Seiler LLP Accounting Insights March 2017

This newsletter covers helpful information on how to understand upcoming changes to accounting standards.

The Current Expected Credit Loss Model (CECL): Are You Ready?
In this report, we focus on the current expected credit loss model presented in ASU 2016-13 and its impact on accounting for loan losses by financial institutions.
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ASU 2017-01: Clarifying the Definition of a Business
ASU 2017-01 revises the definition of a business and includes two related material changes as to how an integrated set of activities and assets should be evaluated to determine if it is a business.
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ASU 2017-04: Goodwill Simplifications – Implementation Considerations for 2017 Year Ends and Beyond
ASU 2017-04 eliminates Step 2 from the goodwill impairment test currently prescribed in U.S. GAAP. It also has some significant nuances and implementation considerations that should not be overlooked.
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ASU 2016-20: FASB ASC 606 Technical Corrections & Improvements Implementation Issues on New Revenue Recognition Standard
ASU 2016-20 amends the new revenue recognition standard (ASU 2014-09). In this report, we focus on some issues that are likely to be relevant to many private companies beginning implementation of ASU 2014-09.
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This content is for general information purposes only, and should not be used as a substitute for consultation with professional legal, tax or accounting advisors. Presented with permission from the Center for Plain English Accounting (CPEA).