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Accounting & Audit Alert September 2013


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


FASB Issues Exposure Draft Related To PCC Proposal Regarding Consolidation Of Certain Variable Interest Entities

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft related to Private Company Council (PCC) Issue No. 13-02, Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements

FASB Permits The Use Of The Fed Funds Effective Swap Rate As A Benchmark Interest Rate

The FASB has issued Accounting Standards Update (ASU) 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.

FASB Issues Guidance Related To Unrecognized Tax Benefits

The FASB has issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.

FASB Publishes Proposed Definition Of A Public Business Entity

The FASB has published a proposed ASU which would define the term public business entity for purposes of determining which types of nonpublic entities qualify for alternative accounting and reporting guidance.

The proposed ASU would amend the Accounting Standards Codification to add a single definition of the term public business entity for use in future GAAP.

FASB Issues Proposed Accounting Standards Update On Service Concession Arrangements

The FASB has issued an Exposure Draft of a proposed ASU on accounting for Service Concession Arrangements (Topic 853). Service concession arrangements, which come in different forms, are becoming increasingly popular with public sector entities.

A service concession arrangement is an agreement entered into by a public sector entity grantor with an operating entity who operates the public sector grantor’s infrastructure and provides services to the entity.

FASB Proposes Guidance Related To Troubled Debt Restructurings By Creditors

The FASB has published an Exposure Draft titled Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Collateralized Mortgage Loans upon a Troubled Debt Restructuring.

The proposal provides clarification regarding the accounting treatment for situations in which a creditor obtains one or more of a debtor’s assets in satisfaction of all or part of a receivable.

FASB Issues Proposed Accounting Standards Update For Collateralized Financing Entities

The FASB has issued proposed ASU, Consolidation (Topic 810): Measuring the Financial Liabilities of a Consolidated Collateralized Financing Entity.

The amendments in this proposed ASU would apply to reporting entities that are required to consolidate a collateralized financing entity under the Variable Interest Entity Subsections of Subtopic 810-10.


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