update —Derivatives and Hedging Topic Contingent Put and Call Options in Debt Instruments a consensus of the Emerging Issues Task Force [Download] March For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15,and interim periods within those fiscal years.
Most debts and securities are now reported at market values. Companies should record revenue when earned but not when received. The flow of cash does not have any bearing on the recognition of revenue. This is the essence of accrual basis accounting. Conversely, however, losses must be recognized when their occurrence becomes probable, whether or not it has actually occurred.
Expenses have to be matched with revenues as long as it is reasonable to do so. Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution to revenue. Only if no connection with revenue can be established, cost may be charged as expenses to the current period e. This principle allows greater evaluation of actual profitability and performance shows how much was spent to earn revenue.
Depreciation and Cost of Goods Sold are good examples of application of this principle.
The amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use. Information disclosed should be enough to make a judgment while keeping costs reasonable.
Information is presented in the main body of financial statements, in the notes or as supplementary information Constraints[ edit ] Objectivity principle: An item is considered significant when it would affect the decision of a reasonable individual.
It means that the company uses the same accounting principles and methods from period to period. The benefits of reporting financial information should justify and be greater than the costs imposed on supplying it. In the departure, the member must disclose, if practical, the reasons why compliance with the accounting principle would result in a misleading financial statement. Under Rule Departures from Established Accounting Principles, the departures are rare, and usually take place when there is new legislation, the evolution of new forms of business transactions, an unusual degree of materiality, or the existence of conflicting industry practices.
The quality control policies and procedures applicable to a firm's accounting and auditing practice should include elements such as: A firm's system of quality control should provide the firm and investors with reasonable assurance that the firm's partners and staff are complying with the applicable professional standards and the firm's standards of quality.
Historically, audit firms have developed internal quality control systems based on their domestic operations. However, as clients of audit firms have shifted their focus to global operations, audit firms have followed suit and now operate on a world-wide basis.
Therefore, quality controls within audit firms that rely on separate national systems may not be effective in a global operating environment. We are concerned that audit firms may not have developed and maintained adequate internal quality control systems at a global level.
Profession-Wide Quality Assurance The accounting profession should have a system to ensure quality in the performance of auditing engagements by its members. Necessary elements of the system include: In some jurisdictions the local accounting profession may have a system of quality assurance. However, structures focused on national organizations and geographic borders do not seem to be effective in an environment where firms are using a number of affiliates to audit enterprises in an increasingly integrated global environment.
Active Regulatory Oversight The U. Each of these elements is essential to the success of a high quality financial reporting framework.
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This oversight reinforces the development of high quality accounting and auditing standards and focuses them on the needs of investors. It provides unbiased third party scrutiny of self-regulatory activities.
Regulatory oversight also reinforces the application of accounting standards by registrants and their auditors in a rigorous and consistent manner and assists in ensuring a high quality audit function. The form and content requirements for financial statements filed with the Commission are set forth in Regulation S-X.
A foreign private issuer using accounting standards other than U. GAAP must provide an audited reconciliation to U. For example, we have amended our requirements for financial statements of foreign private issuers to permit use of certain IASC standards without reconciliation to U.
By requiring a U. GAAP reconciliation, with the exceptions noted above, we do not seek to establish a higher or lower disclosure standard for foreign companies than for domestic companies.
Rather, the objective of this approach is to protect the interests of U. GAAP reconciliation requirement requires foreign issuers to supplement their home country financial statements. The total number of foreign reporting companies increased from in to approximately 1, currently. Towards Convergence of Accounting Standards in a Global Environment In the past, different views of the role of financial reporting made it difficult to encourage convergence of accounting standards.
Now, however, there appears to be a growing international consensus that financial reporting should provide high quality financial information that is comparable, consistent and transparent, in order to serve the needs of investors.
Over the last few years, we have witnessed an increasing convergence of accounting practices around the world. A number of factors have contributed to this convergence. First, large multinational corporations have begun to apply their home country standards, which may permit more than one approach to an accounting issue, in a manner consistent with other bodies of standards such as IASC standards or U.
Second, the IASC has been encouraged to develop standards that provide transparent reporting and can be applied in a consistent and comparable fashion worldwide. Finally, securities regulators and national accounting standard-setters are increasingly seeking approaches in their standard-setting processes that are consistent with those of other standard-setters.
If convergence of disclosure and accounting standards contributes to an increase in the number of foreign companies that publicly offer or list securities in the U. GAAP requires, current disparities in accounting practices may be a reason foreign companies do not list their securities on U. As Congress has recognized, [E]stablishment of a high quality comprehensive set of generally accepted international accounting standards would greatly facilitate international financing activities and, most importantly, would enhance the ability of foreign corporations to access and list in the United States markets.
GAAP, as a result of improvements in the quality of information available to both management and shareholders as a result of reporting under U. Investors benefit when they have the ability to compare the performance of similar companies regardless of where those companies are domiciled or the country or region in which they operate.
Over the years, we have realized that foreign companies make their decisions about whether to offer or list securities in the United States for a variety of economic, financial, political, cultural and other reasons.
Many of these reasons are unrelated to U. These companies have indicated that they have forgone listing in the United States rather than follow accounting standards that they have not helped formulate. Therefore, accepting financial statements prepared using IASC standards without requiring a reconciliation to U.
On the other hand, other factors could continue to deter foreign access to the U. For example, some foreign companies have expressed concern with the litigation exposure and certain public disclosure requirements that may accompany entrance into the U. Development of the Core Standards Project After studying issues relating to international equity flows, IOSCO noted that development of a single disclosure document for use in cross-border offerings and listings would be facilitated by the development of internationally accepted accounting standards.
The focus of IOSCO's involvement in the core standards project is on use of IASC standards by large, multinational companies for cross-border capital-raising and listing.
We request your views on whether the IASC standards: In responding to the requests for comment set forth below, please be specific in your response, explaining in detail your experience, if any, in applying IASC standards, and the factors you considered in forming your opinion. Please consider both our mandate for investor protection and the expected effect on market liquidity, competition, efficiency and capital formation. However, copies of the standards have been placed in our public reference rooms.
For your convenience, a listing of questions is included as Appendix A.
Generally Accepted Accounting Principles (United States) - Wikipedia
Are the Core Standards Sufficiently Comprehensive? The goal of the core standards project was to address the necessary components of a reasonably complete set of accounting standards that would comprise a comprehensive body of principles for enterprises undertaking cross-border offerings and listings. In developing the work program for the core standards project, IOSCO specified the minimum components of a set of "core standards" and identified issues to be addressed by the IASC.
Why or why not? GAAP for specialized industry issues in the primary financial statements or permit use of home country standards with reconciliation to U. Which approach would produce the most meaningful primary financial statements? Is the approach of having the host country specify treatment for topics not addressed by the core standards a workable approach? Is there a better approach? Why or Why Not? When we refer to the need for high quality accounting standards, we mean that the standards must result in relevant, reliable information that is useful for investors, lenders, creditors and others who make capital allocation decisions.