Welcome to Quarterly Accounting Roundup: Year in Review — 2017. Notable standards issued by the FASB in 2017 include Accounting Standards Updates (ASUs) that:
- Clarify the definition of a business.
- Amend the scope of modification accounting for share-based payment arrangements.
- Amend the guidance on presentation of net periodic benefit cost related to defined benefit plans.
- Amend the guidance on derecognition and partial sales of nonfinancial assets.
- Simplify the goodwill impairment test.
- Make targeted improvements to the hedge accounting requirements.