Denise Lugo

The FASB on March 21, 2024, published a narrow rule on profits interest awards that could mean change for some firms — causing them to have to switch to stock compensation accounting rules at a cost.

The FASB on April 3, 2024, voted 6 to 1 to tailor an international accounting standard on government grants and incorporate it into US GAAP — backpedaling on prior decisions that would have carved a different path of rules. Board academic Christine Botosan fervently dissented.

The nation's accounting rulemaker plans to propose rules this summer that would keep the boundaries of complex derivatives accounting rules in check.

The FASB on April 10, 2024, voted to issue a second proposal for interim disclosure rules, provisions companies would use to file quarterly reports with the SEC. Companies will get 90 days to comment.

Not-for-profit organizations should make sure they are providing good disclosures around the risk of big donors withdrawing contributions over “events going on around the world,” a FASB panel recently signalled.

The FASB's main advisers for private companies decided not to amend stock compensation disclosure rules, voting 8 to 3 to drop that effort. The decision comes after two years of study.

Companies will need to pursue business model changes aggressively to attract and retain top CPA talent, especially amid staff shortages, a study by Pennsylvania Institute of Certified Public Accountants (PICPA) said.

Private companies still find the accounting rules for debt modifications and extinguishments tough to understand, even with educational material the FASB issued a few years ago, board advisers signaled.

The FASB's trustees are pressing for firms to submit comments about the effectiveness of the Private Company Council (PCC), the body that works to amend GAAP for the largest business demographic in the US.

Questions have started to trickle in to firms about new FASB accounting rules for crypto assets, and the pace is expected to speed up, according to a panel discussion on May 2, 2024.