Alert: FASB Accounting Standards Update No. 2019-04 – Codification Improvements to Financial Instruments

Category: US GAAP

Alert: FASB Accounting Standards Update No. 2019-04 – Codification Improvements to Financial Instruments

Excerpt

The Public Sector Accounting Board (PSAB) is proposing to adopt a new accounting standard on asset retirement obligations that will address the reporting of legal obligations associated with the retirement of long-lived tangible capital assets currently in productive use. A public sector entity with items falling outside the scope of PS 3260 or PS 3270 should continue to assess whether a liability exists in accordance with the definition of liabilities in PS 1000 Financial Statement Concepts and the recognition and disclosure standards in PS 3200 Liabilities.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.