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The Financial Accounting Standards Board has issued a proposed accounting standards update for service concession arrangements, focused on determining the customer of the operation services. The proposal, which was released on Friday, November 4, comes from the FASB’s Emerging Issues Task Force. It involves service concession arrangements. These are arrangements between a public sector entity… Read More


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The Financial Accounting Standards Board has issued a proposed accounting standards update for improving the financial reporting for long-term insurance, contracts, including life insurance, disability income, long-term care and annuities. The exposure draft for the new standard includes proposals for improving the timeliness of recognizing changes in the liability for future policy benefits by requiring… Read More


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The Federal Accounting Standards Boards (FASAB) issued a proposal on Money that would change lease accounting for federal government entities. Proposed Statement of Federal Financial Accounting Standards (SFFAS), Leases: An Amendment of SFFAS-5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and equipment, is designed to provide relevant and… Read More