New Guidance for Recognition and Measurement of Financial Instruments A complete list of all ASUs issued or effective in 2015 is included in Appendix A. The following selected Accounting Standards Updates (ASUs) were issued by the Financial Accounting Standards Board (FASB) during the fourth quarter. More information on these proposals can be found in the On the Horizon section. The closely-watched project, which has provoked much debate, will be completed and published in early 2016. The FASB’s standard to end a decades-old practice of keeping lease costs off company balance sheets will become effective in 2019 for public companies. New Lease Accounting Rules to be Issued Soon
Read more about these issues in the Regulatory Update section. The rules tighten some investment limits, while giving first-time crowdfunding issuers a reprieve from the toughest accounting requirements. In October, the SEC issued the final version of its crowdfunding rules, finalizing the two-year old proposal from the JOBS Act. GAAP to require that deferred tax assets and deferred tax liabilities be classified as noncurrent in a classified balance sheet.įind out more about this change in the FASB Update section. In November, the FASB amended its guidance on presentation of deferred tax assets and deferred tax liabilities as part of its “simplification initiative.” ASU 2015-17 amends U.S. Simplifying the Classification of Deferred Income Taxes Quarterly Accounting Update: Selected Highlights C – North Carolina Tax Rate Disclosure Example.B – Illustrative Disclosures for Recently Issued Accounting Pronouncements.This section includes an overview of selected projects and exposure drafts of the FASB. This section includes an overview of other developments, actions, and projects of the FASB, PCC, EITF and/or other rulemaking organizations. This section includes an overview of selected updates, releases, rules and actions during the period that might impact financial information, operations and/or governance. This section includes an overview of selected Accounting Standards Updates (ASUs) issued during the period. This section includes an executive summary of selected items and/or hot topics covered in this update. Our goal is for you to have current, relevant information available prior to finalizing your financial reporting deliverables. Each quarter, we will provide you with up-to-date information for consideration in your financial reporting and disclosures. Welcome to the Fourth Quarter issue of our Quarterly Accounting Update.