2016

Center for Plain English Accounting Alerts - 2016 

In addition to monthly reports, the CPEA issues brief “alerts” related to the “release” of authoritative accounting and attest literature and implementation material associated with this literature. The 2016 alerts reside on this page. Also, this page will contain news about CPEA services and membership as well as upcoming member events.

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New Guidance Related to Revenue Recognition AICPAs Revenue Recognition Guide & ASU 2016-20

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

News 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

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