ASU 2017-04 Simplified Goodwill Impairment Testing for All
ASU 2017-04 eliminates Step 2 from the goodwill impairment test currently prescribed in U.S. GAAP.
Published on January 31, 2017
Center for Plain English Accounting Alerts - 2017
The 2017 Plain-English alerts are related to the release of authoritative accounting and attest literature and implementation guides associated with monthly reports.
Published on January 31, 2017
ASU 2017-02 Clarifying Not-for-Profit Consolidation
ASU 2017-02 provides clarity for consolidation once the amendments in ASU 2015-02 become effective.
Published on January 18, 2017
ASU 2017-01 Revising the Definition of a Business in U.S. GAAP
ASU 2017-01 amends FASB ASC 805 and it narrows the definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business.
Published on January 13, 2017
New Guidance Related to Revenue Recognition AICPAs Revenue Recognition Guide & ASU 2016-20
On December 21, 2016, both the AICPA and the FASB released guidance related to implementing the new revenue recognition standard.
Published on January 03, 2017
ASU 2016-18 Guidance about Restricted Cash in the Cash Flows Statement
ASU 2016-18 provides specific guidance on the cash flow classification and presentation of changes in restricted cash and restricted cash equivalents.
Published on November 22, 2016
ASU 2016-17 VIE Model Interests Held through Related Parties under Common Control
ASU 2016-17 amends the consolidation guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that
Published on October 31, 2016
ASU 2016-16 Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory
The amendments in ASU 2016-16 eliminate the prohibition for intra-entity transfers of assets other than inventory but retain the prohibition for intra-entity transfers of inventory.
Published on October 27, 2016
ASU 2016-15 Clarifying Certain Cash Receipts and Cash Payments
ASU 2016-15 seeks to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows.
Published on August 30, 2016
ASU 2016-14 Amendments to Not-for-Profit Financial Statements
ASU 2016-14 represents the completion of the first phase of a two-phase project to amend NFP financial reporting requirements.
Published on August 25, 2016
ASU 2016-13 Financial InstrumentsCredit Losses
ASU 2016-13 requires the immediate recognition of estimated credit losses that are expected to occur over the life of many financial assets.
Published on June 22, 2016
FASB Issues ASU 2016-12
ASU 2016-12 addresses issues such as collectability, contract modifications, completed contracts at transition, and noncash considerations as they relate to the new revenue recognition standard.
Published on May 11, 2016
ASB Issues Interpretation No. 3 to AU-C Section 700
Interpretation No. 3 to AU-C Section 700 answers questions raised related to the implications for the auditor’s report when reporting on an audit conducted in accordance with both U.S. GAAS and the new and revised International Standards on Auditing when the auditor intends to refer to both sets of standards.
Published on April 11, 2016
ASB Issues SSAE No. 18
SSAE No. 18 is the culmination of the ASB’s project to redraft auditing and attestation standards to make them easier to read, understand, and apply. SSAE No. 18 redrafts and supersedes all SSAEs except AT 701 and AT 501.
Published on April 05, 2016
ASU 2016-09 Simplifications to Employee Share-Based Payment Accounting
ASU 2016-09 affects all entities that issue share-based payment awards to their employees.
Published on April 04, 2016