Permitted, including in an interim period Permitted for financial statements not previously issued or made available for issuanceĪpplies to the consolidation of legal entities such as limited partnerships, limited liability corporations, and securitization structures. Removes from the consolidation guidance, an exception provided to development stage entities for determining whether the entity is a VIE. Permitted for amendments that require transition guidanceĭevelopment Stage Entities – Amendment to Variable Interest Entities (VIE) Guidance

Technical correction for Subtopic 860-50 (servicing assets and liabilities) to add existing guidance (from AICPA Statement of Position 01-6) on accounting for the sale of servicing rights when the transferor retains loans.

Subtopic 860-20 (sales of financial assets) is revised to align implementation and recognition guidance and to clarify considerations in determining whether a transferor once again has effective control over transferred financial assets (relates to ASU 2014-11).

Subtopic 405-40 (joint and several liability arrangement obligations) is clarified that for an obligation amount to be considered fixed, the entire obligation amount – and not the entity’s portion of the obligation – must be fixed at the reporting date.

Disclosure is required when a fair value valuation approach (that is, market, cost, or income) or valuation technique (such as present value or option pricing models) changes.

Technical correction for Federal Housing Administration (FHA) or Veterans Benefits Administration (VA) insured loans that do not have to be fully insured by those programs to recognize profit using the full accrual method.

Accounting for internal-use software licensed from third parties in the scope of Subtopic 350-40 (relates to ASU 2015-05).

Various corrections to existing accounting guidance, including six that may result in a change in practice for the following: Removes the requirement to retroactively adopt the equity method upon an increase in 1) the level of ownership interest or 2) the degree of influence of an investment.

31 Year-End PBEsįair Value Disclosures for Investments in Entities That Calculate Net Asset Value (NAV) per ShareĪpplies to entities that elect to measure the fair value of an investment using the NAV per share (or its equivalent) practical expedient.

Asu 2015 07 implementation guidance