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Quarterly Accounting Roundup: Second quarter — 2019

Published on: 28 Jun 2019

This issue of Quarterly Accounting Roundup discusses notable accounting and financial reporting developments that occurred in the second quarter of 2019, including:

  • The FASB’s issuance of (1) Accounting Standards Updates (ASUs) that provide targeted relief for entities adopting the Board’s credit losses standard, amend certain aspects of financial instrument accounting, and extend certain private-company accounting alternatives to not-for-profit entities and (2) proposed ASUs that would improve certain aspects of the FASB’s credit losses guidance, align certain FASB Codification guidance with SEC requirements, and simplify income tax accounting.
  • The SEC’s release of proposed rules that would amend (1) the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information and (2) the definitions of “accelerated filer” and “large accelerated filer” to exclude any issuer with both annual revenues of less than $100 million and public float of less than $700 million.
  • The IASB’s® publication of exposure drafts of proposals that would amend (1) IFRS 17, Insurance Contracts, to address implementation concerns and challenges; (2) certain guidance in IFRS 3, Business Combinations, to bring it up to date with the 2018 version of the IASB’s Conceptual Framework; (3) certain IFRS® Standards as part of the IASB’s annual improvements process; and (4) guidance on financial instruments in response to interest rate benchmark reforms.

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