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Accounting & Audit Alert June 2015


 

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


FASB Proposes Deferring Effective Date Of New Revenue Recognition Standard


The Financial Accounting Standards Board (FASB) has issued an Exposure Draft which proposes deferring the effective date for the new revenue recognition standard established by Accounting Standards Update (ASU) 2014-09.  This deferral would apply to both public and nonpublic entities.

FASB Proposes Further Guidance Related To Revenue Recognition


The Financial Accounting Standards Board (FASB) has issued an Exposure Draft which proposes clarifications to the revenue recognition guidance issued in 2014.  These proposals are a result of issues that have emerged from discussions of the Transition Resource Group for Revenue Recognition.

FASB Issues Guidance For Employers With Defined Benefit Plans


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2015-04, Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.  The FASB undertook this project as part of an on-going effort to reduce complexity in accounting standards. 

FASB Issues Guidance On Fees Paid In A Cloud Computing Arrangement


In Accounting Standards Update (ASU) 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, the Financial Accounting Standards Board (FASB) issued accounting guidance for fees paid by customers in a cloud computing arrangement. 

FASB Simplifies Fair Value Disclosures For Investments In Certain Entities That Calculate Net Asset Value Per Share


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient.

FASB Issues Proposal For The Derecognition Of Certain Prepaid Stored-Value Cards


The Financial Accounting Standards Board (FASB) has issued an Exposure Draft, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards.   The proposal would provide guidance to issuers of certain prepaid stored-value cards on how and when to derecognize liabilities associated with those cards for breakage. Breakage is the dollar value of prepaid cards that is not redeemed by cardholders.

FASB Issues Proposed Amendments To Employee Benefit Plan Accounting


The Financial Accounting Standards Board (FASB) has issued for public comment a document that includes three proposed Accounting Standards Updates to address suggestions submitted by stakeholders on how to reduce complexity in employee benefit plan accounting, which is consistent with the FASB’s Simplification Initiative. 

FASB Proposes Changes To The Not-For-Profit Financial Statement Reporting Model


The Financial Accounting Standards Board (FASB) has issued an Exposure Draft that would substantially revise the format and content of the financial statements of not-for-profit organizations. 

 

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