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On the Horizon - December 2015

Louise Kelly Louise Kelly

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.