Financial Accounting Standard No. 125 was issued by the Financial Accounting Standards Board to address the Extinguishment of Liabilities. This statement was effective for extinguishment of liabilities occurring after December 31,1996 and was to be applied...
For all non-public entities, adoption of ASU 2014-09 related to Revenue from Contracts with Customers and ASU 2016-04 related to the Extinguishment of Liabilities is required for annual reporting periods beginning after December 15, 2018 and interim reports beginning...
For public business entities, adoption of ASU 2014-09 related to Revenue from Contracts with Customers and ASU 2016-04 related to the Extinguishment of Liabilities is required for annual and interim reports beginning after December 15,...
The Financial Accounting Standards Board, also known as FASB, issued an Accounting Standards Update 2016-04 in response to the Emerging Issue Task Force consensus regarding the extinguishment of financial liabilities for certain prepaid stored-value products. This...
The Emerging Issue Task Force issued an initial deliberation memo discussion prior to ASU 2016-04 related to the Extinguishments of Liabilities. The purpose of this memo was to assist the Task Force in determining how prepaid cards issued by a financial issuer should...
