Private company reporter Developments in private company reporting

Private company reporter
Developments in private company
reporting
December 7, 2015
What’s inside:
Overview .......................... 1
Standards effective
in 2015 for calendar
year-end private
companies ..................... 1
Standards available
for early adoption
in 2015 ........................... 5
Soon-to-be-released
standard that will be
effective immediately ...... 7
Simplification
initiative ........................8
Questions .........................9
2015 wrap-up — What you need to know for
your financial statement close
Overview
This year-end edition of the Private company reporter is a “one-stop shop” for the
standard setting that could affect your 2015 financial statements. For select standards
that are effective for private companies in 2015, or that can be early adopted in 2015, we
provide a quick summary of the basics of the standard, and insight into what it may mean
for your company. We also summarize the current status of the FASB’s simplification
projects. A complete list of standards effective for private companies in 2015, or that can
be early adopted in 2015, is provided as an Appendix.
Standards effective in 2015 for calendar year-end private
companies
Cumulative translation adjustment
The basics
Appendix ........................ 10

Precludes the release of cumulative translation adjustments (CTA)
for derecognition events that occur within a foreign entity,
unless the events represent a complete or substantially complete
liquidation. Also requires derecognition events related to
investments in a foreign entity to result in the release of all
related CTA, even when a noncontrolling financial interest is
retained.
Why is this
important?
Addresses the diversity in practice related to the release of CTA
into earnings upon the occurrence of certain derecognition events.
It reflects a compromise between existing CTA release guidance
and the loss of control concepts in the consolidation guidance.
Where can I learn
more?
Dataline 2013-10, Cumulative translation adjustment- A
compromise to achieve consistency
ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s
Accounting for the Cumulative Translation Adjustment upon
Derecognition of Certain Subsidiaries or Groups of Assets within
a Foreign Entity or of an Investment in a Foreign Entity (a
consensus of the FASB Emerging Issues Task Force)
Transition
Effective in 2015 for a calendar-year end private company. Should
be applied prospectively.
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Presentation of unrecognized tax benefits
The basics
Generally requires an unrecognized tax benefit (UTB) to be
presented in the financial statements as a reduction to a deferred
tax asset for a net operating loss (NOL) or credit carryforward.
There is one exception: if an NOL or credit carryforward is not
available under the tax laws, or if the company doesn’t intend to
use the NOL or credit carryforward to settle any additional income
taxes resulting from the disallowance of a tax position. In such
instances, the UTB should be recorded as a liability and cannot be
netted against the deferred tax asset.
Why is this
important?
Should reduce diversity in practice by providing specific guidance
on the presentation of unrecognized tax benefits.
Where can I learn
more?
Financial statement presentation guide, Section 16.7.1
Transition
Effective in 2015 for a calendar-year end private company. Should
be applied prospectively.
ASU 2013-11, Income Taxes (Topic 740): Presentation of an
Unrecognized Tax Benefit When a Net Operating Loss
Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward
Exists
Discontinued operations
The basics
Significantly changes the criteria to qualify for discontinued
operations reporting and introduces new, more detailed disclosure
requirements. A disposal can only be presented as discontinued
operations if it represents a strategic shift that has (or will have) a
major effect on a company’s operations and financial results.
Continuing involvement with the disposed-of business will no
longer preclude discontinued operations reporting.
Why is this
important?
In general, reduces the number of disposals that qualify for
discontinued operations reporting. The change may reduce the cost
and effort spent gathering the information to be presented as
discontinued operations. However, fewer disposals being presented
as discontinued operations may distort continuing financial trends
and operating results. In addition, new disclosure requirements
(including those related to individually significant disposals that do
not qualify for discontinued operations) may require additional
time and effort.
Where can I learn
more?
Dataline 2014-08, Discontinued operations—Revised standard
significantly changes criteria for discontinued operations and
disclosures for disposals
ASU 2014-08, Presentation of Financial Statements (Topic 205)
and Property, Plant, and Equipment (Topic 360): Reporting
Discontinued Operations and Disclosures of Disposals of
Components of an Entity
Transition
Effective in 2015 for a calendar-year end private company. Applies
to disposals and classifications of disposal groups as held for sale
that occur after adoption.
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Only companies
that do not meet
the definition of a
public business
entity may adopt
private company
alternatives.
Simplified goodwill accounting alternatives 1
The basics
Provides private companies the option to amortize goodwill over
10 years or less, and use a simplified, trigger-based impairment
model that allows an accounting policy election of assessing
impairment at either the entity-wide level or the reporting unit
level. Involves a one-step approach to measure goodwill
impairment instead of a two-step approach.
Why is this
important?
Reduces cost and effort by eliminating the existing requirement
to assess goodwill impairment at least annually. In addition,
periodic amortization may result in less net income, especially
for acquisitive companies. However, EBITDA is generally not
affected.
Where can I learn
more?
Dataline 2014-05, Goodwill accounting alternative—FASB and
PCC issue final standard for private companies
ASU 2014-02, Intangibles—Goodwill and Other (Topic 350):
Accounting for Goodwill (a consensus of the Private Company
Council)
Transition
Effective in 2015 for a calendar-year end private company.
Applies prospectively to all goodwill existing at the beginning of
the year of adoption and any goodwill acquired thereafter.
Simplified hedge accounting alternative—interest rate swaps1
Before electing any
private company
alternative, consider if
it serves the needs of
financial statement
users and if there are
any immediate plans
to go public, sell the
business, or sell a
significant equity
interest to a public
entity.
The basics
Provides private companies a simplified method to qualify for
hedge accounting for “plain-vanilla” interest rate swaps when
certain conditions are met. Private companies electing this option
can (1) assume the hedge has no ineffectiveness, (2) complete
hedge documentation any time before the issuance of financial
statements, and (3) recognize the hedge at settlement value instead
of fair value.
Why is this
important?
Makes it easier to qualify for hedge accounting, which allows
companies to recognize changes in the value of qualifying interest
rates swaps in OCI rather than net income. As such, it may reduce
earnings volatility and reduce the cost and effort expended on
hedge effectiveness assessments.
Where can I learn
more?
Dataline 2014-06, Simplified hedge accounting approach—New
private company accounting alternative
ASU 2014-03, Derivatives and Hedging (Topic 815): Accounting
for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—
Simplified Hedge Accounting Approach (a consensus of the
Private Company Council)
Transition
Effective in 2015 for a calendar-year end private company. Applies
to qualifying interest rate swaps either as of the beginning of the
year of adoption or as of the beginning of the earliest period
presented — both via a cumulative catch up adjustment to OCI and
retained earnings.
1
See page 7 for a soon-to-be-released standard related to effective date and transition guidance for private
company alternatives.
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Alternative to exempt common control leases from variable interest entity
guidance1
The basics
Provides private companies an exemption from applying the
variable interest entity (VIE) consolidation model to an affiliate
from whom the private company leases an asset. Private companies
that elect the alternative would not consolidate a qualifying VIE,
but instead would account for the lease with the VIE (as either
capital or operating) and account for any executory contracts
between the lessee and lessor (that would have been eliminated if
the VIE was consolidated).
Why is this
important?
Reduces cost and effort by eliminating the requirement to
consolidate certain affiliated VIEs. It also eliminates the need for
certain private companies to issue two sets of financial statements
— one consolidating the lessor VIE to comply fully with U.S. GAAP
and one without the lessor VIE to comply with special requests of
certain users. The initial deconsolidation and lease accounting may
require additional time and effort, and deconsolidation may affect
key financial metrics.
Where can I learn
more?
In depth US2014-03, Private company variable interest entity
relief—FASB provides option to exempt certain common control
leasing arrangements from the VIE model
ASU 2014-07, Consolidation (Topic 810): Applying Variable
Interest Entities Guidance to Common Control Leasing
Arrangements (a consensus of the Private Company Council)
Transition
Effective in 2015 for a calendar-year end private company. Applies
to all qualifying leasing arrangements that exist as of the beginning
of the earliest period presented and all new qualifying leasing
arrangements thereafter.
1
See page 7 for a soon-to-be-released standard related to effective date and transition guidance for private
company alternatives.
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Standards available for early adoption in 20152
Simplified intangible assets alternative1
The basics
Provides private companies the option not to separately recognize
and measure (and instead subsume into goodwill) non-compete
agreements and certain customer-related intangible assets in a
business combination, such as most customer relationship
intangibles.
Why is this
important?
May reduce the costs of applying business combination accounting
by decreasing the number of intangible assets that need to be
recognized separately. This will lead to a higher goodwill balance at
acquisition, which will be subject to amortization (since companies
adopting the intangible asset alternative are also required to adopt
the goodwill alternative).
Where can I learn
more?
In depth US2015-02, FASB provides private companies relief on
intangibles
ASU 2014-18, Business combinations (ASC Topic 805):
Accounting for Identifiable Intangible Assets in a Business
Combination (a consensus of the Private Company Council)
Transition
Effective in 2016 for a calendar year-end private company, but can
be early adopted in 2015. Applies to new business combinations
after the adoption date.
Cloud computing
The basics
Clarifies customers’ accounting for fees paid in a cloud computing
arrangement by requiring them to apply the same criteria as
vendors to determine whether such an arrangement contains a
software license or is solely a service contract.
Why is this
important?
Companies who are the customer in a cloud computing
arrangement should consider the potential impact to EBITDA
when they adopt this standard, particularly those that today
account for cloud computing costs as fixed or intangible assets that
are depreciated or amortized over a period of time (and the
depreciation or amortization is added back for EBITDA purposes).
The new guidance could lead to more companies accounting for
these costs as prepaid expenses on their balance sheet, and
therefore no longer being added back when computing EBITDA.
Where can I learn
more?
In depth US2015-09, Cloud computing fees: FASB issues guidance
on customer accounting
ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use
Software (Subtopic 350-40): Customer’s Accounting for Fees Paid
in a Cloud Computing Arrangement.
Transition
Effective in 2016 for a calendar-year end private company, but can
be early adopted in 2015. Can be adopted retrospectively, or
prospectively for all new transactions entered into or materially
modified after the date of adoption.
See page 8 for additional standards issued as part of the FASB’s simplification initiative that can also be
adopted early.
2
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Stock-based compensation—performance targets that can be achieved after
the service period
The basics
Clarifies that a performance target that could be achieved after an
employee completes the requisite service period (for example, an
IPO target that could be achieved after an employee becomes
eligible for retirement) should be treated as a performance
condition that affects the vesting of the award. As such, the
performance target should not be reflected in estimating the grantdate fair value of the award. Compensation cost should be
recognized over the requisite service period if it is probable that the
performance condition will be achieved.
Why is this
important?
Affects the value and timing of expense recognition of awards that
contain this feature. Since this guidance is intended to resolve
diversity in practice, its income statement effect will depend on
whether the company was already accounting for relevant stockbased compensation in this manner.
Where can I learn
more?
Stock-based compensation guide, Section 1.8.4.1
Transition
Effective in 2016 for a calendar-year end private company, but can
be early adopted in 2015. Applies either prospectively to all sharebased payments granted or modified after the adoption date or
retrospectively to all outstanding awards with performance targets
as of the earliest period presented.
ASU 2014-12, Compensation—Stock Compensation (Topic 718):
Accounting for Share-Based Payments When the Terms of an
Award Provide That a Performance Target Could Be Achieved
after the Requisite Service Period (a consensus of the FASB
Emerging Issues Task Force)
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Soon-to-be-released standard that will be effective
immediately
Private company alternatives effective date and transition guidance
The basics
Provides an unconditional, one-time option to elect an existing
Private Company Council (PCC) accounting alternative subsequent
to its effective date and forgo an initial preferability assessment.
Also extends the transition guidance in the PCC accounting
alternative related to goodwill and the simplified hedge accounting
approach for interest rate swaps. The extension of the transition
guidance for the goodwill alternative will allow a private company
that elects it subsequent to its effective date to apply the accounting
alternative prospectively.
The extension of the transition guidance for the simplified hedge
accounting alternative will allow a private company to elect the
alternative at any time, on a swap-by-swap basis. However, the
transition exception that allows companies to apply the simplified
hedge accounting approach to existing swaps will only be available
the first time that the alternative is elected. After first-time
adoption, any subsequent use of the alternative can only be for new
swaps.
Why is this
important?
All but the intangibles PCC accounting alternatives are effective for
2015 for calendar year-end private companies. Private companies
that are not in a position to adopt a PCC alternative at its effective
date, but may want to take advantage of a PCC accounting
alternative at a future date, will receive some relief with regard to
the time and cost of performing a preferability assessment.
Where can I learn
more?
Private company reporter, Proposed changes may affect adoption
of PCC alternatives
Transition
Expected to be effective immediately once issued.
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Simplification initiative
The FASB has committed to identifying areas of US GAAP where it can reduce cost and
complexity while maintaining or improving the usefulness of the information. The FASB
officially launched its simplification initiative in 2014, which aims to simplify accounting
standards through a series of targeted, narrow-scope projects. The narrow-scope nature
of these projects causes them to move quickly through the standard-setting process, and
many are available for early adoption.
Project
Approved simplifications that can be early adopted in
2015
Extraordinary items Eliminates the concept of extraordinary items from US GAAP. The
(ASU 2015-01)
new guidance will be effective for calendar year-end companies in
2016. It can be early adopted but must be adopted as of the
beginning of the fiscal year.
Presentation of debt Changes the presentation of debt issuance costs for term loans to
issuance costs
reflect the costs as a reduction of the underlying debt—whether
(ASU 2015-03)
paid to the creditor or a third party—rather than as a separate
“debt issuance costs” asset.
and
Although the original simplification did not address how to present
and subsequently measure debt issuance costs related to line-ofPresentation of
credit arrangements, the FASB later codified an SEC Staff
costs associated
Announcement stating that the SEC staff would not object to a
with line-of-credit
company maintaining the most common current presentation of
arrangements
such costs—that is, deferring and presenting them as an asset (not
(ASU 2015-15)
netting them with the line-of-credit) and amortizing them ratably
over the term of the line-of-credit arrangement.
The new guidance will be effective for calendar year-end companies
in 2016, but early adoption is permitted.
Measurement date
for defined benefit
plans
(ASU 2015-04)
Allows measurement of plan assets and obligations as of the
calendar month-end closest to the fiscal year-end when a company
has a non-calendar year-end (e.g., companies with a 52/53-week
fiscal year). Effective for 2017 for calendar year-end companies, but
early adoption is permitted.
Inventory
measurement
(ASU 2015-11)
Requires that inventory within the scope of the guidance be
measured at the lower of cost and net realizable value. Previously,
inventory was required to be measured at the lower of cost or
market. Inventory measured using last-in, first-out (LIFO) and the
retail inventory method (RIM) is not within the scope of the new
guidance. Effective for 2017 for calendar year-end companies, but
early adoption is permitted.
Measurement
period adjustments
(ASU 2015-16)
Eliminates the requirement to restate prior period financial
statements for measurement period adjustments. The new
guidance requires that the cumulative impact of a measurement
period adjustment be recognized in the reporting period in which
the adjustment is identified. Companies must disclose by line item
the amounts recorded in current-period earnings that relate to
prior periods. Effective for 2017 for calendar year-end companies,
but early adoption is permitted.
Balance sheet
classification of
deferred taxes
(ASU 2015-17)
Requires that all deferred tax assets and liabilities be classified as
noncurrent on the balance sheet. Effective for 2018 for calendar
year-end companies. Early adoption is permitted.
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Project
Proposed simplification (subject to change)
Equity method
accounting
Eliminates the requirement that an investor account for an equity
method investment retrospectively when it increases its ownership
to a level that initially qualifies for the equity method.
Balance sheet
classification of
debt
Introduces a more principles-oriented approach for classifying
debt as either current or noncurrent, with a focus on the debt’s
contractual terms and the debtor’s compliance with those terms.
Accounting for
income taxes on
intra-entity
transfers
Requires the tax consequences associated with an intra-entity
transfer to be recorded when the transfer occurs (eliminating the
current exception in US GAAP).
Accounting for
stock-based
compensation
Revises the guidance for minimum statutory tax withholdings,
permits companies to elect a policy to account for forfeitures as
they occur, requires companies to record all excess tax benefits
("windfalls") and deficiencies ("shortfalls") in income tax expense,
and eliminates the requirement to present excess tax benefits as a
financing activity in the cash flow statement. For private
companies only, the proposal would also present a one-time
opportunity to change the measurement of liability-classified
awards from fair value to intrinsic value, and would provide a
practical expedient for determining the expected term of stockbased awards.
Questions
PwC clients who have questions about this document should contact their engagement
partner. Engagement teams that have questions should contact Kirsten Schofield, Kassie
Bauman, or Suzanne Stephani.
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Appendix
Standards effective in 2015 for calendar year-end private companies
Private company effective date
ASU 2013-05
Foreign Currency Matters (Topic 830): Parent’s Accounting for
the Cumulative Translation Adjustment upon Derecognition of
Certain Subsidiaries or Groups of Assets within a Foreign
Entity or of an Investment in a Foreign Entity (a consensus of
the FASB Emerging Issues Task Force)
ASU 2013-06 Not-for-Profit Entities (Topic 958): Services Received from
Personnel of an Affiliate (a consensus of the FASB Emerging
Issues Task Force)
ASU 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized
Tax Benefit When a Net Operating Loss Carryforward, a
Similar Tax Loss, or a Tax Credit Carryforward Exists (a
consensus of the FASB Emerging Issues Task Force)
ASU 2014-01 Investments—Equity Method and Joint Ventures (Topic 323):
Accounting for Investments in Qualified Affordable Housing
Projects (a consensus of the FASB Emerging Issues Task
Force)
ASU 2014-02 Intangibles—Goodwill and Other (Topic 350): Accounting for
Goodwill (a consensus of the Private Company Council)3
ASU 2014-03
Derivatives and Hedging (Topic 815): Accounting for Certain
Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified
Hedge Accounting Approach (a consensus of the Private
Company Council)3
ASU 2014-04 Receivables—Troubled Debt Restructurings by Creditors
(Subtopic 310-40): Reclassification of Residential Real Estate
Collateralized Consumer Mortgage Loans upon Foreclosure (a
consensus of the FASB Emerging Issues Task Force)
ASU 2014-05 Service Concession Arrangements (Topic 853)
ASU 2014-07
Consolidation (Topic 810): Applying Variable Interest Entities
Guidance to Common Control Leasing Arrangements (a
consensus of the Private Company Council)3
ASU 2014-08 Presentation of Financial Statements (Topic 205) and
Property, Plant, and Equipment (Topic 360): Reporting
Discontinued Operations and Disclosures of Disposals of
Components of an Entity
3
Fiscal years beginning after December
15, 2014, and interim and annual
periods thereafter
Fiscal years beginning after June 15,
2014, and interim and annual periods
thereafter
Fiscal years (including interim
periods) beginning after December 15,
2014
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning after
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Annual periods beginning on or after
December 15, 2014, and interim
periods within annual periods
beginning on or after December 15,
2015
See page 7 for a soon-to-be-released standard related to effective date and transition guidance for private company alternatives.
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Private company effective date
ASU 2014-10
ASU 2014-11
ASU 2014-14
ASU 2015-13
Development Stage Entities (Topic 915): Elimination of Certain Varies by amendment
Financial Reporting Requirements, Including an Amendment
to Variable Interest Entities Guidance in Topic 810,
Consolidation
Transfers and Servicing (Topic 860): Repurchase-to-Maturity Annual periods beginning after
Transactions, Repurchase Financings, and Disclosures
December 15, 2014, and interim
periods within annual periods
beginning after December 15, 2015
Receivables – Troubled Debt Restructurings by Creditors
Annual periods ending after
(Subtopic 310-40): Classification of Certain GovernmentDecember 15, 2015, and interim
Guaranteed Mortgage Loans upon Foreclosure (a consensus of periods beginning after December 15,
the FASB Emerging Issues Task Force)
2015
Derivatives and Hedging (Topic 815): Application of the
Effective upon issuance and should be
Normal Purchases and Normal Sales Scope Exception to
applied prospectively
Certain Electricity Contracts within Nodal Energy Markets (a
consensus of the FASB Emerging Issues Task Force)
Standards available for early adoption by private companies in 2015
Private company effective date
ASU 2014-12
ASU 2014-13
ASU 2014-15
ASU 2014-16
ASU 2014-18
ASU 2015-01
ASU 2015-02
ASU 2015-03
Compensation -Stock Compensation (Topic 718): Accounting
for Share-Based Payments When the Terms of an Award
Provide That a Performance Target Could Be Achieved after
the Requisite Service Period (a consensus of the FASB
Emerging Issues Task Force)
Consolidation (Topic 810): Measuring the Financial Assets
and the Financial Liabilities of a Consolidated Collateralized
Financing Entity (a consensus of the FASB Emerging Issues
Task Force)
Presentation of Financial Statements -Going Concern
(Subtopic 205-40): Disclosure of Uncertainties about an
Entity’s Ability to Continue as a Going Concern
Annual periods beginning after
December 15, 2015, and interim periods
within annual periods beginning after
December 15, 2015
Annual periods ending after December
15, 2016, and interim periods beginning
after December 15, 2016
Annual periods ending after December
15, 2016, and interim periods within
annual periods beginning after
December 15, 2016
Derivatives and Hedging (Topic 815): Determining Whether Annual periods beginning after
the Host Contract in a Hybrid Financial Instrument Issued in December 15, 2015, and interim periods
the Form of a Share Is More Akin to Debt or to Equity (a
beginning after December 15, 2016
consensus of the FASB Emerging Issues Task Force)
Business Combinations (Topic 805): Accounting for
Annual and interim periods beginning
Identifiable Intangible Assets in a Business Combination
after December 15, 2015 or December
(a consensus of the Private Company Council)
15, 2016, depending on the date of the
first in-scope transaction (see ASU for
details)
Income Statement—Extraordinary and Unusual Items
Fiscal years, and interim periods within
(Subtopic 225-20): Simplifying Income Statement
those fiscal years, beginning after
Presentation by Eliminating the Concept of Extraordinary
December 15, 2015
Items
Consolidation (Topic 810): Amendments to the Consolidation Fiscal years beginning after December
Analysis
15, 2016, and interim periods within
fiscal years beginning after December 15,
2017
Interest-Imputation of Interest (Subtopic 835-30):
Fiscal years beginning after December
Simplifying the Presentation of Debt Issuance Costs
15, 2015, and interim periods within
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Private company effective date
ASU 2015-04
ASU 2015-05
ASU 2015-06
ASU 2015-07
ASU 2015-09
ASU 2015-10
ASU 2015-11
ASU 2015-12
ASU 2015-15
ASU 2015-16
ASU 2015-17
fiscal years beginning after December 15,
2016
Compensation-Retirement Benefits (Topic 715): Practical
Annual reporting periods beginning
Expedient for the Measurement Date of an Employer’s
after December 15, 2016, and interim
Defined Benefit Obligation and Plan Assets
periods within fiscal years beginning
after December 15, 2017
Intangibles-Goodwill and Other-Internal-use software
Annual periods beginning after
(Subtopic 350-40): Customer's Accounting for Fees Paid in a December 15, 2015, and interim periods
Cloud Computing Arrangement
in annual periods beginning after
December 15, 2016
Earnings per share (Topic 260): Effects on Historical
Fiscal years beginning after December
Earnings per Unit of Master Limited Partnership Dropdown 15, 2015, and interim periods within
Transactions (a consensus of the Emerging Issues Task Force) those fiscal years
Fair Value Measurement (Topic 820): Disclosures for
Fiscal years beginning after December
Investments in Certain Entities That Calculate Net Asset
15, 2016, and interim periods within
Value per Share (or Its Equivalent) (a consensus of the
those fiscal years
Emerging Issues Task Force)
Financial Services- Insurance (Topic 944): Disclosures about Annual periods beginning after
Short-Duration Contracts
December 15, 2016, and interim periods
within annual periods beginning after
December 15, 2017
Technical Corrections and Improvements
Transition guidance varies based on the
amendments in this Update.
Inventory (Topic 330): Simplifying the Measurement of
Fiscal years beginning after December
Inventory
15, 2016, and interim periods within
fiscal years beginning after December 15,
2017
Plan Accounting: (Part I) Fully Benefit-Responsive
Effective for fiscal years beginning after
Investment Contracts, (Part II) Plan Investment Disclosures, December 15, 2015
(Part III) Measurement Date Practical Expedient
(consensuses of the Emerging Issues Task Force)
Interest—Imputation of Interest (Subtopic 835-30):
Should be adopted concurrent with
Presentation and Subsequent Measurement of Debt Issuance adoption of ASU 2015-03
Costs Associated with Line-of-Credit Arrangements Amendments to SEC Paragraphs Pursuant to Staff
Announcement at June 18, 2015 EITF Meeting
Business Combinations (Topic 805): Simplifying the
Fiscal years beginning after December
Accounting for Measurement-Period Adjustments
15, 2016, and interim periods within
fiscal years beginning after December 15,
2017
Income Taxes (Topic 740): Balance Sheet Classification of
Fiscal years beginning after December
Deferred Taxes
15, 2017, and interim periods within
fiscal years beginning after December 15,
2018
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Authored by:
Kirsten Schofield
Partner
Phone: 1-973-236-4054
Email: [email protected]
Kassie Bauman
Director
Phone: 1-973-236-5118
Email: [email protected]
Suzanne Stephani
Director
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