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Accounting & Audit Alert March 2017


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


FASB Amends Not-For-Profit Consolidation Guidance

The FASB recently issued ASU 2017-02, Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity. The primary provision of this update is to include within Subtopic 958-810, the consolidation guidance previously contained in Subtopic 810-20 prior to the amendments of ASU 2015-02.


FASB Updates Codification For SEC Staff Announcements

The FASB has issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323), which are amendments to SEC Paragraphs pursuant to staff announcements at the September 22, 2016 and November 17, 2016 EITF meetings.


FASB Simplifies Goodwill Impairment Test

The FASB has issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This standard eliminates the requirement for “Step 2” of today’s goodwill impairment test.


GASB Issues Statement On Fiduciary Activities

The GASB has issued GASB Statement No. 84, Fiduciary Activities. The objective of the statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. The GASB determined there has been significant confusion and diversity in practice on this issue among state and local governments.


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