FASB released Proposed ASU 2021-005 on September 15, 2021.  The name of the proposed ASU is “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”.  Comments are due by November 14, 2021.  The proposed ASU may be found on the FASB website or by following the links to the proposed ASU in the Codification.    Why did FASB issue this proposed ASU?    Who is affected by the amendments in this proposed update?   Summarize the main provisions of this proposed.      Summarize how the main provisions of the proposed ASU would differ from current GAAP and why they would be an improvement?   As of October 31, 2021 one comment letter had been submitted to FASB. Briefly summarize the opinion expressed in the comment letter.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. FASB released Proposed ASU 2021-005 on September 15, 2021.  The name of the proposed ASU is “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”.  Comments are due by November 14, 2021.  The proposed ASU may be found on the FASB website or by following the links to the proposed ASU in the Codification. 

 

  1. Why did FASB issue this proposed ASU? 

 

  1. Who is affected by the amendments in this proposed update?

 

  1. Summarize the main provisions of this proposed.   

 

  1. Summarize how the main provisions of the proposed ASU would differ from current GAAP and why they would be an improvement?

 

  1. As of October 31, 2021 one comment letter had been submitted to FASB. Briefly summarize the opinion expressed in the comment letter. 

 

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