Presentations (15)
Simplifying the Transition to the Equity Method of Accounting On March 15, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-07, Investments—Equity Method and Joint Ventures (Topic 323); Simplifying the Transition to the Equity Method of Accounting. The narrowly scoped update simplifies accounting for all entities with investments...
Contingent Option Bifurcation Clarified On March 14, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-06, Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments. The ASU eliminates diversity in practice in assessing contingent put and call options embedded within certain debt instruments. The various...
Breakage Rules Finalized for Prepaid Cards On March 8, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-04, Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products. The prepaid card industry is a $500 billion industry and growing, and many consumers fail to redeem...
Public Companies – New Accounting Standards Effective for First Quarter 2016 If you’re a calendar-year company, you’ve likely just filed or are getting ready to file your U.S. Securities and Exchange Commission (SEC) Form 10-K. Now it’s almost the end of your first quarter; are you on top of the new accounting pronouncements that become effective this...
Clarification Proposed on Classification of Certain Cash Receipts & Payments On January 29, 2016, the Financial Accounting Standards Board (FASB) proposed several amendments affecting how entities report changes in cash and cash equivalents during a period; these are the first changes since the issuance of Statement No. 95, Statement of Cash Flows, in 1987. The proposed Accounting...
Proposal to Simplify Equity Method Accounting As part of its ongoing simplification initiative, the Financial Accounting Standards Board (FASB) has proposed eliminating the requirement that an equity method investor identify, allocate and disclose basis differences. An entity would recognize its equity method investments at cost, eliminating the need to determine the fair value of an...
Simplifying Classification of Deferred Taxes On November 20, the Financial Accounting Standards Board (FASB) updated U.S. generally accepted accounting principles (GAAP) to simplify presentation of deferred taxes. Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, amends Accounting Standards Codification Topic 740 (formerly FAS 109), Income Taxes, by...
Proposed Improvements to Disclosures About Government Assistance Background In its outreach with users, preparers and practitioners of both public and private companies, the Financial Accounting Standards Board (FASB) learned most stakeholders want additional transparency around financial reporting of government assistance arrangements that businesses enter into—including those...
Materiality Proposals Promote Discretion in Footnote Disclosures & Offer Board Clarity Entities historically have leaned toward overdisclosing for many reasons, including fear of external auditor objections, litigation and compliance risks and the requirement to communicate omissions of immaterial disclosures as errors to audit committees. This paper summarizes actions the Financial...
Pension Savings from New Mortality Data Last year, the Society of Actuaries (SOA) released the first new set of mortality tables and mortality improvement scales in more than 10 years. The tables highlighted longer life expectancies and faster increases in mortality improvements. With that release, SOA promised to update its data at least triennially. Subsequent to SOA’s update, the...
What You Need to Know – Changes in Financial Accounting Standards: 2015 What You Need to Know – Changes in Financial Accounting Standards: 2015 Table of Contents OVERVIEW ............................................................................................................................................................. 3 ACCOUNTING STANDARDS UPDATES...
Update to Consolidation Guidelines Update to Consolidation Guidelines Table of Contents INTRODUCTION ..................................................................................................................................................... 3 PROJECT TIMELINE...
Boards Move Closer to Completing Leases Project With the decisions made at their December 2014 and January 2015 meetings, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are nearing completion of redeliberations on the leases project. At the December 2014 meeting, the boards tentatively agreed on the definition of a lease. The boards decided...
GASB Issues Final Rules Governing Reporting for Postemployment Benefits Other Than Pensions GASB Issues Final Rules Governing Reporting for Postemployment Benefits Other Than Pensions Table of Contents EXECUTIVE SUMMARY ........................................................................................................................................... 3 GASB 75 – EMPLOYER...
GASB’s New Pension Standards GASB’s New Pension Standards Table of Contents BACKGROUND & OVERVIEW .................................................................................................................................. 3 ACCOUNTING OVERVIEW...
