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The FASB recently issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This content will become testable on the CPA exam in January 2018.

The amendments in this update from the FASB are effective for NFPs for fiscal years beginning after December 15, 2016. The standard will become testable on the CPA exam October 2017.

office-buildings

On January 5, the Financial Accounting Standards Board (FASB) issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business impacts many areas of accounting, such as acquisitions, disposals, consolidations, and goodwill. This ASU affects all reporting organizations that must determine whether they have acquired or sold […]

Statement of Cash Flows

On November 17, 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash.

lease accounting

The FASB (Financial Accounting Standards Board) issued Accounting Standards Update No. 2016-02, Leases (Topic 842).

The FASB issued Accounting Standards Update (ASU) 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, affecting public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The ASU will take effect for public companies for fiscal years beginning after Dec 2017, and will be testable on the CPA exam beginning in Jan 2018.

Due to early implementation, ASU No. 2015-15 will become testable on the CPA Examination six months after its issue date, in the October-November 2015 test window.