United States

KPMG Comments on FASB Proposal about Asset Derecognition; Partial Sales of Nonfinancial Assets

Aug 08, 2016
From the Financial Reporting Network

KPMG LLP recently commented on the proposed FASB ASU, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which would clarify the scope of the guidance about derecognizing nonfinancial assets and would address the accounting for partial sales of nonfinancial assets.

KPMG expressed overall support for the Board’s proposal, but recommended that the Board simplify the guidance by modifying the proposed guidance about unit of account and redefining in substance nonfinancial asset.

Read KPMG Comment Letter

Read Proposed FASB ASU