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FASB issues ASU rescinding certain SEC guidance

  • FASB document Image

May 03, 2016

The FASB has issued Accounting Standards Update (ASU) No. 2016-11, “Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.”

The ASU rescinds:

  • Upon the adoption of ASU 2014-09, Revenue From Contracts With Customers:
    • ASC 605-20-S99-2 — Formerly EITF Issue No. 91-9, “Revenue and Expense Recognition for Freight Services in Process.”
    • ASC 605-45-S99-1 — Formerly EITF Issue No. 00-10, “Accounting for Shipping and Handling Fees and Costs.”
    • ASC 605-50-S99-1— Formerly EITF Issue No. 01-9, “Accounting for Consideration Given by a Vendor to a Customer.”
    • ASC 932-10-S99-5 — Formerly EITF Issue No. 90-22, “Accounting for Gas-Balancing Arrangements.”
  • Upon the adoption of ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity — a consensus of the FASB Emerging Issues Task Force:
    • ASC 815-10-S99-3 — Formerly EITF Topic No. D-109, “Determining the Nature of a Host Contract Related to a Hybrid Financial Instrument Issued in the Form of a Share Under FASB Statement No. 133.”

For more information, see the ASU on the FASB’s Web site.

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