Recap of 2012 FASB updates

The Financial Accounting Standards Board (FASB) issued seven Accounting Standards Updates (ASUs) in 2012, just over half of the twelve issued in the prior year. To help you refer to the 2012 updates, we are providing links to the detailed FASB information.

ASU 2012-01
Health Care Entities (Topic 954): Continuing Care Retirement Communities—Refundable Advance Fees. For public entities, this is effective for fiscal periods beginning after December 15, 2012. For nonpublic entities, this is effective for fiscal periods beginning after December 15, 2013.

ASU 2012-02
Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. Read Baker Tilly’s article on this topic. Effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012.
 
ASU 2012-03
Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update).
 
ASU 2012-04
Technical Corrections and Improvements. For public entities, amendments subject to transition guidance will be effective for fiscal periods beginning after December 15, 2012. For nonpublic entities, amendments subject to transition guidance will be effective for fiscal periods beginning after December 15, 2013.

ASU 2012-05
Statement of Cash Flows (Topic 230): Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows (a consensus of the FASB Emerging Issues Task Force). Effective prospectively for fiscal years, and interim periods within those years, beginning after June 15, 2013.
 
ASU 2012-06
Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force). For public and nonpublic entities, this is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2012.
 
ASU 2012-07
Entertainment—Films (Topic 926): Accounting for Fair Value Information That Arises after the Measurement Date and Its Inclusion in the Impairment Analysis of Unamortized Film Costs (a consensus of the FASB Emerging Issues Task Force). For SEC filers, this is effective for impairment assessments performed on or after December 15, 2012. For all other entities, this is effective on or after December 15, 2013.
 
To see what projects are currently underway, visit the FASB current technical plan.