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Accounting & Auditing Alert December 2021


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

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FASB Approves Practical Expedient For Private Companies To Determine Current Price For Share-Based Awards

The FASB has issued ASU No. 2021-07, Compensation – Stock Compensation (Topic 715):   Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards. 

FASB Issues Improvement To Accounting For Acquired Revenue Contracts In A Business Combination

The FASB has issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.

FASB Improves Discount Rate Guidance For Lessees

The FASB has issued ASU 2021-09 - Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities. 

FASB Proposes Changes To Interim Disclosure Requirements 

The FASB has issued an Exposure Draft requesting comment by January 31, 2022 related to potential changes to disclosure requirements for interim reporting.

GASB Changes Name Of Report To “Annual Comprehensive Financial Report"

The GASB has issued Statement No. 98, The Annual Comprehensive Financial Report.  Many governments issue an annual financial reporting package which contains the basic financial statements, footnotes, required supplementary information, other supplementary information, and an introductory section and statistical section


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