Month: February 2018

EITF Update – January 2018

Go to Source Author: The EITF reached a consensus-for-exposure on customer’s accounting for implementation, setup, and other upfront costs (implementation costs) incurred in a cloud computing arrangement that is considered a service...

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To the Point – FASB revises proposal to amend new guidance on recognizing and measuring financial instruments

Go to Source Author: The FASB tentatively decided to revise its proposal to amend the new guidance on recognizing and measuring financial instruments to require an entity that voluntarily discontinues using the new measurement alternative for an equity security without a readily determinable fair value to measure that security and “all identical or similar investments of the same issuer” at fair value. Entities that make this change would not be permitted to measure subsequent purchases of identical or similar investments of the same issuer under the measurement alternative. The FASB directed the staff to draft a final...

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Financial Reporting Developments – Accounting for certain life insurance and annuity products

Go to Source Author: Our FRD publication, Accounting for certain life insurance and annuity products, has been updated to incorporate and supersede content from our FRD publication, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. The updated FRD also includes enhanced and clarified interpretive guidance but does not address the FASB’s project on targeted improvements to the accounting for long-duration insurance...

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To the Point – FASB issues transition practical expedient for land easements and clarification on applying ASC 842

Go to Source Author: The FASB issued final guidance to provide an optional transition practical expedient for land easements in the new leases standard that permits an entity to continue applying its current policy for accounting for land easements that exist as of or expire before the effective date of ASC 842, Leases. An entity that elects the practical expedient must apply it to all of its existing or expired land easements that it didn’t previously account for under ASC...

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