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Accounting & Auditing Alert May 2019


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


FASB Updates the Definition of Collections

The FASB has issued ASU 2019-03, Not-for-Profit Entities (Topic 958): Updating the Definition of Collections. Many not-for-profit organizations (such as museums, libraries, art galleries, etc.) maintain artwork or other historical treasures.


FASB Proposes Revised Improvements to Income Tax Disclosure Requirements

The FASB has issued a revised exposure draft, Income Taxes (Topic 740): Disclosure Framework – Changes to the Disclosure Requirements for Income Taxes. The proposed amendments are part of the disclosure framework project, which has an objective to improve effectiveness of disclosures by facilitating clear communication of information that is most important to users. The proposal would remove disclosures that are no longer considered cost beneficial or relevant and add disclosure requirements identified as relevant.


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