FASB Proposes Amendments Derecognizing Select Prepaid Stored-Value Cards
The Financial Accounting Standards Board (“FASB”) has issued the proposed Accounting Standards Update, Liabilities – Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards. The proposal includes amendments affecting companies that sell prepaid stored-value cards without an expiration date, which are not bound by unclaimed property laws, that can be redeemed for cash and/or goods or services at third-party sellers, and are not connected to a separated bank account. Existing generally accepted accounting principles (GAAP) and the imminent guidance in Topic 606 on Revenue Recognition does not includes specific guidance for derecognition of prepaid stored-value card. Read More.
ASU No. 2015-07 Affects Investment Disclosures for Reporting Entities Using Net Asset Value per Share
The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). Impacting reporting entities that measure an investment’s fair value using the net asset value per share (or an equivalent) practical expedient, the amendments in ASU No. 2015-07 eliminate the requirement to classify the investment within the fair value hierarchy. In addition, the requirement to make specific disclosures for all investments eligible to be assessed at fair value with the net asset value per share practical expedient. Read More.
Master Limited Partnership Dropdown Transaction Earnings per Share Calculations Amended
The Financial Accounting Standards Board has issued Accounting Standards Update (ASU) No. 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. ASU No. 2015-06 impacts master limited partnerships bound by Master Limited Partnerships Subsections of Topic 260, Earnings per Share, which gain net assets via a dropdown transaction. The amendments of ASU No. 2015-06 state that when calculating historical earnings per unit with the two-class approach, the earnings (losses) of a transferred entity prior to a dropdown transaction’s date must be entirely distributed to the general partner. In that situation, the. Read More.
Exposure Draft Issued for Revenue Recognition Standard’s Effective Date
After previously agreeing to a one-year deferral of its revenue recognition standard’s effective date, the Financial Accounting Standards Board (“FASB”) has announced an Exposure Draft for proposed Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. Issued for public comment on Wednesday, the Exposure Draft seeks feedback on the proposed ASU, which would delay a public entity’s application of the FASB’s new revenue recognition standard to reporting periods starting after December 15, 2017. Private entities would be allowed to apply the new standard to reporting periods starting after December 15, 2018. Comments on the Exposure Draft are due by Friday, May. Read More.
No Risky Business If You Do Business with the U.S. Government
Between January 1, 2014, and December 31, 2014, The Polaris Project, a nonprofit organization dedicated to fighting human trafficking, provided assistance and aid on 5,042 separate cases of human sex and labor trafficking in the United States. This number merely represents the number of known cases that the Polaris Project dealt with. It does not reflect the thousands of people still enslaved and unable to reach the National Human Trafficking Resource Center for help. With this staggering number of cases in the United States, and President Obama’s personal vow to fight human trafficking, it is no wonder why the Federal. Read More.
Why Adult Women Prefer Women’s Colleges
After covering women’s colleges for the last two years, Huffington Post writer Diane Propsner recently explored if there was any correlation between the reasons traditional-aged college girls and women over the age of 25 select an all-girls college. Sharing student and alumna stories, Propsner discovered that non-traditional aged female college students attend women’s colleges for the exact reasons younger girls do. For instance, some women noted how women’s colleges offer a strong support system, affordability and quality education. Visit The Huffington Post for Diane’s full blog post . Also discover how Cherry Bekaert is able to assist women’s colleges at our Education industry group page.