Next stage for disclosure rules to start with March roundtable.
FASB plans to move cautiously as it continues its overhaul of U.S. GAAP's disclosure requirements in 2017. In the coming year, the board plans to hold a roundtable of the proposed changes to the disclosure rules for income taxes, inventory, fair value measurements, and pensions. FASB wants to make sure its decisions about the revised disclosure requirements are consistent throughout its body of standards, and it expects to take no definitive action before March.
Requests for lease accounting implementation guidance rejected.
On November 30, FASB said it will not amend its lease accounting standard to answer recent questions about its implementation. Board members are advising financial professionals to refer to the standard, issued in February, when they need to clear up an issue. The standard, which goes into effect in 2019 for public companies, requires those companies to report on their balance sheets their leased office space, storefronts, vehicles, and equipment as assets and the rent they owe on them as liabilities. “The guidance here is clear,” FASB member Marc Siegel said, “but people just don't like the answer.”