Center for Plain English Accounting News Alerts - 2012 

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 2012 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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FASB Issues ASU 2012-07 (FASB ASC 926) Impairment Analysis of Unamortized Film Costs

News Accounting Standards Update [ASU] 2012-07 amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 926, Entertainment – Films.
Published on October 25, 2012

FASB Issues ASU 2012-06 (FASB ASC 805) Indemnification Assets in Certain Business Combinations

News FASB Accounting Standards Update [ASU] 2012-06  amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 805, Business Combinations.
Published on October 24, 2012

FASB Issues ASU 2012-05 (FASB ASC 230) NFP Entities-Statements of Cash Flows

News FASB Accounting Standards Update [ASU] 2012-05 amends the guidance in FASB ASC 230 to address a practice diversity related to how preparers of NFP entity financial statements classify receipts arising from the sale of certain donated financial assets in the statement of cash flows.
Published on October 23, 2012

ASU 2012-04 Technical Corrections & Improvements

News FASB Accounting Standards Update [ASU] 2012-04 cover a wide range of topics in the FASB ASC, and were raised through the feedback mechanism.
Published on October 01, 2012

PCAOB Adopts Auditing Standard No. 16

News The PCAOB voted unanimously to adopt Auditing Standard No. 16.
Published on August 16, 2012

FASB Issues ASU 2012-02 Simplifying Impairment Testing for Certain Intangibles

News FASB Accounting Standards Update [ASU] 2012-02 amends requirements in FASB ASC 350 to simplify requirements for testing the decline in realizable value of indefinite-lived intangible assets other than goodwill.
Published on July 30, 2012

ASU 2012-01 (FASB ASC 954) Continuing Care Retirement Communities Accounting for Refundable Advance Fees

News FASB Accounting Standards Update [ASU] 2012-01 amends FASB ASC 954 related to deferred revenue.
Published on July 25, 2012

Planned New Guidance of Significance Compilation Engagements & Interpretation 101-3

News The ARSC voted to ballot an Exposure Draft that, once approved as final, will result in significant changes in many aspects of how compilation engagements are performed and how the reports will be written.
Published on June 11, 2012

Management Vie Assessments Some Compilation & Review Engagement Guidance

News TIS section 9150 Includes new questions and answers related to when management does not perform required assessments of affiliated entities to determine if they are VIEs that need to be consolidated in the financial statements.
Published on May 01, 2012

FAF Announces Post-Implementation Review Next Steps

News FAF announced the next set of authoritative guidance that will be subjected to the post-implementation review that is designed to assess whether intended financials reporting objectives established by the FASB and IASB are met.
Published on February 16, 2012

AICPA Releases Going Concern Alert

News The AICPA released and audit risk alert, Current Economic Crisis: Going Concern Considerations- 2012
Published on January 23, 2012

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