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Accounting & Audit Alert February 2015


 

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


FASB Eliminates The Concept Of Extraordinary Items


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2015-01: Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. 

FASB Proposes Guidance Related To Classification Of Deferred Taxes


The FASB has issued for public comment an Exposure Draft titled, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.  These proposed changes would simplify balance sheet presentation by requiring deferred tax liabilities and assets to be classified as noncurrent.

FASB Issues Exposure Draft On Tax Effects Of Intra-Entity Asset Transfers


The Financial Accounting Standards Board (FASB) has issued an Exposure Draft titled, Income Taxes (Topic 740): Intra-Entity Asset Transfers.

 

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