FASB issued a proposal Tuesday that would realign the definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. Under current GAAP, an ...

A new FASB standard aligns the board’s definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums. Accounting Standards Update No. 2019-03, ...

The Financial Accounting Standards Board issued an accounting standards update Thursday for nonprofits, modifying the definition of the term “collections” to align it with the American Alliance of ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...

A “screen”. The “framework”. “Single or similar asset threshold”. Is anyone else scratching their head when they read the Financial Accounting Standards Board’s (FASB) new definition of a business?

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU 2017-1) that clarifies the definition of a business under Accounting Standards Codification Topic 805, ...

In 2015, FASB sent a number of stakeholders into a tizzy when it issued two exposure drafts, part of its disclosure framework project, intended to “clarify the concept of materiality.” After hearing ...

FASB has finalized new guidance to make it more clear when a particular transaction constitutes the purchase or sale of a business or just a collection of assets. Tammy Whitehouse has more.