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 International Financial Reporting Interpretations Committee determined that neither an Interpretation nor an amendment to a Standard was necessary in regard to how an entity classifies the liability that arises when it issues a prepaid card in exchange for cash...
In July 2015, the International Accounting Standards Board unanimously affirmed its proposal to defer the effective date of IFRS 15 Revenue From Contracts With Customers to January 2018. Earlier application of IFRS 15 continues to be...
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...
The International Accounting Standards Board issued IFRS 15 regarding Revenue from Contracts with Customers to address reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. This standard...
