2017 FASB -Current Developments: Accounting and Financial Reporting

• Recall one of the reasons why U.S. convergence with international standards has not occurred
• Recognize some of the differences between IFRS for SMEs and IFRS
• Identify a technique that accountants have defaulted to avoid GAAP
• Recognize the disclosure requirements when a nonpublic entity has no uncertain tax positions
• Recognize the classification of certain cash flow transactions addressed by ASU 2016-15
• Identify the expense account to which amortization of debt issuance costs should be recorded
• Recall the rate that an entity should use to amortize debt issuance costs