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Accounting & Auditing Alert March 2020


 

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


03/02/2020

FASB Proposes Amendments To Increase Transparency For Gifts-in-Kind To Not-For-Profit Entities


The FASB has issued an Exposure Draft, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The proposed ASU is intended to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure.

03/02/2020

FASB Clarifies The Interaction Between The Accounting For Equity Securities, Equity Method Investments, And Certain Derivative Instruments


The FASB has issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 to clarify the application of the measurement alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment plus or minus any observable price changes amended in ASU 2016-01.

03/02/2020

FASB Adds SAB Topic On The Accounting For Loan Losses To The Codification


The FASB has issued ASU 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).

03/02/2020

GASB Publishes New Statement No. 92: Omnibus 2020


The GASB has issued an Omnibus Statement No. 92 to address various accounting and financial reporting issues that have been identified during the implementation and application of several GASB pronouncements. The GASB issues omnibus statements to correct, clarify and provide additional guidance on previously issued pronouncements.

 

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