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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.


06/01/2016

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.

06/01/2016

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.

06/01/2016

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.

06/01/2016

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.

06/01/2016

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.

06/01/2016

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.