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FASB Issues New Rules, Proposals on Narrow Areas of GAAP

Tammy Whitehouse | May 6, 2015

The Financial Accounting Standards Board has been busy the past few weeks pushing out some narrowly focused changes to accounting standards that address earnings per share, fair value measurement, intangible assets, and compensation, not to mention additional proposals involving liabilities associated with gift cards, hedging for energy concerns, and benefit plans.

In terms of final Accounting Standards Updates, FASB issued ASU 2015-06 to clarify how to address the effects of historical earnings per share when a master limited partnership, which is a type of publicly traded partnership typically in the energy sector, is subject to a dropdown transaction, or a distribution of assets particular to these types of entities. FASB’s new guidance specifies that any...

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