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FASB issues ASU and SEC rescinds SAB Topic on pushdown accounting

  • FASB (US Financial Accounting Standards Board) Image
  • SEC (US Securities and Exchange Commission) Image

Nov 18, 2014

Today, the FASB issued ASU 2014-17, which gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The guidance is effective immediately. ASU 2014-17 codifies the final consensus reached by the EITF on Issue 12-F at its September 2014 meeting.

Also, in connection with the FASB’s issuance of ASU 2014-17, the SEC today rescinded SAB Topic 5.J, which historically has contained the SEC staff’s views on the application of pushdown accounting for SEC registrants. As a result of the SEC’s actions, all entities — regardless of whether they are SEC registrants — will now apply ASU 2014-17 for guidance on the use of pushdown accounting.

For more information, see the related Deloitte Accounting Journal entry, FASB's ASU, and the press release on the SEC's Web site.

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