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Accounting & Audit Alert January 2015


 

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


FASB Issues Accounting Standards Update For Private Companies


The Financial Accounting Standards Board (FASB) has issued an update to U.S. Generally Accepted Accounting Principles that provides an alternative for private companies on accounting for intangible assets acquired in a business combination.  This Accounting Standards Update (ASU) had been proposed by the Private Company Council and subsequently endorsed by the FASB.  

FASB Issues Guidance On Pushdown Accounting


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-17, Business Combinations (Topic 805): Pushdown Accounting.

Mortality Assumptions In Benefit Obligations—Society Of Actuaries Issues New Mortality Tables


In 2009, the Society of Actuaries (SOA) undertook the task of revisiting U.S. mortality assumptions for pension plans. After releasing two exposure drafts on February 3, 2014, RP-2014 Mortality Tables and Mortality Improvement Scale MP-2014, the SOA has now finalized the results of its research. The final RP-2014 and MP-2014 reports issued on October 27, 2014 are largely unchanged from the exposure drafts and suggest materially increased life expectancies.

FASB Proposing To Clarify Disclosures For Investment Companies


The Financial Accounting Standards Board (FASB) recently published an Exposure Draft titled, Financial Services - Investment Companies (Topic 946): Disclosures about Investments in Other Investment Companies.

GASB Seeks Input On Fiduciary Responsibilities


The Governmental Accounting Standards Board (GASB) has issued for public comment a Preliminary Views, Financial Reporting for Fiduciary Responsibilities.

GASB Releases Preliminary Views On Leases


The Governmental Accounting Standards Board (GASB) has issued a Preliminary Views on major issues related to leases based on the principle that all leases are financings of the right to use an underlying asset.  This Preliminary Views is a first step towards issuing an Exposure Draft of a Statement of Governmental Accounting Standards but is not an Exposure Draft. 

 

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