The FASB recently voted to proceed with plans for more than 30 revisions to the Accounting Standards Codification, the source of authoritative U.S. generally accepted accounting principles (GAAP). The board also authorized staff to draft a final update of the rules that it will vote on at a later meeting.
The changes aim to clarify how companies account for various issues, including earnings per share when there is a loss from continuing operations, excess treasury stock retirement and certain lease receivables that the board said should be excluded from enhanced disclosure requirements.
An FASB spokesperson said the amendments to the codification will be effective for public companies and other entities’ annual reporting periods beginning after Dec. 15, 2026, including interim reporting periods within those annual reporting periods. Read more.