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Accounting & Auditing Alert September 2017


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


FASB Simplifies Accounting For Certain Financial Instruments With Characteristics Of Liabilities And Equity

The FASB has issued ASU 2017-11, I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.


FASB Proposes Improvements To Grant And Contribution Accounting

The FASB has issued an Exposure Draft titled, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (Topic 958).


GASB Proposes Additional Implementation Guidance For Postemployment Benefits Other Than Pensions

The GASB has issued an Exposure Draft entitled GASB Implementation Guide No. 201X-Z, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting).


GASB Proposes Additional Debt Disclosures

The GASB has issued an Exposure Draft which proposes amendments to GASB Statements No. 34 and No. 38 titled Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. The amendments contained in the Exposure Draft would require additional debt disclosures which are designed to better inform stakeholders of the potential effects of debt on a government’s future resource flows.


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