Certified Public Accountants
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Accounting & Auditing Alert May 2018


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


GASB Establishes New Guidance On Debt Disclosures Including Those Addressing Direct Borrowings And Direct Placements

The GASB has issued GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. The objective of the Statement is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements.


FASB Amends Codification Pursuant To SAB 118

The FASB has issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SAB 118). This new literature amends the codification to reflect specific guidance in SAB 118 related to income tax accounting implications associated with the Tax Cuts and Jobs Act.


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