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On the Horizon: FASB amends Leases guidance

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On the Horizon newsletter FASB Leases guidance amended The FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which makes two narrow-scope amendments to the lessor guidance, and clarifies that certain transition disclosures under ASC 250, Accounting Changes and Error Corrections, are not required for interim periods.

See our Snapshot 2019-03 for a summary of ASU 2019-01.

ASU addresses content production costs in entertainment industry The Board also issued ASU 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the FASB Emerging Issues Task Force), which amends the existing guidance on capitalizing production costs for episodic content (such as a television series with new weekly episodes) by aligning it with the guidance on capitalizing production costs for films. The ASU also addresses when an entity should assess films and certain license agreements for impairment at the film-group level.

March 6 meeting highlights posted On March 6, the FASB met to discuss whether to add a project to its technical agenda on disclosures referred to the Board by the SEC and whether to include those disclosures in the Codification. The Board also discussed feedback from a panel of external reviewers on a draft of a final ASU that would amend the definition of “collections.”

See New Developments Summary 2018-12 for information on the SEC’s Final Rule, Disclosure Update and Simplification.

Staff issues Taxonomy Implementation Guide and updates FAQs The FASB staff issued a Taxonomy Implementation Guide, titled Financial Instruments – Debt Securities, to demonstrate the modeling for disclosures related to debt securities. The staff also updated FAQs about the U.S. GAAP Financial Reporting Taxonomy.

Comment letters issued Grant Thornton LLP recently issued a comment letter to the AICPA on ASEC’s exposure draft, Proposed Description Criteria for a Description of an Entity’s Production, Manufacturing, or Distribution System in a SOC for Supply Chain Report, as well as a comment letter to the FASB on the proposed ASU, Targeted Transition Relief for Topic 326, Financial Instruments – Credit Losses.

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This Grant Thornton LLP publication provides information and comments on current accounting, SEC reporting, and audit 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 the 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.