Heads Up

This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) Environmental Credits and Environmental Credit Obligations (Topic 818), which was released as part of the Board’s project on environmental credit programs.

This Heads Up summarizes insights from the 2024 AICPA & CIMA Conference on Current SEC and PCAOB Developments. The conference brings together key stakeholders to discuss developments, emerging issues, and trends in accounting, financial reporting, and auditing, as well as related matters. Among other topics discussed at this year’s conference, several speakers addressed how the SEC’s priorities are expected to shift because of the recent election and incoming administration.

This Heads Up discusses the FASB’s proposed Accounting Standards Update (ASU) Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities. The proposed ASU would amend ASC 326 to permit private companies and certain not-for-profit entities to elect a practical expedient and accounting policy related to their estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606.

This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2024-04, Induced Conversions of Convertible Debt Instruments. The ASU amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.

This Heads Up discusses the FASB’s Proposed Financial Accounting Standards Update (ASU) Accounting for Government Grants by Business Entities. The proposal would add guidance to ASC 832 on the recognition, measurement, and presentation of government grants.

This Heads Up discusses the FASB’s Invitation to Comment (ITC) Financial Key Performance Indicators for Business Entities. Comments on the ITC are due by April 30, 2025.