Need to Know: Implementing New Standards

An important part of the FASB’s mission of developing high-quality standards is monitoring implementation. The FASB accomplishes this by assisting preparers and other practitioners in their understanding and ability to consistently apply new standards.
Last month the FASB launched a new implementation web portal that acts as a “one-stop-shop” for educational materials and implementation guidance for FASB’s major standards.

Last month the FASB launched a new implementation web portal that acts as a “one-stop-shop” for educational materials and implementation guidance for FASB’s major standards.

The portal contains links to implementation guidance for the following:
The FASB Technical Inquiry Service, a service provided by FASB staff to answer questions submitted by stakeholders about various standards
The educational resources section for each of the above topics also includes an easy-access link to the FASB Technical Inquiry Service, a service provided by FASB staff to answer questions submitted by stakeholders about various standards. Questions submitted through the portal also help staff members identify ways to make accounting standards easier to use and understand. Other resources include links to FASB In Focus and Understanding Costs and Benefits documents, videos and investor podcasts, and Taxonomy implementation information.

For standards with Transition Resource Groups (TRGs)—Revenue Recognition and Credit Losses—the portal contains links to all TRG materials. These include meeting minutes that contain solutions to commonly expressed stakeholder questions.

For the Leases and other standards that do not have TRGs, other materials are highlighted. For example, the Leases portal includes links to four educational videos, including three specifically focused on implementation:
The FASB also produced a video that provides an overview of how the FASB supports implementation of all its standards.
The Leases and other portals will be updated with new educational resources as they become available.

To launch the new portal, the FASB also produced a video that provides an overview of how the FASB supports implementation of all its standards.

In the coming weeks, the portal also will feature a link to the new FASB speaker request portal where organizations can request FASB speakers on various topics.