FASB Accounting Year in Review

Having recently completed several major long-term projects, the Financial Accounting Standards Board in 2017 shifted its attention to assisting stakeholders with implementing new standards and resolving practice issues.
Our year in review newsletter summarizes the year’s most significant changes in guidance, including:

• Clarifying the definition of a business
• Simplifying the goodwill impairment test
• Targeted improvements to hedge accounting requirements
• Simplifying the accounting for certain financial instruments with down round features

Our newsletter also discusses implementation of major new standards, previews what to expect in 2018, and summarizes the effective dates for all recently-issued accounting standards.