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Accounting & Audit Alert April 2016


 

RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


FASB Removes Effective Dates And Preferability Assessment For Private Company Guidance


The FASB has issued ASU 2016-03 which eliminates the effective dates and allows a private company to forgo a preferability assessment the first time it elects any of the following four private company accounting alternatives. 

FASB Issues ASU For The Derecognition Of A Prepaid Stored-Value Product Liability


The FASB has issued an ASU titled, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards.

FASB Issues Guidance Related To Novations On Existing Hedge Accounting Relationships


The FASB has issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. 

GASB Issues Guidance On Blending Certain Component Units Into Financial Statements


The GASB has issued Statement No. 80 which is designed to clarify how certain component units incorporated as not-for-profit corporations should be presented in a state or local government’s financial statements. The statement further clarifies the display requirements in GASB Statement No. 14, The Financial Reporting Entity.

 

Readers should not act upon information presented without individual professional consultation.