Tag Archive | ASU

Revenue Recognition Considerations for the Manufacturing Industry

All entities will have to reevaluate their revenue recognition processes when the Financial Accounting Standard Board (FASB)’s Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) is adopted, beginning with those early adopting in 2017. Manufacturing companies face unique considerations with the new revenue recognition guidance. They should consider how the following […]

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Presentation of Debt Issuance Cost Simplified

Entities have new guidance about how to account for debt issuance cost in their financial statements. The Financial Accounting Standards Board (FASB) recently released an accounting standards update (ASU) that requires debt issuance be presented as a direct deduction from the carrying amount of the debt instead of as a noncurrent asset. The change, made […]

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Accounting Election for Acquired Intangible Assets

In late 2014, the FASB issued ASU No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination. A proposal from the Private Company Council (PCC), ASU 2014-18 provides a qualifying private company an election to record certain intangible assets as part of goodwill rather than as separately identified intangible assets, […]

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Update on Bifurcated Embedded Derivatives

The FASB is seeking comments on its recently issued proposed Accounting Standards Update – Derivatives and Hedging (Topic 815), Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives (ASU). The proposed ASU is issued to increase transparency and usefulness of information provided in the notes to financial statements about hybrid financial instruments that contain bifurcated […]

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FASB Revises Consolidation Accounting Model

The Financial Accounting Standards Board (FASB) recently revised the variable interest entity (VIE) consolidation model, and the voting interest entity model for limited partnerships and similar entities. Accounting Standards Update (ASU) 2015-02, Consolidation (Topic 810) Amendments to the Consolidation Analysis contains several provisions designed to simplify consolidation accounting and provide financial statement users with more […]

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Simplifying Share-Based Payment Accounting

The Financial Accounting Standards Board (FASB) has begun a project to make improvements to the accounting for share-based payments. The project is part of the FASB’s Simplification Initiative in which it is improving narrow-scope issues within U.S. GAAP where cost and complexity can be reduced while maintaining or improving the usefulness of information provided in […]

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Do You Need to Re-evaluate Your Hybrid Financial Instruments?

Earlier this month, the FASB released an accounting standards update (ASU) to simplify accounting rules for hybrid financial instruments. ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity applies to all public […]

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