asu 2015-17 early adoption

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August 14 2015 Volume 22 Issue 28 Heads Up

ASU 2015-07 applies retrospectively to employee benefit plan reporting entities and is effective for interim and annual periods beginning after December 15 2015 (nonpublic business entities are granted an additional year); early adoption is permitted The remaining disclosure requirements6

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(ASU 2015-17) which requires companies report their deferred tax liabilities and deferred tax assets together as a single noncurrent item on their classified balance sheets We elected to adopt ASU 2015-17 early and applied it retrospectively as allowed by the standard Our adoption of ASU 2015-17 did not have a material impact on our

Can an entity adopt ASU 2016-13 early?
Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Entities that have adopted ASU 2016-13: Effective for fiscal years beginning after 15 December 2022, including interim periods within those fiscal years. Effective for fiscal years beginning after 15 December 2022, including interim periods within those fiscal years.
When is Asu 2015-17 effective?
(ASU 2015-17 is effective for public business entities (PBEs) in annual periods beginning after 15 December 2016, and interim periods within those annual periods. For non-PBEs, it is effective for annual periods beginning after 15 December 2017, and interim periods within annual periods beginning after 15 December 2018.
When is early adoption allowed?
Note: Early adoption generally is permitted unless otherwise noted. Effective upon issuance (21 December 2022) and generally can be applied through 31 December 2024. Effective for financial statements issued for annual periods beginning after 15 December 2021.
What does ASU 2015-17 mean for deferred taxes?
In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires entities to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts.

Introduction

Introduction Convergence in several important areas — namely, revenue (mainly implementation of recently issued standards), leasing and financial instruments — was a high priority on the agendas of both the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (collectively, the Boards) at the beginn

Similarities

There are many similarities in US GAAP and IFRS guidance on financial statement presentation. Under both sets of standards, the components of a complete set of financial statements include: a statement of financial position, a statement of profit and loss (i.e., income statement) and a statement of comprehensive income (either a single continuous s

Significant differences

changes in shareholders’ equity to be presented in the notes to the financial statements while IFRS requires the changes in shareholders’ equity to be presented as a separate statement. Further, both require that the financial statements be prepared on the accrual basis of accounting (with the exception of the cash flow statement) except for rare c

Financial statement presentation

Financial statement presentation Financial statement presentation assets.ey.com

Convergence

No further convergence is planned at this time. Interim Interim financial financial reporting reporting assets.ey.com

Interim Financial Reporting,

are substantially similar except for the treatment of certain costs described below. Both require an entity to apply the accounting policies that were in effect in the prior annual period, subject to the adoption of new policies that are disclosed. Both standards allow for condensed interim financial statements assets.ey.com

Significant differences

and provide for similar disclosure requirements. Under both US GAAP and IFRS, income taxes are accounted for based on an estimated average annual effective tax rates. Neither standard requires entities to present interim financial information. That is the purview of securities regulators such as the SEC, which requires US public companies to comply

Convergence

No further convergence is planned at this time. Consolidation, Consolidation, joint venture joint accounting venture and equity method accounting investees/associates and equity method investees/associates assets.ey.com

Significant differences

Upon obtaining control of another entity, the underlying transaction is measured at fair value, establishing the basis on which the assets, liabilities and noncontrolling interests of the acquired entity are measured. As described below, IFRS 3 provides an alternative to measuring noncontrolling interest at fair value with limited exceptions. Altho

Business combinations

Business combinations Other differences may arise due to different accounting requirements of other existing US GAAP and IFRS literature (e.g., identifying the acquirer, definition of control, replacement of share-based payment awards, initial classification and subsequent measurement of contingent consideration, initial recognition and measurement

Significant differences

Permissible techniques for cost measurement, such as retail inventory method, are similar under both US GAAP and IFRS. Further, under both sets of standards, the cost of inventory includes all direct expenditures to ready inventory for sale, including allocable overhead, while selling costs are excluded from the cost of inventories, as are most sto

Significant differences

Other differences include: hedging gains and losses related to the purchase of assets, constructive obligations to retire assets, the discount rate used to calculate asset retirement costs and the accounting for changes in the residual value. assets.ey.com

Convergence

In May 2016, the FASB proposed simplifying the accounting for goodwill impairment to reduce the cost and complexity of the goodwill impairment test. The FASB is deliberating a separate project to further reduce the cost and complexity of the subsequent accounting for goodwill (e.g., considering an amortization approach). The FASB also is deliberati

PDF	Company December 31 2014 AEP $ 88.5 APCo 21.6 1&M 7.8 31 déc. 2014 effective for annual periods beginning after December 15 2016 with early adoption permitted. Management adopted ASU 2015-17.

PDF	FASB ISSUES ASU TO SIMPLIFY THE BALANCE SHEET 31 déc. 2015 FASB ISSUES ASU TO SIMPLIFY THE BALANCE SHEET ... The FASB recently issued ASU 2015-17 as part of its ... Early adoption is permitted.

PDF	FINANCIAL STATEMENTS - ICE Clear Europe Limited - Years 24 févr. 2016 ASU 2015-17 will be effective on a retrospective basis for annual reporting periods beginning after December 15 2016

PDF	2015 real estate industry update 12 déc. 2015 Early adoption permitted (not linked to revenue or any other standards) ... ASU 2015-17 Balance Sheet Classification of Deferred Taxes.

PDF	Quarterly Accounting Roundup: Year in Review — 2017 13 déc. 2017 Early adoption is permitted including adoption in any interim period. The ASU's amendments should be applied prospectively to awards ...

PDF	Valencia Water Company early adopted ASU 2015-17 as of December 31 2015

PDF	US GAAP versus IFRS - EY 23 févr. 2018 After the adoption of ASU 2015-17 all ... amendment. However

PDF	29Z016 26 févr. 2016 In November 2015 the FASB issued ASU 2015-17

PDF	Accounting Roundup 31 mai 2017 related to adoption of the new revenue recognition standard (ASU 2014-09). ... Early application is encouraged if Statement 74 has been.

PDF	AT&T INC. FINANCIAL REVIEW 2015 18 févr. 2016 ... been adjusted to reflect our change in accounting for customer fulfillment costs and the early adoption of ASU 2015-03 and ASU 2015-17.

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PDF	Interpretive Guidance on New and Relevant - Deloitte Early adoption will be permitted for all entities Entities must In November 2015, the FASB issued ASU 2015-17, which requires entities to present DTAs and DTLs as