Highlights

No final accounting standard updates were issued in the first quarter of 2026. The FASB is expected to issue final accounting standard updates related to accounting for debt exchanges, environmental credit programs, initial measurement of PIK dividends on equity-classified preferred stock and application of Topic 715 to market-return cash balance plans in the second quarter of 2026. The FASB discussed feedback received in response to the 2025 Invitation to Comment (ITC), Agenda Consultation, and added projects to its technical agenda on the definition of common control and accounting for commodities and on targeted improvements to the accounting for certain hedges of interest rate risk and net foreign investments. Certain accounting pronouncements, including ASU 2024-04 and ASU 2025-05, became effective this quarter. Public companies will need to disclose the adoption impact of these accounting pronouncements in their Q1 Form 10-Q filings.

Previously Issued Accounting Standards Effective in 2026

Calendar year-end public business entities:

Exposure Drafts

There are no exposure drafts open for comment as of March 31, 2026.

Taxonomy Updates

• The FASB staff incorporated proposed taxonomy improvements into the Development Taxonomy for the Accounting Standards Update (ASU) 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.
• The U.S. Securities and Exchange Commission (SEC) has accepted the 2026 GAAP Financial Reporting Taxonomy (GRT) (including the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT)) and the 2026 SEC Reporting Taxonomy (SRT). The FASB also finalized the 2026 DQC Rules Taxonomy (DQCRT) and the 2026 GAAP Meta Model Relationships Taxonomy(MMT), which together with the GRT, the SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”
• The FASB incorporated proposed taxonomy improvements into the Development Taxonomy for the Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements.

Meetings

The following summarizes the various meetings with the FASB. Full recaps and more details can be found at FASB.org.

• The FASB met on January 14, 2026 to discuss adding a project to its technical agenda to address the discount rate used to measure the projected benefit obligation under Topic 715, Compensation—Retirement Benefits, for market-return cash balance plans.
• The FASB met on January 28, 2026 to discuss consolidation for business entities and accounting for asset retirement obligations and environmental obligations.
• The FASB met on February 4, 2026 to discuss accounting for commodities and adding a project to its technical agenda related to goodwill.
• The FASB met on February 25, 2026 to discuss feedback received on risk management and hedge accounting.
• The Private Company Council (PCC) met on March 3, 2026 to discuss PCC agenda priorities, subjective acceleration clauses, PCC research project on debt modifications and extinguishments and troubled debt restructurings, PCC research project on leases, and private company survey and academic research on private company financial reporting.
• The Financial Accounting Standards Advisory Council (FASAC) met on March 10, 2026 to discuss highlights on current hot topics, agenda consultation, FASB agenda decision criteria, current macro trends and economic outlook, and effects of the use of technology on standard setting.
• The Emerging Issues Task Force (EITF) met on March 12, 2026 to discuss “Mortgage Servicing Rights- Recapture.”
• The FASB met on March 18, 2026 to discuss accounting for debt exchanges and agenda prioritization for debt and equity.
• The Not-for-Profit Advisory Committee (NAC) met on March 19, 2026 to discuss emerging financial reporting issues in the NFP sector, agenda consultation focus on Topics from ITC and stakeholder feedback, post-implementation review of credit losses standard, and select FASB project updates for feedback.
• The FASB met on March 25, 2026 to discuss agenda prioritization for alternative funding arrangements, agenda prioritization for other agenda consultation topics, and codification improvements.