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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.

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Consensus on Employee Benefit Plan Master Trust Reporting Reached

Ahead of its November 30 meeting, the Financial Accounting Standards Board (“FASB”) reached a final consensus regarding 16-B, “Employee Benefit Plan Master Trust Reporting.” The FASB could ratify the final consensus at next week’s meeting, which means it will become authoritative upon its inclusion to the FASB Codification.

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