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Accounting & Audit Alert July 2016


 

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


06/27/2016

FASB Proposes Simplification For Measuring Goodwill Impairment


The FASB has issued an Exposure Draft entitled Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment. The Exposure Draft would simplify the process of measuring goodwill impairment in response to concerns from reporting entities and stakeholders about the cost and complexity of the goodwill impairment test.

06/27/2016

FASB Proposes Additional Guidance On Revenue Recognition


The FASB has issued an Exposure Draft titled, Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). This Exposure Draft is primarily intended to correct unintended application of guidance of Topic 606 and is not expected to have a significant effect on current accounting practice.

06/27/2016

FASB Proposes Guidance On Derecognition Of Nonfinancial Assets


The FASB recently issued an Exposure Draft titled Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The proposal is intended to clarify the appropriate application of the standards regarding asset derecognition and to provide guidance regarding partial sales of nonfinancial assets.

 

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