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Accounting Roundup: First quarter in review — 2017

Published on: Apr 04, 2017

In the first quarter of 2017, the FASB issued a number of new standards and proposals, including the following:

  • ASUs on recognizing interest on callable debt securities, clarifying the definition of a business, amending the consolidation guidance for not-for-profit entities, presenting net periodic benefit cost, employee benefit plan master trust reporting, simplifying the goodwill impairment test, and amending the guidance on derecognition and partial sales of nonfinancial assets.
  • Proposed ASUs on simplifying the balance sheet classification of debt, amending the inventory disclosure requirements, and improving the accounting for share-based payment arrangements with nonemployees.

In other news, the AICPA continued to address issues associated with the implementation of the FASB’s new revenue standard (ASU 2014-09) for various industries. Specifically, the AICPA’s revenue recognition task forces released working drafts for the software, time-share, power and utilities, insurance, aerospace and defense, broker-dealer, and telecommunications industries.

Over at the SEC, a request for comment on potential changes to Industry Guide 3, which applies to certain disclosures by bank holding companies, was issued. The Commission also released a proposed rule that, if adopted, would require the use of the inline XBRL format in future filings for operating companies and in mutual fund risk/return summaries. Michael Piwowar, the acting chairman, also made a statement in which he requested public input on implementation issues associated with the SEC’s final rule on pay ratio disclosure.

On the international front, the IASB published a proposal that would amend the guidance in IFRS 8 on operating segments as well as an ED that would amend three IFRSs as part of the IASB’s annual improvements process.

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