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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.


07/01/2019

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.

07/01/2019

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.

07/01/2019

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

07/01/2019

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.