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FASB Webinar on 2015 Taxonomy Release This Afternoon

Set for today at 1:00 p.m. EST, the Financial Accounting Standards Board (“FASB”) will host a live webinar on proposed changes to the 2015 GAAP Financial Reporting Taxonomy Release. Entitled, IN FOCUS: Proposed 2015 GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, Taxonomy Implementation Guides, Taxonomy Simplification, the event’s agenda includes: Update from the Securities and Exchange Commission on current XBRL issues; An overview of the 2015 Taxonomy changes; The new 2014 Taxonomy Implementation Guides; and A discussion of the Taxonomy Simplification findings. For more information or to register, visit the event page .

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FASB Releases Agendas for This Week’s Meetings

With a busy week ahead, the Financial Accounting Standards Board (“FASB”; “the Board”) has scheduled meetings for today, Wednesday and Thursday. Today’s event, Liaison Meeting with the Institute of Management Accountants, is scheduled at 1:00 p.m. EST and will have FASB discuss subjects of interest to both the standard-setter and the Institute of Management Accountants’ Financial Reporting Committee. On Wednesday starting at 9:00 a.m. EST, FASB will hold a board meeting to share research updates and receive guidance on possible improvements to share-base payment accounting, and discuss the next steps for and comments from the proposed FASB Concepts Statement, Conceptual. Read More.

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The New Revenue Recognition Standard — Step 2: Identify the Performance Obligations

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.

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The New Revenue Recognition Standard — Step 1: Identify the Contract with a Customer (Part II)

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 thousands 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.

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Not-for-Profit Advisory Committee to Meet with FASB on Thursday

Scheduled for Thursday, the Financial Accounting Standards Board (“FASB”) will hold its second meeting next week with the Not-for-Profit Advisory Committee (“the Advisory Committee”) from 10:00 a.m. to 5:30 p.m. As part of the meeting agenda, the FASB plans to discuss with the Advisory Committee its project on financial statements of nonprofit entities, as well as current trends, concerns and observations. All general sessions from the meeting will be open for public observation. In addition, the Advisory Committee will host a breakout group session at 11:00 a.m. and 2:30 p.m. Due to space limitations, the group discussions will not be. Read More.

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FASB Announces Topics for September 3rd Board Meeting

Prepping for its board meeting Wednesday, the Financial Accounting Standards Board (“FASB”) has announced the three topics it will cover: Financial instruments—impairment. FASB will continue to discuss Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15). The discussion will focus on write-off guidance and clarifying the term which an entity should estimate its projected credit losses for financial instruments. Disclosure framework: disclosure review—fair value measurement. FASB plans to cover application to fair value disclosures of the concepts in the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. While no decisions are anticipated from the discussion, prospective. Read More.

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