SEC Announcement Added to FASB Codification
The Financial Accounting Standards Board (“FASB”) recently announced the issuance of Accounting Standards Update (“ASU”) No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. The amendments update the FASB Codification for the Securities and Exchange Commission (“SEC”) Staff Announcement regarding the following standards: ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606) ASU No. 2016-02, Leases (Topic 842) ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit. Read More.
Topics: Equity Method and Joint Ventures (Topic 323), FASB Codification, Financial Instruments - Credit Losses (Topic 326), Leases (Topic 842), Revenue from Contracts with Customers (Topic 606), Securities and Exchange Commission "SEC"
FASB Nixes Equity Method Project
The Financial Accounting Standards Board (“FASB”) has canceled the second phase of its project to improve the equity method of accounting. After reviewing feedback on its proposed Accounting Standards Update, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Equity Method of Accounting, the FASB concluded that the project does not have enough support to move forward. As a result, the project has been removed from the Board’s agenda.