Welcome to the January 2017 edition of Accounting Roundup. Highlights of this issue include the following:
- The FASB’s issuance of (1) ASUs that clarify the definition of a business, amend the consolidation guidance for not-for-profit entities, simplify the goodwill impairment test, make technical corrections to the new revenue standard, and amend certain SEC guidance and (2) proposed ASUs that would simplify the balance sheet classification of debt and update the inventory disclosure requirements.
- The release of FAQs on the FASB’s credit losses standard, ASU 2016-13, by several banking agencies.
- Public statements by the SEC’s acting chairman, Michael Piwowar, regarding the Commission’s 2014 guidance on its August 2012 final rule on conflict minerals.