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  • GASB document (blue) Image
  • GASB proposes guidance on certain debt extinguishment issues

    Aug 29, 2016

    The GASB has issued an exposure draft (ED), “Certain Debt Extinguishment Issues,” that governmental entities “would apply when extinguishing debt prior to its maturity.” Specifically, the proposal would provide guidance on “transactions in which only existing resources are placed in a trust for the purpose of extinguishing debt.”

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  • Highlights from the FASB’s August 24 meeting

    Aug 26, 2016

    At its August 24, 2016, meeting, the FASB discussed its projects on (1) pension and net periodic postretirement benefit cost, (2) the definition of a business, (3) inventory disclosures, and (4) consolidation.

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  • OCC updates "Bank Accounting Advisory Series"

    Aug 26, 2016

    The Office of the Comptroller of the Currency (OCC) has updated its "Bank Accounting Advisory Series" (BAAS), which “expresses the office’s views on accounting topics relevant to national banks and federal savings associations.”

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  • FASB issues new standard on not-for-profit financial statements

    Aug 19, 2016

    The FASB has issued Accounting Standards Update (ASU) No. 2016-14, “Presentation of Financial Statements of Not-for-Profit Entities,” which simplifies how a not-for-profit organization (1) classifies net assets and (2) presents information in financial statements.

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  • A roadmap to consolidation — Identifying a controlling financial interest Image
  • A roadmap to consolidation — Identifying a controlling financial interest

    published Aug 30, 2016

    The 2016 edition of this Roadmap reflects changes in the consolidation landscape introduced by the issuance of FASB Accounting Standards Update No. 2015-02, "Amendments to the Consolidation Analysis," in February 2015. It incorporates additional interpretations and guidance as a result of FASB and SEC activity as well as developments in practice. A summary of the changes made to the Roadmap since the 2015 edition is available in Appendix G.

  • Heads Up — FASB Issues Guidance on Cash Flow Classification Image
  • Heads Up — FASB issues guidance on cash flow classification

    published Aug 30, 2016

    This Heads Up discusses FASB Accounting Standards Update No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which amends ASC 230 to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASC 230 lacks consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows. This has led to diversity in practice and, in certain circumstances, financial statement restatements.

  • IFRS on point — July 2016  Image
  • IFRS on Point — July 2016

    published Aug 23, 2016

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

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  • Audit Committee Brief — August 2016

    published Aug 16, 2016

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • Accounting Roundup — July 2016 Image
  • Accounting Roundup — July 2016

    published Aug 02, 2016

    This issue features articles on (1) the FASB’s issuance of proposed ASUs that would (a) provide guidance on an employee benefit plan’s presentation and disclosure of interests in a master trust and (b) amend the income tax disclosure requirements in ASC 740; (2) the AICPA’s release of its second set of working drafts designed to help entities in various industries implement the requirements in the FASB’s revenue standard, ASU 2014-09; and (3) the SEC’s issuance of a proposed rule that would amend certain of its disclosure requirements that may be redundant, duplicative, or outdated, or may overlap with other SEC, U.S. GAAP, or IFRS disclosure requirements.

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