FASB issues US standards updates

Released 15 June 2020

The Financial Accounting Standards Board (FASB), has released updates for two standards, one relating to accounting for convertible instruments and the other to not-for-profit organisations, and is to delay the start-date for an insurance standard in light of the pandemic.

The first accounting standards update (ASU) aims to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.

The second ASU is intended to improve how not-for-profit organisations present and disclose contributed nonfinancial assets, also known as gifts-in-kind.

View Exposure Draft Not-for-Profit Entities (Topic 958).

View Exposure Draft Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40).

For further information, see the article by Pat Sweet on Accountancy Daily.

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