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Accounting & Audit Alert July 2014


 

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 On Revenue Recognition


The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) bringing to a conclusion its project to clarify principles for recognizing revenue. 

FASB Eliminates Development Stage Entity Guidance


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.

PCAOB Adopts Auditing Standard On Related Parties


The Public Company Accounting Oversight Board (PCAOB) has adopted a new auditing standard and amendments to other auditing standards to strengthen auditor performance requirements in three critical areas of the audit: related party transactions, significant unusual transactions, and a company's financial relationships and transactions with its executive officers.

GASB Issues Exposure Draft On Fair Value Measurement


The Governmental Accounting Standards Board (GASB) has issued for public comment an Exposure Draft of a proposed statement addressing accounting and financial reporting issues related to fair value measurements.

 

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