FASB Resources to Help Navigate and Apply Accounting Standards

Financial reporting during the time of COVID-19 can be a challenge. To assist its stakeholders, the Financial Accounting Standards Board (FASB) offers resources to help navigate accounting guidance and get answers to commonly asked questions about applying revenue recognition and other standards.

For information about how to apply guidance on revenue recognition, leases, or other recent major standards:

The FASB Implementation Web Portal is a “one-stop shop” for educational materials aimed at helping stakeholders implement major standards. The portal features sections devoted to revenue recognition, leases, and reference rate reform, among other standards.

For accounting guidance on pandemic-related issues:

The FASB COVID-19 Web Portal brings together in one place everything the FASB has done to help stakeholders apply guidance during this unique time. It includes links to educational materials, such as the FASB staff Q and A on accounting for lease concessions related to the effects of the pandemic; meeting recaps of pandemic-related discussions held by the FASB and its advisory groups; and due process/final documents aimed at improving pandemic-related guidance.

For assistance with specific accounting questions on standards:

The FASB Technical Inquiry service allows stakeholders to obtain clarification on existing accounting guidance. In addition to addressing stakeholders’ questions, this service helps the FASB identify recurring questions, themes, and issues that may need to be addressed more broadly.

For overviews of recent FASB activities while earning CPE credit:

Offered free of charge to stakeholders who pre-register, FASB CPE Webcasts are held on a variety of topics throughout the year.  For example, the FASB offers a biannual webcast titled IN FOCUS: FASB Update for Private Companies and Not-for-Profit Organizations held in June and December each year.

For information about inviting an FASB representative to speak at your upcoming event:

The FASB speaker request portal guides stakeholders, step by step, through the process of requesting FASB speakers—including an overview of our Terms and Conditions and other criteria for the acceptance of FASB speaking invitations. (Due to COVID-19, the FASB currently is accepting virtual speaking invitations only.)

For regular (1-3 times per week) updates on FASB meetings, decisions, and documents:

Sign up to receive the FASB’s Action Alert emails.

For periodic, high-level updates on FASB’s upcoming activities:

Sign up to receive The FASB Outlook e-newsletter.  Issued 3–4 times per year, which includes videos and articles that can be shared with your constituents. Quarterly features include “From the Chair’s Desk,” “For the Investor,” “On the Horizon,” and feature articles on important FASB activities/projects/standards.

For video overviews of FASB projects and documents:

Visit The FASB Video Vault, a library of high-level educational videos on various standards/topics.

For private company accounting issues:

The Private Company Council (PCC) advises the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda. To learn more about the PCC’s activities and how you can provide input on them, subscribe to PCC updates.

For information on FASB standards from the point of view of investors and other financial statement users, including creditors, guarantors, and other resource providers:

FASB Investor Education Videos explain how recent FASB standards affect financial reports.