FASB standard setting—Your cheat sheet to what's ahead in GAAP

While relatively few new accounting standards have been issued this year, the FASB has been busy, with several proposals expected before year end and other projects underway. We discuss key projects on the FASB's agenda, potential changes to US GAAP, and why companies should be paying attention during the development phase. We also explore how companies can get involved and provide feedback during the standard setting process.

Key topics and timestamps

• 2:24 – Cash equivalents, stablecoins, and disclosures
• 5:53 – Equity-linked instrument classification
• 10:58 – Equity method of accounting
• 15:52 – Debt modifications and extinguishments
• 22:06 – Goodwill impairment testing
• 25:21 – Fair value and contractual sale restrictions
• 26:00 – Transferable tax credits
• 27:34 – Business combinations and asset acquisitions
• 30:42 – Potential changes to the statement of cash flows
• 32:06 – Data infrastructure investments
• 33:16 – How companies can engage in FASB standard setting

Additional resources

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About our guests

Bret Dooley is a PwC National Office Deputy Chief Accountant who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. In his role, Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters. 

Jay Seliber is a partner in PwC’s National office. He leverages over 35 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, consolidation, divestitures, revenue recognition, investments, restructurings, impairments, stock compensation, earnings per share, and financing transactions.

About our guest host

Angela Fergason is PwC’s standard setting leader, managing PwC’s strategy for engaging in accounting standard setting activities. A partner in PwC’s National Office, Angela is an experienced consultant on technical accounting and financial reporting matters, specializing in revenue recognition, employee compensation, and emerging issues impacting the technology industry. 

Transcripts

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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