Month: October 2017

Financial Reporting Developments – Equity method investments and joint ventures

Go to Source Author: Our FRD publication on equity method investments and joint ventures has been updated to reflect the issuance of ASU 2017-05 on accounting for the derecognition of nonfinancial assets and in substance nonfinancial assets and ASU 2016-01 on recognizing and measuring financial instruments. The updated FRD also clarifies and enhances our interpretive guidance. Refer to Appendix C of the publication for a summary of the...

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To the Point – AICPA staff answers questions about the definition of a public business entity

Go to Source Author: The AICPA staff issued a technical question and answer document to address questions raised by preparers about certain terms used in the definition of a public business entity (PBE). The document reflects the AICPA staff’s recent discussions with the FASB staff, which may change an entity’s conclusion about whether it is a...

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Comment letter – FASB proposal to add transition practical expedient for land easements and clarify how to apply ASC 842

Go to Source Author: In our comment letter, we support the FASB’s objective to reduce the cost and complexity of applying the transition guidance in ASC 842, Leases. We believe the proposal could contribute to that objective by helping to clarify which land easements should be evaluated under ASC 842. However, we recommend that the Board clarify that the practical expedient would not apply to land easements previously accounted for as leases. In addition, we suggest that the Board consider additional clarifications on how to evaluate land easement contracts after the effective date of the new leases...

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Financial Reporting Developments – Share-based payment

Go to Source Author: We have updated our Financial reporting developments publication on share-based payment to reflect the new guidance in ASU 2017-09, Scope of modification accounting, and to clarify and enhance our interpretative guidance. Refer to Appendix F of the publication for a summary of the...

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