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FASB Makes Technical Corrections to Accounting Guidance

Amendments to key parts of U.S. GAAP were announced this week by the Financial Accounting Standards Board (“FASB”). Issued as Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements, the amendments relate to several topics in the FASB Accounting Standards Codification. FASB Chairman Russell Golden says the changes are narrow in scope and should be easy for reporting entities to understand and implement. The following amendments in ASU No. 2016-19 impact all reporting entities: Subtopic 715-30, Compensation—Retirement Benefits—Defined Benefit Plans—Pension, and Subtopic 715-60, Compensation—Retirement Benefits—Defined Benefit Plans—Other Postretirement, and Topic 944, Financial Services—Insurance. ASU No. 2016-19 advises uniform use. Read More.

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FASB Roundtable on Insurance Accounting Coming in March

A public roundtable meeting on proposed amendments to insurance accounting is scheduled for Wednesday, March 15, 2017, at the Financial Accounting Standards Board (“FASB”) offices in Norwalk, CT. The meeting will allow those who submitted a comment letter regarding the Proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts , to voice their opinions with the standard-setter. The FASB hopes financial statement users, preparers and auditors participate in the roundtable. Interested participants are required to submit a comment letter on the proposal and register online before Thursday, December 15. Nonparticipating attendees can also register , but must do so by Wednesday, March 1, 2017. An audio webcast of the FASB’s March 17 roundtable meeting will also be. Read More.

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