Recap of the 2014 FASB ASUs

In 2014, the Financial Accounting Standards Board (FASB) issued eighteen Accounting Standards Updates (ASUs). There are several major areas expected to be updated in 2015, including leases, disclosure framework, and accounting for financial instruments. To help you review the most recent updates, links are provided below to the detailed FASB information for each of the 2014 ASUs.

Update No. 2014-01Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-02Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill (a consensus of the Private Company Council)

Additional insights on ASU 2014-02

Update No. 2014-03Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council)

Additional insights on ASU 2014-03

Update No. 2014-04Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-05Service Concession Arrangements (Topic 853) (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-06Technical Corrections and Improvements Related to Glossary Terms

Update No. 2014-07Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council)

Additional insight on ASU 2014-07

Update No. 2014-08Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Additional insight on ASU 2014-08

Update No. 2014-09Revenue from Contracts with Customers (Topic 606)

Section A—Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40)
Section B—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables
Section C—Background Information and Basis for Conclusions

Additional insight on revenue recognition:

Update No. 2014-10Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation

Update No. 2014-11Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures

Update No. 2014-12Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-13Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-14Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-15Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Additional insight on ASU 2014-15

Update No. 2014-16Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-17Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)

Update No. 2014-18Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council)

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