Monthly newsletter that briefly describes key regulatory and professional developments that occurred in the field of accounting.
First Quarter in Review — 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.
Highlights of the February 2017 edition of Accounting Roundup include the following::
- The FASB’s issuance of ASUs on (1) employee benefit plan master trust reporting and (2) derecognition and partial sales of nonfinancial assets.
- The AICPA’s release of a SAS that amends the guidance on the auditor’s consideration of an entity’s ability to continue as a going concern.
- President Trump’s signing of a resolution eliminating the requirements under the SEC’s final rule on disclosures of payments by resource extraction issuers.
Highlights of the January 2017 edition of Accounting Roundup include the following:
- The FASB’s issuance of (1) ASUs that clarify the definition of a business, amend the consolidation guidance for not-for-profit entities, simplify the goodwill impairment test, make technical corrections to the new revenue standard, and amend certain SEC guidance and (2) proposed ASUs that would simplify the balance sheet classification of debt and update the inventory disclosure requirements.
- The release of FAQs on the FASB’s credit losses standard, ASU 2016-13, by several banking agencies.
- Public statements by the SEC’s acting chairman, Michael Piwowar, regarding the Commission’s 2014 guidance on its August 2012 final rule on conflict minerals.
Year in Review — 2016
Key developments that occurred in 2016 included the following:
- The FASB’s release of its much-anticipated standards on leases and credit losses as well as several ASUs on implementation issues associated with its new revenue standard.
- The SEC’s increased focus on non-GAAP measures and continued work on its disclosure initiative.
- The IASB’s issuance of its new leases standard as well as amendments to its revenue and insurance contracts standards.
- The United Kingdom’s vote to leave the European Union in a June 23, 2016, referendum (the "Brexit vote") and the resulting financial reporting implications.
Highlights of this issue include the following:
- The FASB’s issuance of an ASU on restricted cash and proposed ASUs on (1) determining the customer of operation services in service concession arrangements and (2) amending the scope of modification accounting for share-based payment arrangements.
- The AICPA’s release of revenue working drafts for broker-dealers and depository and lending institutions.
- The SEC’s issuance of a report on the modernization and simplification of Regulation S-K.