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Accounting & Auditing Alert June 2019


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


FASB Issues Narrow-Scope Improvements To Financial Instruments Standard

The FASB has issued ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments. The ASU was issued to make clarifications and minor corrections to several recently issued financial instruments standards.


FASB Issues Proposal To Simplify Accounting For Income Taxes

The FASB has issued an Exposure Draft which attempts to simplify certain aspects of accounting for income taxes. The proposal would remove certain exceptions to existing guidance and would also add provisions that would seek to clarify or simplify current guidance.


GASB Establishes New Guidance To Assist With The Implementation And Application Of Various Pronouncements

The GASB has issued Implementation Guide No. 2019-1, Implementation Guidance Update – 2019. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.


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