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Accounting & Audit Alert March 2013


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

FASB Issues ASU On Balance Sheet Offsetting

In order to add clarity and eliminate diversity in practice, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.

The ASU is intended to reduce unintended costs while providing users with the information necessary to understand the extent to which certain financial instruments are offset pursuant to master netting arrangements.

FASB Issues ASU On Comprehensive Income Reclassifications

The FASB recently issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.

This ASU applies to all public and nonpublic entities that report items of other comprehensive income except for Not-For-Profit entities that report under Subtopic 958-205, Not-For-Profit Entities – Presentation of Financial Statements.

FASB Issues ASU To Clarify Fair Value Disclosure Exemption

In February 2013, the FASB issued ASU 2013-03, Financial Instruments: Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities.

This ASU clarifies when it is appropriate for nonpublic entities to disclose the level within the fair value hierarchy for certain assets and liabilities in the statement of financial position.

FASB Issues Exposure Draft Related To Repurchase Transactions

The FASB has published an exposure draft titled Transfers and Servicing (Topic 860) - Effective Control for Transfers with Forward Purchase Agreements to Repurchase Assets and Accounting for Repurchase Financings.

The proposals in the exposure draft would modify the financial reporting of transactions such as repurchase agreements and securities lending transactions, which involve a transfer of a financial asset and a contemporaneous agreement that both entitles and obligates the transferor to repurchase or redeem the transferred asset.

ARSC Withdraws Recent Compilation Exposure Draft

The Accounting and Review Services Committee (ARSC) has voted to withdraw the exposure draft of the proposed Statement on Standards for Accounting and Review Services (SSARSs) Association With Unaudited Financial Statements; Compilation of Financial Statements; and Compilation of Financial Statements—Special Considerations.

The decision to withdraw the exposure draft was in response to comment letters that were received.


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