- FASB issued guidance on accounting for credit losses - current expected credit losses (CECL) standard, with ASU 2016-13 Financial Instruments (Topic 326)
- Summary list of Financial Accounting Standards Board (FASB) Accounting Standards Updates (ASUs) in 2015.
- An update on IRS Letter Ruling 201518012.
- On July 9, 2015, the Internal Revenue Service (IRS) issued Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, amending the required minimum distribution regulations under section 401(a)(9) of the Internal Revenue Code (IRC). The regulation, as amended, no longer permits qualified defined benefit plans to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution.
- On July 9, 2015, the FASB approved its April 2015 proposal to defer the effective date of ASU No. 2014-09, Revenue from Contracts with Customers, for all entities for one year. Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. This article examines the revenue recognition standard and explains why the FASB granted an extension.
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