ASU 2014-05 – Agreeing on Service Concessions Agreements
The Bottom Line Published January 23rd, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2014-05, Service Concession Arrangements (Topic 853) — a consensus of the FASB Emerging Issues Task Force, in response to an increase in public sector entities (i.e. governmental bodies) entering into service concession agreements with operating entities who follow U.S. GAAP. The overall conclusion of this ASU is that these types of arrangements should not be considered leases within the scope of ASC 840. What is a Service Concession Arrangement? A service concession arrangement (“SCA”) is an arrangement between a public sector entity (the. Read More.
Public Sector Pioneer Network Announced
Encouraging a unified yet efficient approach to corporate reporting within the public sector, the Chartered Institute of Public Finance and Accountancy (“CIPFA”) and the International Integrated Reporting Council have created the Public Sector Pioneer Network (“the Network”). Managed by a group of participants and organizations, the Network will help recognize sector specific facets for integrated reporting, as well as aid reporting for companies in the public sector. Additionally, the Network will provide a wide range of experience and practice that allows the global public sector to take part in the report integration process. Click here to read the Network’s press release. For. Read More.