Summary of all the FASB ASUs in 2016

The Financial Accounting Standards Board (FASB) issued nineteen Accounting Standards Updates (ASUs) in 2016, including the long awaited leases accounting update. Several of the updates issued were modifications or clarifications directly related to the revenue recognition standard, Topic 606, and those are noted in the below information. Links are provided below to the detailed FASB information for each of the 2016 ASUs.

Update 2016-01—Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities

Update 2016-02—Leases (Topic 842)
Section A—Leases: Amendments to the FASB Accounting Standards Codification®

Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification®

Section C—Background Information and Basis for Conclusions

Baker Tilly insights

A full range of insights on the leases standard are available on our website at bakertilly.com/insights/tag/leases, including:

Update 2016-03—Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging (Topic 815): Effective Date and Transition Guidance (a consensus of the Private Company Council)

Update 2016-04—Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products (a consensus of the Emerging Issues Task Force)

Update 2016-05—Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the Emerging Issues Task Force)

Update 2016-06—Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the Emerging Issues Task Force)

Update 2016-07—Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting

*Update 2016-08—Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

Update 2016-09—Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

*Update 2016-10—Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing

Update 2016-11—Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update)

*Update 2016-12—Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Update 2016-13—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Update 2016-14—Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities

Update 2016-15—Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)

Update 2016-16—Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory

Update 2016-17—Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control

Update 2016-18—Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)

Update 2016-19—Technical Corrections and Improvements

*Update 2016-20—Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers

* These updates are directly related to ASC 606, revenue recognition; additional insights and information on the revenue recognition standard can be found at www.bakertilly.com/asc606.