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FASB amends certain topics on the basis of SEC staff announcements

  • FASB document Image

Jan 24, 2017

The FASB has issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).”

The guidance in this ASU is based on the following SEC staff announcements made at the September 2016 and November 2016 EITF meetings:

  • “Disclosure of the impact that recently issued accounting standards will have on the financial statements of a registrant when such standards are adopted in a future period (in accordance with Staff Accounting Bulletin [SAB] Topic 11.M).”
  • “Amendment of SEC Staff Observer comment: accounting for tax benefits resulting from investments in qualified affordable housing projects due to issuance of ASU No. 2014-01, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.”

For more in­for­ma­tion, see De­loitte’s Sep­tem­ber 2016 and November 2016 EITF Snap­shot newsletters as well as the final ASU on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.