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Accounting & Auditing Alert July 2019


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


FASB Issues Targeted Transition Relief For Topic 326, Financial Instruments—Credit Losses

In response to concerns regarding the transition to ASU 2016-13, the FASB’s recently issued ASU 2019-05 will allow entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis.


FASB Issues Guidance To Simplify Accounting For Goodwill And Certain Identifiable Intangible Assets For Not-for-Profits

The FASB has issued ASU 2019-06, Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities related to changes to the treatment of goodwill and certain other intangible assets for not-for-profit entities that will allow not-for-profit entities the same accounting alternatives made available to private for-profit companies.


GASB Issues Guidance Related To Conduit Debt Obligations

The GASB has issued GASB No. 91 Conduit Debt Obligations to provide a single method of reporting conduit debt obligations by issuers and eliminate the diversity in practice associated with the commitments, arrangements and related disclosures


GASB Issues Exposure Draft Related To Subscription-Based Information Technology Arrangements

The GASB has issued an Exposure Draft entitled Subscription-Based Information Technology Arrangements. The purpose of the Exposure Draft is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITA’s).


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