Summary of all the FASB ASUs in 2015

The Financial Accounting Standards Board (FASB) issued seventeen Accounting Standards Updates (ASUs) in 2015. Topics in the next year are expected to include accounting for financial instruments, leases, and revenue recognition. Links are provided below to the detailed FASB information for each of the 2015 ASUs.

  • Update No. 2015-01—Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
  • Update No. 2015-02—Consolidation (Topic 810): Amendments to the Consolidation Analysis
  • Update No. 2015-03—Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs
  • Update No. 2015-04—Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets
  • Update No. 2015-05—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement
  • Update No. 2015-06—Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the FASB Emerging Issues Task Force)
  • Update No. 2015-07—Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the FASB Emerging Issues Task Force)
  • Update No. 2015-08—Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update)
  • Update No. 2015-09—Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts
  • Update No. 2015-10—Technical Corrections and Improvements
  • Update No. 2015-11—Inventory (Topic 330): Simplifying the Measurement of Inventory
  • Update No. 2015-12—Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (consensuses of the FASB Emerging Issues Task Force)
  • Update No. 2015-13—Derivatives and Hedging (Topic 815): Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets (a consensus of the FASB Emerging Issues Task Force)
  • Update No. 2015-14—Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date
  • Update No. 2015-15—Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)
  • Update No. 2015-16—Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments
  • Update No. 2015-17—Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes