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Accounting & Audit Alert March 2016


 

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


RubinBrown’s Client Portal is Here!


We are excited to announce the launch of RubinBrown’s client portal. The new portal will provide a convenient and secure method for RubinBrown and clients to share files without sending them through email.

FASB Concludes Project On Leases


The FASB has released an ASU designed to improve financial reporting over lease transactions.  The ASU will impact all companies and other organizations that lease assets, including real estate, equipment, and other personal property.

FASB Proposes Clarifications For Cash Flows Presentation


The FASB has issued an Exposure Draft titled, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.

GASB Proposes Single Approach For Reporting Leases


The GASB has released its Exposure Draft on leases.  The Exposure Draft defines that a lease is a contract that conveys the right to use a nonfinancial asset for a period of time in an exchange or exchange-like transaction. 

GASB Issues Guidance Related To Certain Investment Pools


The GASB has issued Statement No. 79, Certain Investment Pools and Pool Participants.  Statement No. 79 establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes, and for governments participating in such pools to measure their investments in the pool at amortized cost.

FASB Issues Proposed Improvements Related To Pensions And Other Postretirement Benefit Plans


The FASB has issued two Exposure Drafts intended to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans.

 

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