In the first quarter of 2019, the FASB issued the following final and proposed guidance:

• Final Accounting Standards Updates (ASUs) that (1) enhance the accounting for costs associated with episodic television series, (2) make Codification improvements to the new leasing standard, and (3) update the definition of “collections.”
• Proposed ASUs that would (1) provide guidance on recognizing and measuring deferred revenue in a business combination, (2) ease transition to the Board’s new credit losses standard, (3) address the accounting for share-based payments issued as sales incentives to customers, and (4) improve the income tax disclosure requirements in U.S. GAAP.

In other notable news, the SEC issued a final rule in response to recommendations in the SEC staff’s Report on Modernization and Simplification of Regulation S-K. The final rule makes specific revisions to a limited group of items in Regulation S-K and is intended to streamline and improve disclosures. In addition, the PCAOB released a new standard on auditing accounting estimates as well as amendments to its auditing standards on the auditor’s use of the work of specialists.

Download