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Accounting & Audit Alert December 2016


 

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


12/01/2016

FASB Issues ASU on Tax Effects of Intra-Entity Asset Transfers Other Than Inventory


The FASB has issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. The FASB undertook this project as part of its effort to simplify accounting standards.

12/01/2016

FASB Amends Consolidation Guidance


The FASB has issued ASU No. 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. The amendments in this ASU affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity (VIE) within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation – Overall, in certain situations involving entities under common control.

12/01/2016

FASB Proposes Technical Correction to ASU No. 2016-14 Related to Endowment Reporting


The FASB has published an Exposure Draft entitled Technical Correction to Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-Profit Entities – Endowment Reporting. The Exposure Draft would correct an error in the required elements of endowment disclosures for not-for-profit entities.

12/01/2016

FASB Seeks to Clarify Accounting for Service Concession Arrangements


In November 2016, the FASB issued the Exposure Draft, Service Concession Arrangements (Topic 853), Determining the Customer of the Operation Services. Stakeholders identified diversity in practice related to how an operating entity determines the customer of the operation services for transactions under service concession arrangements. This Exposure Draft is meant to clarify that diversity and reduce complexity of application of the guidance.

12/01/2016

GASB Proposes Additional Guidance For OPEB


The GASB has issued an Exposure Draft of the Implementation Guide for Statement No. 74 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB) which is designed to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 74. The implementation guidance would apply to the financial statements of all state and local governments.

 

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