- 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 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, often referred to as the highway funding bill. The bill modifies the filing due dates for partnerships, C corporations, certain tax-exempt entities, and Form 5500 filers with the intention to create a more logical flow of information.
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