In the second quarter of 2016, the FASB continued to amend certain aspects of its new revenue standard (ASU 2014-09) and held the first FASB-only meeting of the transition resource group for revenue recognition. The Board also issued a final standard on credit losses as well as proposals related to common control, goodwill accounting, nonfinancial assets, and restricted cash.

Internationally, the financial aftershocks of the United Kingdom’s vote to depart from the European Union in a June 23 referendum (the “Brexit” vote) continue to be felt.

Non-GAAP financial measures have also been a hot topic. In a recent speech, SEC Chief Accountant James Schnurr noted that the “SEC staff has observed a significant and, in some respects, troubling increase . . . in the use of, and nature of adjustments within, non-GAAP measures” as well as their prominence.

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