This edition of On the Horizon covers the following:

• ASU simplifies presentation of deferred income taxes on balance sheet;
• proposed ASU to clarify the definition of a business; 
• simplifying the equity method of accounting; 
• insurance – targeted improvements to the accounting for long-duration contracts; 
• employee share-based payment accounting;
• FASB Outlook e-newsletter issued for Q4-2015;
• PCC procedures updated to increase effectiveness and improve communication;
• PIR report issued on guidance for non-exchange transactions;
• GASB Outlook e-newsletter issued for Q4-2015; and
• FAC reopens and is now accepting single audit submissions.