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Accounting & Audit Alert June 2016


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


FASB Provides Further Clarifications On Revenue Recognition Guidance

The FASB has issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing.


FASB Rescinds Certain SEC Staff Observer Comments

The FASB has issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.


FASB Issues Revenue Recognition Narrow-Scope Amendments And Practical Expedients

The FASB has issued Accounting Standards Update 2016-12, which is intended to improve the guidance on collectability, noncash consideration, and completed contracts at transition in the new revenue recognition standard. Additionally, the update provides an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.


FASB Issues Exposure Draft On Classification And Presentation Of Restricted Cash On The Statement Of Cash Flows

The FASB has issued an Exposure Draft titled, Statement of Cash Flows (Topic 230): Restricted Cash to eliminate diversity in practice in the classification and presentation of changes in restricted cash on the statement of cash flows.


FASB Proposes Technical Corrections And Improvements

The FASB has issued an Exposure Draft which would make technical corrections and improvements to the Accounting Standards Codification.


GASB Issues Guidance On Pension Issues

The GASB has issued Statement No. 82 titled, Pension Issues (an amendment of GASB Statements No. 67, No. 68, and No. 73). 


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