Audit & Assurance News Alerts

FASB issues technical corrections to financial instruments standard The FASB recently issued technical corrections and improvements to its financial instruments standard on recognition and measurement of financial assets and liabilities that was originally issued in 2016. The original standard, Accounting Standards Update (ASU) No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial […]

FASB addresses stranded income tax effects of new tax law FASB recently issued an Accounting Standards Update that is designed to help organizations address certain stranded income tax effects in accumulated other comprehensive income resulting from P.L. 115-97, known as the Tax Cuts and Jobs Act. Under the new FASB rules, financial statement preparers are […]

FASB proposes corporate reporting change related to new tax law One challenging effect of new P.L. 115-97, called the Tax Cuts and Jobs Act, on company financial statements would be eliminated under a proposal FASB issued recently. The proposed Accounting Standards Update (ASU) is intended to help organizations reclassify certain so-called stranded income effects in accumulated other […]

FASB combines guidance for income statement, comprehensive income into one topic In an effort to simplify its Accounting Standards Codification, the FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, […]

FASB proposes various minor changes to codification The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update that would make changes designed to clarify, correct errors in, or make minor improvements to the board’s Accounting Standards Codification. Nine potential amendments are contained in the proposal, which would affect a wide variety of topics […]