Question

Current Issues Paper Written Assignment

• Find and search any website that discusses topics pertinent to FASB, SEC, IFRS, or anything related.
• Specifically, describe and discuss the changes that have occurred within the prior 12 months in the standards and rulings issued by one of these standard setting bodies. You could also incorporate the standards that are being contemplated through pending discussion exposure documents.
• Your paper should be a minimum of five to eight pages, including a cover page and bibliography.

Answer 1

Ans. Changes in the standards and rulings issued by FASB are:

Issued In 2020

(i) Update 2020-01—Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force)

Issued In 2019

(i) Update 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
(ii) Update 2019-11—Codification Improvements to Topic 326, Financial Instruments—Credit Losses
(iii) Update 2019-10—Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates
(iv) Update 2019-09—Financial Services—Insurance (Topic 944): Effective Date
(v) Update 2019-08—Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer
(vi) Update 2019-07—Codification Updates to SEC Sections—Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates (SEC Update)
(vii) Update 2019-06—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities
(viii) Update 2019-05—Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief
(ix) Update 2019-04—Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
(x) Update 2019-03—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections
(xi) Update 2019-02—Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the Emerging Issues Task Force)
(xii) Update 2019-01—Leases (Topic 842): Codification Improvements