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FASB to issue three proposed ASUs

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Contents
FASB
     Board meets on January 20
     Q1 2016 FASB Outlook e-newsletter issued
Dodd-Frank Wall Street Reform and Consumer Protection Act
     SEC extends comment period for resource extraction issuers proposed rule
AICPA publishes Audit Risk Alert on single audits
Comment letter issued



FASB

All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot. Decisions reflected in Exposure Drafts are often changed in redeliberations by the Board based on information received in comment letters, at public roundtable discussions, and from other sources. Board decisions become final after a formal written ballot to issue a final Accounting Standards Update.

Board meets on January 20

The FASB met on January 20 to discuss a number of proposed technical corrections and improvements to various topics in the Codification. As a result of these discussions, the Board directed the staff to draft three proposed ASUs summarizing the proposed technical corrections and improvements in the following categories: (1) the new revenue guidance, (2) the new consolidation guidance, and (3) other various topics.

The Board also discussed its project on financial performance reporting, but did not make any decisions.

Q1 2016 FASB Outlook e-newsletter issued

The FASB issued the Q1 2016 edition of its FASB Outlook e-newsletter, which includes, among other articles, the results of a recent project survey and a related discussion of items the Board is considering for its future agenda. The FASB expects to issue a Discussion Paper in the first half of 2016, giving stakeholders an opportunity to provide feedback on its future agenda.



Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) mandates numerous studies and regulatory rule changes. Initiatives that impact financial reporting are described in the Weekly Update as information becomes available.

SEC extends comment period for resource extraction issuers proposed rule

The SEC recently extended the comment period for the resource extraction issuers proposed rule issued on December 11. The initial comment period is extended to February 16, 2016. Reply comments to respond to issues raised in the initial comment period are now due March 8, 2016.

For more information on the proposed rule, please refer to the December 17, 2015 On the Horizon.



AICPA publishes Audit Risk Alert on single audits

The AICPA issued Audit Risk Alert, Government Auditing Standards and Single Audit Developments. The alert

  • Discusses important aspects of the Uniform Guidance, including its impact on single audits and major program determination
  • Identifies significant risks that may affect audits performed under Government Auditing Standards and the Uniform Guidance or Circular A-133
  • Provides an update on current developments related to single audits
  • Highlights frequent violations relating to single audits identified by the AICPA Peer Review division



Comment letter issued

On January 22, the firm issued a comment letter in response to the FASB’s proposed ASU, Business Combinations: Clarifying the Definition of a Business.




© 2016 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.