Certified Public Accountants
& Business Consultants

Accounting & Auditing Alert April 2018


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


FASB Issues Corrections to Financial Instruments Guidance Resulting From ASU 2016-01

The FASB has issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose of the standard is to correct unintended application of guidance as it relates to ASU 2016-01, which covers the recognition and measurement of financial assets and liabilities.


FASB Revises SEC Guidance Within Codification

The FASB has issued ASU 2018-04, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273. The purpose of the ASU is to align SEC guidance in the codification with the revised provisions for the accounting for other-than-temporary impairment set forth in ASU 2016-01 – Recognition and Measurement of Financial Assets and Financial Liabilities.


FASB Proposes Update to List of Permissible U.S. Benchmark Interest Rates for Hedge Accounting

The FASB has issued an Exposure Draft that would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting.


FASB Proposes Improvements to Accounting for Costs of Implementation Activities Performed in Certain Cloud Computing Arrangements

The FASB has issued an Exposure Draft of proposed amendments to Subtopic 350-40 titled Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.


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