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FASB issues ASU to conform guidance on pushdown accounting to SAB 115

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May 12, 2015

The FASB has issued Accounting Standards Update (ASU) No. 2015-08, “Pushdown Accounting: Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115,” which supersedes several paragraphs in ASC 805-50 in response to the SEC’s November 2014 publication of SAB 115. The SEC issued SAB 115 in connection with the release of FASB ASU No. 2014-17, “Pushdown Accounting.”

The amendments remove references to SAB Topic 5.J and are effective immediately. For more information, see the ASU on the FASB’s Web site.

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