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Accounting & Audit Alert March 2014


 

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


PCC Continues Progress On Private Company Financial Reporting Issues


During its most recent meeting, the Private Company Council (PCC) addressed several issues of importance related to private company financial reporting. 

FASB Issues Residential Real Estate Foreclosure Guidance


Emerging Issues Task Force Issue 13-E sought to define "in substance repossession or foreclosure" because of the diversity in practice regarding when entities were reclassifying loans receivable to other real estate owned (OREO) (instead of as a loan receivable).

FASB Issues Guidance On Service Concession Arrangements


The FASB has issued Accounting Standards Update (ASU) 2014-05 to provide accounting guidance for service concession arrangements.

FASB Issues Proposed ASU Related To Troubled Debt Restructurings By Creditors


The FASB has issued a proposed Accounting Standards Update (ASU), Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure.

 

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