Revised GASB Codification and GARS Online Delayed
The Governmental Accounting Standards Board (“GASB”) has delayed the recent edition of its Codification and Original Pronouncements and the June update to the Governmental Accounting Research System (GARS) and GARS Online to March 2016. The delay is due to the Codification requiring extensive revisions to be in line with the new GAAP hierarchy under GASB Statement No. 76 , The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.
Task Force Reaches Final Consensuses and Consensuses-for-Exposure
At the Emerging Issues Task Force’s (“Task Force”) meeting last week, the group announced final consensuses were reached on 12-F, “Pushdown Accounting”, and 13-G, “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.” During its final meeting of the year, the Task Force also reached consensuses-for-exposure on 14-A, “Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”, and 14-B, “Fair Value Hierarchy Levels for Certain Investments Measured at Net Asset Value.” The Financial Accounting Standards Board’s (“FASB”) plans to discuss the. Read More.
The New Revenue Recognition Standard: Step 1 – Identify the Contract with a Customer (Part I)
As mentioned in our previous blog , on May 28th the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers: Topic 606 The new standard creates a whole new codification topic (ASC 606) and ushers in a new era of revenue recognition by replacing hundreds of pages of industry specific guidance with a single comprehensive standard applicable to virtually all industries, and will significantly change how we recognize revenue. ASU 2014-09 isn’t effective for private entities until reporting periods beginning after December 15, 2017, but will be effective for public entities a year earlier. ASC. Read More.