The "targeted improvements" to the FASB Accounting Standards Codification are a part of an evergreen project focused on making incremental changes to GAAP. Public comments on the ASU, published ...

GAAP, or Generally Accepted Accounting Principles, accounting standards are created and administered by the Financial Accounting Standards Board (FASB) and governed by the U.S. Securities and ...

Reviewed by Chip Stapleton Fact checked by Suzanne Kvilhaug Despite major efforts by the Financial Accounting Standards Board ...

Currently, many businesses use International Accounting Standard (IAS) 20 as a reference for accounting government grants due to the absence of specific GAAP guidance. In 2022, the FASB issued an ...

The U.S. accounting standard setter decided against adding a new project to its priority agenda that would have considered ...

In the last couple of months of 2024, the FASB issued some “invitations to comment” intended to allow FASB stakeholders to express their views ...

FASB Q&As address application of taxonomy to pandemic disclosures FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the ...

The Financial Accounting Standards Board has posted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT).

The feedback is expected to improve financial accounting and reporting and aims to provide investors useful information.

Therefore, the ITC's discussions focus on targeted improvements rather than major overhauls of GAAP. The ITC and the agenda consultation process are designed to work alongside the FASB's formal ...