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Accounting & Auditing Alert January 2020


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


FASB Issues Narrow-Scope Improvements to Credit Losses Standard

The FASB has issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The FASB previously issued ASU 2016-13, which created Topic 326 regarding the reporting of credit losses on financial assets.


FASB Issues Proposed Accounting Standards Update – Codification Improvements

As a part of the FASB’s standing project to address suggestions received from stakeholders and to make other incremental improvements to GAAP, the FASB has issued an Exposure Draft, Codification Improvements, that includes technical corrections, clarifications to guidance, simplifications to wording, and other minor improvements.


GASB Proposes Implementation Guidance For New Pronouncements

The GASB issued an Exposure Draft that contains implementation guidance containing questions and answers intended to clarify, explain, or elaborate on various standards including the financial reporting entity, fiduciary activities, leases, external investment pools, asset retirement obligations, and conduit debt obligations.


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