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

FASB proposed targeted changes to hedge accounting standards on Thursday that are designed to help statements provide an accurate depiction of how an organization manages risk. The board proposed that the economic results of an institution’s risk management activities would be portrayed more faithfully by: Expanding the use of component hedging for non-financial and financial… Read More

Finance chiefs will soon have an easier time accounting for stock-based employee compensation. The Financial Accountant Standards Board simplified U.S. accounting rules on how companies account for employee stock awards on March, 30, 2016. Under the amended rules, businesses must record discrepancies between tax accounting and financial reporting related to equity compensation on the income… Read More