Subsequent Events Proposal Issued by FASB; Final ASUs Incorp. FAS 166, 167 Into Codification

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A few days prior to year-end, FASB released a Proposed Accounting Standards Update—Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. (See the Proposed ASU-Subsequent Events).

Separately, on December 23, FASB posted two final ASUs, which communicate that FASB has formally place FAS 166 and FAS 167 into the FASB codification: ASU No. 2009-17—Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, and ASU No. 2009-16—Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets.

Read more about the recent releaseshere.

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