Accounting Standards Updates – When Does the Guidance Take Effect and What Does It Change?
The Financial Accounting Standards Board (FASB) issues Accounting Standards Updates (ASUs) to communicate changes to the FASB Codification, and several updates are effective in 2016 for calendar-year-end entities with many others approaching in subsequent years. Click here for a summary of ASUs effective in 2016 for calendar year-end entities and ASUs effective after 2016 for calendar-year-end entities. Below you’ll find links to synopses of key ASUs, including descriptions of what each standard changes and when it becomes effective.
- ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern
- ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
- ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
- ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement
- ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments
- ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes
- ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
- ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting
- ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
- ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments
- ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash
If you have questions about these ASUs and how they may affect your business, please contact a member of our audit team at 512.610.7200.