Uncle!!!!!

Since February 25, the FASB has issued seven new Standards (ASUs):

1. ASC 2016-02—Leases
2. ASC 2016-03—Effective Date and Transition Guidance (PCC)
3. ASC 2016-04—Recognition of Breakage for Certain Prepaid Stored-Value Products (EITF)
4. ASC 2016-05—Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (EITF)
5. ASC 2016-06—Contingent Put and Call Options in Debt Instruments (EITF)
6. ASC 2016-07—Simplifying the Transition to the Equity Method of Accounting
7. ASC 2016-08—Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

And they are scheduled to issue two more before the end of March:

1. Identifying Performance Obligations and Licenses (under the new revenue standard)
2. Employee Share-Based Payment Accounting Improvements

And on top of three exposure drafts that are still open for comment:

1. Classification of Certain Cash Receipts and Cash Payments (EITF)
2. Disclosure for Defined Benefit Plans
3. Improving the Presentation of Net Periodic Pension Cost and net Periodic Postretirement Benefit Cost

The FASB intends to issue one more exposure draft before the end of the month:

1. Consolidation of Interests Held Through Related Parties that are Under Common Control

That is 13 documents that people are churning though, and these are not necessarily short one and two page reads. The leasing standard is over 500 pages long, the revenue standard is over 30 pages and most of the rest are ten to twenty pages long.

It feels like those days back in grade school when all you had to do was swallow your pride and say one word so the bully would let you out of the headlock you were being held in. Well, here is goes…

UNCLE!!!!!!!!!!!