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 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.
Learn moreThe FASB has issued an exposure draft related to Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.
Learn moreThe FASB issued Accounting Standards Update (ASU) No. 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Release No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.
Learn moreThe GASB has issued an exposure draft of an omnibus statement to address various accounting and financial reporting issues that have been identified during the implementation and application of several GASB pronouncements.
Learn moreThe FASB recently issued proposed improvements, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The proposed improvements are intended to clarify the appropriate application of the recently issued ASU 2016-13 regarding credit losses.
Learn moreThe GASB previously issued GASB No. 84 Fiduciary Activities regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported.
Learn moreThe GASB has issued an Exposure Draft, Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.
Learn moreThe GASB has issued an Exposure Draft on Public-Private and Public-Public Partnerships and Availability Payment Arrangements.
Learn moreThe FASB has voted to propose a deferral 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 has issued ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses; Topic 815, Derivatives and Hedging; and Topic 825, Financial Instruments. The ASU was issued to make clarifications and minor corrections to several recently issued financial instruments standards.
Learn moreThe FASB has issued an Exposure Draft which attempts to simplify certain aspects of accounting for income taxes. The proposal would remove certain exceptions to existing guidance and would also add provisions that would seek to clarify or simplify current guidance.
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