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Quarterly Accounting Roundup: Third quarter in review — 2017

Published on: 26 Sep 2017

In the third quarter of 2017, the FASB issued Accounting Standards Updates (ASUs) that (1) make targeted improvements to its guidance on accounting for certain financial instruments with down-round features and (2) amend the hedge accounting recognition and presentation requirements in ASC 815. In addition, the Board released proposed ASUs that would reorganize its consolidation guidance and clarify its guidance on contributions received and contributions made (the latter guidance particularly affects not-for-profit entities).

In other news, the SEC staff announced that it would not object to elections by certain public business entities (PBEs) to use the non-PBE effective dates for the sole purpose of adopting the FASB’s new standards on revenue (Accounting Standards Codification (ASC) Topic 606) and leases (ASC 842). The Commission also (1) indicated that it may grant filing relief to those affected by the recent hurricanes Harvey and Irma and (2) updated its announcement regarding the expansion of the nonpublic review process for draft registration statements.

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