Every month, RubinBrown publishes monthly alerts to inform our clients and contacts about relevant technical accounting and audit-related information. Current and archived issues of the RubinBrown Accounting & Auditing Alert can be viewed with the links below.
Every month, RubinBrown publishes monthly alerts to inform our clients and contacts about relevant technical accounting and audit-related information. Current and archived issues of the RubinBrown Accounting & Auditing Alert can be viewed with the links below.
The FASB has issued a question-and-answer document in relation to lease guidance applied in Topic 840 and Topic 842 related to lease concessions that are anticipated in many instances related to the effects of the COVID-19 pandemic.
Learn moreThe FASB issued ASU 2020-03 Codification Improvements to Financial Instruments in order to improve guidance and correct unintended application.
Learn moreThe FASB issued ASU 2020-04. Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting that is intended to ease the potential accounting burden as it relates to reference rate reform.
Learn moreThe GASB issued Statement No. 93, Replacement of Interbank Offered Rates.
Learn moreThe GASB is proposing the postponement of effective dates of several critical upcoming GASB Statements in an effort to provide much needed relief to state and local governments as a result of the COVID-19 pandemic.
Learn moreThe FASB has issued ASU 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).
Learn moreThe FASB has issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 to clarify the application of the measurement alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment plus or minus any observable price changes amended in ASU 2016-01.
Learn moreThe FASB has issued an Exposure Draft, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The proposed ASU is intended to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure.
Learn moreThe GASB has issued an Omnibus Statement No. 92 to address various accounting and financial reporting issues that have been identified during the implementation and application of several GASB pronouncements. The GASB issues omnibus statements to correct, clarify and provide additional guidance on previously issued pronouncements.
Learn moreThe GASB issued an Exposure Draft that contains implementation guidance containing questions and answers intended to clarify, explain, or elaborate on various standards including the financial reporting entity, fiduciary activities, leases, external investment pools, asset retirement obligations, and conduit debt obligations.
Learn moreThe FASB recently approved delays of the effective dates for several of its recent standards that provide at least an additional year to companies that have not yet adopted the standards in ASU 2019-09, Financial Services – Insurance (Topic 944): Effective Date and ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The deferral of implementation is a result of outreach with stakeholders and monitoring of implementation.
Learn moreThe FASB issued ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer.
Learn moreThe FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which makes targeted improvements to the hedge accounting model in order to improve financial reporting of hedging relationships and simplify the application of hedge accounting guidance.
Learn moreThe GASB has issued an Exposure Draft entitled Replacement of Interbank Offered Rates. Many governments have entered into agreements (particularly derivative instruments and lease agreements) in which variable payments made or received depend on an interbank offered rate (IBOR)—most notably, the London Interbank Offered Rate (LIBOR).
Learn moreThe FASB has proposed an effective date delay, which would grant all insurance companies that issue long-duration contracts such as life insurance and annuities additional time to apply ASU No. 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
Learn moreThe FASB issued a proposed ASU that is intended to ease the potential accounting burden as it relates to reference rate reform. In light of the risk of the cessation of the London Interbank Offered Rate (LIBOR) and global regulatory efforts toward reference rate reform, the FASB has proposed a number of optional expedients and exceptions for contracts, hedging relationships and other transactions that are likely to be impacted by reference rate reform.
Learn moreAs a part of the FASB’s Simplification Initiative, the FASB has released a revised proposed ASU that seeks to simplify the classification of debt between current and non-current debt by making this determination more principles based.
Learn moreThe GASB issued Statement No. 87, Leases in June 2017 to amend the guidance regarding the accounting and reporting related to leases. As is customary for new standards, the GASB provides implementation guidance via the standard and implementation guides.
Learn moreThe FASB recently issued proposed delays of the effective dates for several of its recent standards that would provide at least an additional year to companies that have not yet adopted the standards.
Learn moreThe FASB recently issued a proposed ASU, Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The proposed ASU is intended to clarify the accounting for equity securities in instances where there are observable transactions that may require the application or discontinuation of the equity method of accounting.
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