On November 18, the SEC released a Staff Accounting Bulletin (SAB) to rescind portions of the interpretive guidance included in its SAB Series for what is known as pushdown accounting. The new bulletin brings existing guidance into conformity with Accounting Standards Update No. 2014-17 – Business Combinations (Topic 805). Release. Bulletin.
Accounting Standards Update
FASB Update on Repo Reporting
On April 29, FASB issued an Accounting Standards Update on financial reporting of repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The update removes from the assessment of effective control the requirement that the transferor have the ability to repurchase or redeem the financial assets. FASB Release.