Evolving Accounting Standards for CPAs Wiley author, Joanne Flood, reviews three 2015 Accounting Standards Updates (ASUs). Those reviewed are ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,; ASU 2015-02, Amendments to the Consolidation Analysis; and ASU 2015-03, Simplifying the Prese ...

FASB has voted to endorse a GAAP alternative to exempt private company lessees from a requirement to consolidate variable interest entities (VIE) in common control leasing arrangements.  Initiated by the Private Company Council (PCC), the exemption would be allowed under specific conditions including: Private company lessee and the lessor entity are under common control Private company holds a leasing arran ...