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
FASB Issues ASU 2016-08
ASU 2016-08 clarifies how an entity determines whether it is a principal or an agent when recognizing revenue.
Published on March 21, 2016
FASB Issues ASU 2016-06 and ASU 2016-07
ASU 2016-06 is intended to simplify the analysis of embedded derivatives for debt instruments that contain contingent put or call options. ASU 2016-07 eliminates the requirement to retroactively adopt the equity method of accounting and affects all entities that have an investment that becomes qualified for the equity method of
Published on March 18, 2016
FASB Issues ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships
This alert informs readers of the issuance of ASU 2016-05, which clarifys that a change in the counterparty to a derivative contract, in and of itself, does not require the dedesignation of a hedging relationship.
Published on March 14, 2016
ASU 2016-04 Recognition of Breakage for Certain Prepaid Stored-Value Products
ASU 2016-04 establishes that liabilities from the sale of certain prepaid stored-value products are financial liabilities and the unredeemed dollar value of those products should be accounted for in a manner similar to the breakage guidance in the new revenue recognition standard.
Published on March 11, 2016
ASU 2016-03 Removal of Preferability Assessment Related to PCC Alternatives
ASU 2016-03 makes the guidance in ASU 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of ASU
Published on March 08, 2016
ASU 2016-02 The New Lease Standard
ASU 2016-02 provides new guidance related to accounting for leases and supersedes existing U.S. GAAP on lease accounting. The main difference between the existing guidance on accounting for leases and the new standard is that operating leases will now be recorded in the statement of financial position as assets and
Published on February 29, 2016
SAS No. 131 Reporting when Conducting an Audit using PCAOB Standards
SAS No. 131 clarifies the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance the standards of the Public Company Accounting Oversight Board (PCAOB), but the audit is not under the jurisdiction of the PCAOB.
Published on January 21, 2016
Center for Plain English Accounting Alerts - 2016
The 2015 Plain-English alerts are related to the release of authoritative accounting and attest literature and implementation guides associated with monthly reports.
Published on January 14, 2016
ASU 2016-01 Accounting for Financial Instruments Recognition & Measurement
This alert informs readers of the issuance of ASU 2016-01.
Published on January 07, 2016
FASB Issues ASU 2015-17
This alert informs readers of the issuance of ASU 2015-17.
Published on November 23, 2015
ASB Issues SAS No. 130
This alert informs readers that the ASB issued SAS No. 130.
Published on October 29, 2015