CPAJ News Briefs: FASB and IASB updates for you

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Article Summary


Key Points:

  • FASB backpedaled on prior decisions to tailor an international accounting standard on government grants for U.S. GAAP.
  • The ISSB’s new sustainability disclosure standards are being implemented.

In the latest article from The CPA Journal, FASB has made the decision to tailor an international accounting standard on government grants for U.S. GAAP. The board voted 6 to 1, with board member Christine Botosan dissenting, citing the need to address accounting differences in the U.S. capital marketplace. The board will leverage the International Accounting Standard (IAS) 20 and make revisions in areas such as scope, recognition threshold, and cash flow statement presentation.

Additionally, the article discusses the formation of the newly reconstituted Emerging Issues Task Force (EITF), which will consist of 11 members from various accounting firms. The EITF will provide guidance on narrow issues and manage its own agenda under new operating procedures that aim to enhance efficiency in the interpretive process.

On the IASB side, the foundation has launched a search to fill two upcoming board vacancies. The IASB is seeking candidates with a strong understanding of financial accounting and reporting, strategic thinking skills, and the ability to represent the board effectively. Applications for these positions should be submitted by May 31, 2024.

Overall, the article highlights important developments in accounting standards and the ongoing efforts to improve transparency and efficiency in the accounting profession.

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