Certified Public Accountants
& Business Consultants

Accounting & Auditing Alert November 2017


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


FASB Rescinds Certain SEC Staff Observer Comments

The FASB has issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.


FASB Issues Exposure Draft On Reorganizing Consolidation Guidance

The FASB has issued an Exposure Draft titled Consolidation (Topic 812): Reorganization. The amendments in this proposal would reorganize and clarify certain items within the consolidation guidance.


FASB Proposes Clarifications To Land Easements Application Guidance In New Leases Standard

The FASB has issued an Exposure Draft, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, intended to clarify the application of the new leases guidance to land easements.


FASB Proposes Changes To Recently Issued Standards

The FASB has issued an Exposure Draft, Technical Corrections and Improvements to Recently Issued Standards: I. Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and II. Accounting Standards Update No. 2016-02, Leases (Topic 842).


FASB Proposes Clarifications To Codification

In September 2009, the FASB established the FASB Accounting Standards Codification as a source of authoritative GAAP to be applied to nongovernmental entities. Since that time, stakeholders have recommended minor corrections and clarifications to which the FASB responds by continuing to have a standing project on its agenda to address the suggestions received.


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