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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.


11/01/2017

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.

11/01/2017

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.

11/01/2017

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.

11/01/2017

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).

11/01/2017

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.

 

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