ASU 2016-09: Simple But Complex: Part 1

As part of its Simplification Initiative, FASB issued ASU 2016-09 on March 30, 2016, an update to ASC Topic 718. For public business entities, the amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. There are a few key provisions of the new standard, here we will focus on accounting for income taxes and elimination of APIC pool.