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.
The FASB voted to proceed with an accounting standard that requires companies to include lease obligations on their balance sheets. The next step is a “ballot draft.”
The FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, on February 18, 2015.
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.