FASB updates Codification for SEC Releases
FINANCIAL REPORTING INSIGHTS |
Authored by RSM US LLP
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2021-06, which updated the FASB Accounting Standards Codification (ASC) pursuant to:
- SEC Release No. 33-10786, which addresses amendments to financial disclosures about acquired and disposed businesses and was effective January 1, 2021. Among other revisions, the ASU added to the ASC the text of SEC Regulation S-X Rule 6-11, Financial Statements of Funds Acquired or to Be Acquired, which governs the financial reporting for fund acquisitions by investment companies and business development companies; and
- SEC Release No. 33-10835, which addresses updated statistical disclosures for bank and savings and loan registrants and applies to fiscal years ending on or after December 15, 2021. However, voluntary early compliance is permitted, provided that the rules are applied in their entirety.
Call us at (800) 624-2400 or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by RSM US LLP and originally appeared on 2021-08-17.
2021 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Weinlander Fitzhugh is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Weinlander Fitzhugh can assist you, please call (989) 893-5577.