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FASB proposes clarifications to guidance on nonfinancial assets

  • FASB document Image

Jun 07, 2016

The FASB has issued a proposed ASU, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which would amend the guidance on nonfinancial assets in ASC 610-20.

The proposed amendments would, among other things:

  • Clarify the scope of ASC 610-20 to indicate that it applies to “the derecognition of all nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies.”
  • Stipulate that “a distinct nonfinancial asset would be the unit of account for applying the nonfinancial asset derecognition guidance.”
  • Provide guidance on accounting for partial sales of nonfinancial assets.

Com­ments on the pro­posed ASU are due by August 5, 2016. For more in­for­ma­tion, see Deloitte's related Heads up and the pro­posed ASU on the FASB’s Web site.

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