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Accounting & Audit Alert October 2015


 

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


FASB Proposes Clarification Related To New Revenue Recognition Guidance


The FASB has issued an Exposure Draft titled Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).

Additional Disclosures For Government Tax Incentives Now Required


The GASB has issued Statement 77, Tax Abatement Disclosures.  The purpose of this statement is to provide financial statement users with further information related to a government’s tax abatement agreements, and the impact of such agreements on the government’s financial condition.

FASB Amends Codification To Reflect SEC Staff Announcement


The FASB has issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. 

 

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