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Accounting & Audit Alert February 2013


 

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


FASB Issues Proposed Clarification To Fair Value Disclosure Exemption


The Financial Accounting Standards Board (FASB) has issued for public comment a proposed Accounting Standards Update (ASU) related to fair value disclosure requirements.

The proposed ASU is intended to clarify the scope and applicability of a disclosure exemption that is specific to nonpublic entities that resulted from the issuance of ASU No. 2011-04.

FASB Proposes Improvements To Accounting For Credit Losses On Financial Assets


The FASB has issued for public comment a proposal intended to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations.

The proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15), includes a new accounting model intended to require more timely recognition of credit losses, while also providing additional transparency about credit risk. Trade receivables, loans, debt securities, lease receivables and any other receivables that represent the contractual right to receive cash would generally be affected by the proposed ASU.

GASB Issues Statement No. 69, Government Combinations And Disposals Of Government Operations


The Governmental Accounting Standards Board (GASB) recently issued Statement No. 69 to provide guidance to state and local governments for combinations and disposals of government operations. This Statement will enable governments to determine if a combination is a government acquisition, a government merger, or a transfer of operations.

 

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