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    Business combinations

    2 July 2015

    Comment Letter - FASB proposal on measurement-period simplification
    In our comment letter, we supported the proposal to eliminate the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. We said the proposal would reduce costs and complexity while continuing to provide users of the financial statements with high-quality information.

    27 May 2015

    To the Point - FASB proposes simplifying measurement-period adjustments in business combinations
    The FASB proposed eliminating today’s requirement that an acquirer in a business combination account for a measurement-period adjustment retrospectively. Instead, an acquirer would recognize a measurement-period adjustment during the period in which the amount of the adjustment is determined. Comments are due by 6 July 2015.

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    Compensation matters

    9 June 2015

    To the Point - FASB proposal would change how companies account for employee share-based payments
    The FASB proposed changing how public and private companies account for share-based payments to employees as part of its broader simplification initiative. The proposal would change the guidance on accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation, forfeitures and income tax effects when awards vest or are settled (i.e., APIC pools would be eliminated). It also would provide classification guidance for awards with contingent repurchase features and give private companies the option to use two practical expedients. Comments are due by 14 August 2015.

    24 April 2015

    To the Point - FASB proposes simplifying financial reporting by employee benefit plans
    The FASB issued a proposal that would simplify certain aspects of employee benefit plan accounting, while satisfying the needs of users of financial statements, including participants and the Department of Labor. The proposal, which was developed by the Emerging Issues Task Force, would simplify the measurement of fully benefit-responsive investment contracts and disclosures about plan investments. It also would allow plans with fiscal years that don’t end at the end of a calendar month to choose a simpler way of measuring their investments and investment-related accounts. Comments are due by 18 May 2015.

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    Consolidation

    8 June 2015

    To the Point - FASB proposes simplifying equity method accounting
    The FASB proposed simplifying the equity method of accounting by eliminating the requirement that an investor identify, account for and make disclosures about the difference between its cost basis of an investment and its proportional interest in the equity of the investee (i.e., the basis difference). As a result, entities would no longer have to estimate the acquisition date fair value of an investee’s assets and liabilities to allocate basis differences. The FASB also proposed eliminating the requirement that an investor account for an equity method investment retrospectively when it increases its ownership to a level that initially qualifies for the equity method. Comments are due by 4 August 2015.

    23 April 2015

    Technical Line - Consolidation considerations for asset managers - FIN 46(R) to ASU 2015-02
    Our Technical Line publication takes a closer look at how entities will be affected by Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. This publication highlights what will change for reporting entities that currently evaluate entities for consolidation under FIN 46 (R).

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    Fair value measurements

    31 October 2014

    To the Point - FASB proposes eliminating certain investments from the fair value hierarchy
    The FASB proposed eliminating the requirement that entities that measure investments using the net asset value (NAV) practical expedient categorize them in the fair value hierarchy table. Under the proposal, certain disclosures about these investments would still be required. Our To the Point publication tells you what you need to know about the proposal.

    20 May 2014

    Financial Reporting Developments - Fair value measurement
    We have updated our Financial reporting developments publication on fair value measurement to provide clarifications and enhancements to our interpretative guidance. The updates include new interpretive guidance regarding centrally cleared derivatives, clarified fair value considerations for the oil and gas industry, and a summary of SEC staff comments in the area of fair value measurements. Refer to Appendix F of the publication for a detailed listing of these updates.

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    Financial instruments

    1 July 2015

    To the Point - FASB tries to make hedge accounting easier to apply and understand
    The FASB tentatively decided to make certain targeted improvements to the hedge accounting model in ASC 815 in an effort to make the accounting easier for companies to apply and for users of the financial statements to understand. The FASB plans to issue an exposure draft seeking comment on these proposals during the fourth quarter of 2015.

    1 May 2015

    To the Point - FASB eliminates requirement to categorize certain investments in the fair value hierarchy
    The FASB issued final guidance that eliminates today’s requirement to categorize investments measured using the net asset value practical expedient in the fair value hierarchy table. The new guidance is effective for public business entities for fiscal years beginning after 15 December 2015, and interim periods within those fiscal years. For entities other than public business entities, the guidance will be effective for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted.

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    Income taxes

    1 July 2015

    Quarterly tax developments - June 2015
    Our June 2015 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, legislative proposals and other items to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we discuss.

    29 May 2015

    Comment Letter - FASB proposal on balance sheet classification of deferred taxes
    In our comment letter, we supported the proposal to eliminate the requirement to classify deferred tax assets or liabilities or any related valuation allowance as current or noncurrent. We also believe the proposal would not significantly affect the quality of information provided to financial statement users.

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    IFRS matters

    19 December 2013

    US GAAP/IFRS accounting differences identifier tool
    We have updated our US GAAP/ IFRS accounting differences identifier tool, which was developed to help entities that are converting from US GAAP to IFRS or that are evaluating the effects of IFRS adoption. This release generally reflects guidance effective in 2013 and guidance finalized by the FASB and the IASB before 31 May 2013, including IFRS 10, Consolidated Financial Statements, and IFRS 11, Joint Arrangements. It also contains a discussion of current standard-setting activities at the FASB and the IASB.

    6 November 2013

    US GAAP versus IFRS: The basics
    We have updated our US GAAP versus IFRS: The basics publication, which describes similarities and differences between US GAAP and IFRS. The updated edition generally reflects guidance effective in 2013 and guidance finalized by the FASB and the IASB before 31 May 2013, including IFRS 10, Consolidated Financial Statements, and IFRS 11, Joint Arrangements.

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    Industry issues

    24 June 2015

    Financial Reporting Developments - Real estate project costs
    We have updated our Financial Reporting Developments publication on real estate costs to clarify and enhance our interpretative guidance.

    24 June 2015

    Financial Reporting Developments - Real estate sales
    We have updated our Financial Reporting Developments publication on real estate sales to clarify and enhance our interpretative guidance.

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    Leases

    27 May 2015

    To the Point - FASB addresses collectibility assessment for lessors and other topics in leases project
    The FASB came back to the table on its leases project and decided to add a requirement that lessors assess the collectibility of lease payments for purposes of lease classification, recognition and measurement. The FASB also decided to change its previous decisions about how lessors would account for modifications to Type A leases and evaluate Type A lease assets for impairment. In addition, the FASB decided to carry forward today’s guidance on a lessee’s accounting for the purchase of a leased asset during the lease term. The Board will set an effective date before issuing the new standard, which is expected in the fourth quarter of 2015.

    25 March 2015

    Technical Line - Final standard on leases is taking shape
    The FASB and the IASB have substantially completed redeliberations on new leases standards that would require lessees to recognize assets and liabilities for most leases. Many aspects of today's lessor accounting would remain the same. Our Technical Line publication discusses how the FASB's new standard would be applied so entities can identify and evaluate the effects on their finances and operations before the Board issues the final standard, which we expect to occur in the second half of 2015.

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    Private companies

    11 May 2015

    Comment Letter - Three-year review of the private company council
    In our comment letter, we reconfirmed our support for providing relief to private companies under US GAAP. We also encouraged the PCC to work closely with the FASB on its projects to simplify accounting for all entities because decreasing complexity for all entities may reduce the need for private company alternatives.

    7 May 2015

    To the Point - PCC discusses effective date relief for private company alternatives and other topics
    The Public Company Council (PCC) discussed whether private companies should be allowed a one-time election to adopt PCC accounting alternatives after their effective dates without having to demonstrate preferability under US GAAP. The PCC also discussed the staff’s pre-agenda research on private company alternatives to the accounting for employee share-based payments and provided input on several FASB projects. The PCC asked the FASB to consider having its staff research application guidance on certain aspects of the variable interest entity model for private companies under common control.

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    Revenue recognition

    16 June 2015

    Financial Reporting Developments - Software: Revenue recognition
    We have updated our Financial Reporting Developments publication on software revenue recognitionto to further clarify and enhance our interpretive guidance.

    15 June 2015

    Financial Reporting Developments - Revenue recognition: Multiple element arrangements
    We have updated our Financial Reporting Developments publication on multiple-element arrangements to reflect our current understanding of this guidance.

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    SEC/Other regulators

    2 July 2015

    To the Point - PCAOB proposes new approach for audit transparency disclosures
    The PCAOB proposed requiring audit firms to file a new form with the PCAOB that would name the engagement partner (i.e., the partner with primary responsibility for the audit) and disclose information about certain other public accounting firms that participated in the audit. The PCAOB made the proposal in a supplemental request for comment as part of its transparency project. Comments are due by 31 August 2015.

    2 July 2015

    To the Point - PCAOB seeks comment on audit quality indicators
    The PCAOB issued a concept release seeking input on 28 possible audit quality indicators (AQI) and how they might be used by audit committees, audit firms, investors, regulators and others. The concept release also seeks comment on how AQI data should be obtained and distributed, whether auditors should be required to provide AQIs or whether providing the information should be voluntary, which audits and audit firms should be subject to AQI reporting and whether any requirements to provide AQIs should be phased in over time. Comments are due by 29 September 2015.

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    Periodic updates

    1 July 2015

    Quarterly tax developments - June 2015
    Our June 2015 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes enacted and effective tax legislation, legislative proposals and other items to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we discuss.

    30 June 2015

    BoardMatters Quarterly - Matters of Interest for Audit Committees - June 2015
    This issue features insights from our audit committee networks, an overview of what boards and audit committees need to know about the Cadillac tax, the three areas of focus for audit committees as they monitor whistleblower programs and the importance of clear communications to investors about financial restatements.

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    More topics

    29 June 2015

    Financial Reporting Developments - Segment reporting
    We have updated our FRD publication on segment reporting to clarify and enhance our interpretative guidance. Refer to Appendix D of the publication for a detailed list of these updates.

    29 April 2015

    To the Point – FASB proposes an overhaul of not-for-profit financial statements
    The FASB issued a proposal that would significantly change the financial statements of not-for-profit (NFP) entities, including business-oriented health care entities. The proposal would require two rather than three net asset classes and standardized measures of operating performance. It also would change how NFPs report cash flows, classify expenses and provide information about liquidity. Business-oriented health care NFPs would not be allowed to present a performance indicator as a US GAAP measure. These changes are intended to make the financial statements of NFPs easier for donors, creditors and other users to understand and compare.

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