June Audit & Assurance Newsletter

Friday, June 29, 2018

FASB supersedes outdated guidance related to Circular 202 FASB recently issued amendments to accounting rules to supersede outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. Circular 202 has been rescinded and is no longer relevant. FASB issued Accounting Standards Update No. 2018-06, Codification Improvements […]

March Audit & Assurance Newsletter

Tuesday, March 13, 2018

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 […]

February Audit & Assurance Newsletter

Wednesday, February 21, 2018

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 […]

January Audit & Assurance Newsletter

Tuesday, January 23, 2018

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 […]

December Audit & Assurance Newsletter

Monday, December 18, 2017

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, […]