Every month, RubinBrown publishes monthly alerts to inform our clients and contacts about relevant technical accounting and audit-related information. Current and archived issues of the RubinBrown Accounting & Auditing Alert can be viewed with the links below.
Every month, RubinBrown publishes monthly alerts to inform our clients and contacts about relevant technical accounting and audit-related information. Current and archived issues of the RubinBrown Accounting & Auditing Alert can be viewed with the links below.
In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity that is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity.
Learn moreThe FASB has issued an Exposure Draft related to the Conceptual Framework.
Learn moreThe AICPA issued Q&A Section 3200, which provides guidance on accounting for forgivable loans received under the Small Business Administration Paycheck Protection Program (PPP).
Learn moreThe FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.
Learn moreThe FASB has issued a question-and-answer document in relation to lease guidance applied in Topic 840 and Topic 842 related to lease concessions that are anticipated in many instances related to the effects of the COVID-19 pandemic.
Learn moreThe FASB issued ASU 2020-03 Codification Improvements to Financial Instruments in order to improve guidance and correct unintended application.
Learn moreThe FASB issued ASU 2020-04. Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting that is intended to ease the potential accounting burden as it relates to reference rate reform.
Learn moreThe FASB has issued ASU 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).
Learn moreThe FASB has issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 to clarify the application of the measurement alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment plus or minus any observable price changes amended in ASU 2016-01.
Learn moreThe FASB has issued an Exposure Draft, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The proposed ASU is intended to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure.
Learn moreThe FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes in attempts to simplify certain aspects of accounting for income taxes.
Learn moreThe FASB has issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The FASB previously issued ASU 2016-13, which created Topic 326 regarding the reporting of credit losses on financial assets.
Learn moreAs a part of the FASB’s standing project to address suggestions received from stakeholders and to make other incremental improvements to GAAP, the FASB has issued an Exposure Draft, Codification Improvements, that includes technical corrections, clarifications to guidance, simplifications to wording, and other minor improvements.
Learn moreThe FASB recently approved delays of the effective dates for several of its recent standards that provide at least an additional year to companies that have not yet adopted the standards in ASU 2019-09, Financial Services – Insurance (Topic 944): Effective Date and ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates. The deferral of implementation is a result of outreach with stakeholders and monitoring of implementation.
Learn moreThe FASB issued ASU 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer.
Learn moreThe FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which makes targeted improvements to the hedge accounting model in order to improve financial reporting of hedging relationships and simplify the application of hedge accounting guidance.
Learn moreThe FASB has proposed an effective date delay, which would grant all insurance companies that issue long-duration contracts such as life insurance and annuities additional time to apply ASU No. 2018-12, Financial Services- Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
Learn moreThe FASB issued a proposed ASU that is intended to ease the potential accounting burden as it relates to reference rate reform. In light of the risk of the cessation of the London Interbank Offered Rate (LIBOR) and global regulatory efforts toward reference rate reform, the FASB has proposed a number of optional expedients and exceptions for contracts, hedging relationships and other transactions that are likely to be impacted by reference rate reform.
Learn moreAs a part of the FASB’s Simplification Initiative, the FASB has released a revised proposed ASU that seeks to simplify the classification of debt between current and non-current debt by making this determination more principles based.
Learn moreThe FASB recently issued proposed delays of the effective dates for several of its recent standards that would provide at least an additional year to companies that have not yet adopted the standards.
Learn more