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Accounting & Auditing Alert July 2021


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

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FASB Proposes Improvements To Discount Rate Guidance For Lessees

The FASB has issued an Exposure Draft, requesting comment by July 16, 2021, related to Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities to provide private companies, not-for-profit entities and employee benefit plans more flexibility in how the discount rate would be determined.


GASB Releases Implementation Guide No. 2021-1

The GASB has issued Implementation Guide No. 2021-1, Implementation Guidance Update – 2021. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.


GASB Releases Exposure Draft On Proposed Improvements For Accounting Changes And Error Corrections

Accounting changes and error corrections are covered in Statement No. 62: Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. 


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