FASB Approves Technical Corrections to U.S. GAAP
A handful of routine corrections and clarifications to U.S. GAAP will soon be published as final amendments. Approved October 19 by the Financial Accounting Standards Board (“FASB”), two of changes were introduced in April as part of Proposed Accounting Standards Update (ASU) No. 2016-220, Technical Corrections and Improvements: Subtopic 820-10, Fair Value Measurement — Overall. The updated guidance clarifies the difference between a valuation approach and a valuation technique. An organization now must disclose when it changes to a valuation approach or valuation technique, and explain why the change occurred. ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting. Read More.
Fair Value Measurement Proposal Released
The Financial Accounting Standards Board (“FASB”) has unanimously approved the release of a proposal related to its disclosure framework project. Proposed Accounting Standards Update No. 2015-350, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement, seeks to improve the footnote disclosure rules under Topic 820, Fair Value Measurement. The proposal calls for the elimination of requirements in Topic 820 considered redundant and no longer useful, as well as updates to other rules. As mentioned in our December 7th blog , the FASB also proposes the addition of three new disclosure requirements for public businesses: The changes. Read More.