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Business combinations

16 September 2014

Financial Reporting Developments - Business combinations
We have updated our Financial reporting developments publication on business combinations to clarify and enhance our interpretative guidance. Refer to Appendix G of the publication for a detailed list of these updates.

9 July 2014

Financial Reporting Developments - Intangibles - Goodwill and other
We have updated our FRD on goodwill and intangible assets to include guidance on the private company accounting alternative for goodwill and to make other enhancements to our interpretative guidance. Refer to Appendix D of the publication for a detailed list of these updates.

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Compensation matters

14 August 2014

Technical Line - GASB proposes changes in accounting for other postemployment benefits
The GASB has proposed changing how state and local governments calculate and report the costs and obligations associated with defined benefit other postemployment benefit (OPEB) plans. Government employers would have to record an OPEB liability in their accrual-basis financial statements for defined benefit plans in a manner more similar to private sector entities. The proposal would make a government’s obligations more transparent, and many governments would likely report a much larger OPEB liability than they do today. Our Technical Line publication analyzes the proposed guidance and highlights key changes from current practice.

15 July 2014

Financial Reporting Developments - Share-based payments
We have updated our Financial Reporting Developments publication on share-based payment to reflect the FASB’s ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, and to clarify and enhance our interpretative guidance. Refer to Appendix F of the publication for a detailed list of these updates.

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Consolidation

18 September 2014

Financial Reporting Developments - Equity method investments
We have updated our Financial Reporting Developments publication on equity method investments to reflect the issuance of Accounting Standards Update (ASU) No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, as well as ASU No. 2014-02, Accounting for Goodwill, a consensus of the Private Company Council. See Appendix F for more detail on other updates to this publication.

15 September 2014

Financial Reporting Developments - Consolidation and the Variable Interest Model: Determination of a controlling financial interest
We have updated our Financial reporting developments publication, Consolidation and the Variable Interest Model, for recent standard-setting activities and provided further clarifications and enhancements to our interpretative guidance. Refer to Appendix I of the publication for a list of these updates.

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Fair value measurements

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.

10 July 2013

To the Point - Fair value disclosure relief for nonpublic employee benefit plans
The FASB has indefinitely deferred the requirement for certain employee benefit plans to disclosure quantitative information about the unobservable inputs used to value equity investments in their nonpublic plan sponsor and the sponsor's nonpublic affiliates. The deferral is effective immediately for financial statements that have not yet been issued. Our To the Point publication tells you what you need to know about the new guidance.

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Financial instruments

4 September 2014

NAIC Bulletin - Summer 2014 edition
Our NAIC Bulletin contains the highlights of the Summer 2014 meeting of the National Association of Insurance Commissioners.

19 June 2014

Technical Line - FASB changes accounting for certain repurchase agreements and requires new disclosures
The FASB issued final guidance that requires repurchase-to-maturity transactions to be accounted for as secured borrowings and eliminates existing guidance for repurchase financings. The guidance also requires new disclosures for certain transactions accounted for as secured borrowings and for transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets. Our Technical Line analyzes the new guidance and highlights key changes from current practice.

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Income taxes

9 July 2014

Quarterly tax developments - June 2014
Our June 2014 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, global tax treaties, and other items through 30 June 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

9 April 2014

Quarterly tax developments - March 2014
Our March 2014 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, global tax treaties, and other items through 31 March 2014 to consider as you prepare your tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

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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

18 September 2014

Financial Reporting Briefs - Third quarter 2014: Financial services
This publication provides you with a snapshot of the major accounting and regulatory developments in the financial services industry during the third quarter of 2014.

18 September 2014

Financial Reporting Briefs - Third quarter 2014: Health care
This publication provides you with a snapshot of the major accounting and regulatory developments in the health care industry during the third quarter of 2014.

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Leases

3 September 2014

To the Point - FASB addresses sale and leasebacks, US GAAP topics in leases project
The FASB made decisions to clarify the proposed guidance on accounting for sale and leaseback transactions. The Board affirmed its 2013 proposal to eliminate today’s accounting model for leveraged leases but decided that leveraged leases that exist at transition would be grandfathered. The FASB also affirmed its 2013 proposals about a discount rate policy election for lessees that are not public business entities and the accounting for related party leases. Our To the Point publication tells you what you need to know about these decisions.

14 August 2014

Financial Reporting Developments - Lease accounting
We have updated our FRD publication on lease accounting to address new guidance issued by the FASB in ASU 2014-05, Service Concession Arrangements (primarily codified in ASC 853, Service Concession Arrangements). Arrangements within the scope of ASC 853 are not within the scope of ASC 840, Leases. Other updates include additional considerations for evaluating non-performance covenants when classifying and measuring a lease and illustrative guidance for determining the inputs to a sales-type lease. Refer to Appendix D of the publication for a detailed list of updates.

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Private companies

18 September 2014

To the Point - PCC wraps up intangible assets and discusses share-based payments
The PCC voted to finalize an alternative that would allow private companies to simplify their accounting for intangible assets acquired in a business combination and sent it to the FASB for endorsement. The PCC decided to provide input for a project the FASB plans to launch on both private and public company accounting for share-based payments. Our To the Point publication tells you what you need to know about the PCC meeting this week.

17 July 2014

To the Point - PCC discusses how to simplify the accounting for intangible assets and other potential projects
The PCC discussed its proposal to simplify the accounting for intangible assets acquired in a business combination but did not reach any decisions. The PCC also asked the FASB staff to research possible PCC projects on partnership accounting and the accounting for share-based payments. Our To the Point publication tells you what you need to know about the PCC meeting this week.

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Revenue recognition

17 September 2014

Technical Line - The new revenue recognition standard - engineering and construction
Our Technical Line considers key implications of the revenue recognition standard for engineering and construction entities. This publication supplements our Technical Line, A closer look at the new revenue recognition standard, and should be read in conjunction with it.

4 September 2014

Technical Line - The new revenue recognition standard - aerospace and defense
Our Technical Line considers key implications of the revenue recognition standard for aerospace and defense entities. This publication supplements our Technical Line, A closer look at the new revenue recognition standard, and should be read in conjunction with it.

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SEC/Other regulators

15 September 2014

Technical Line - GAO updates internal control standards for the federal government
The Government Accountability Office updated its internal control standards for the federal government (Green Book) to align them with the 2013 version of the internal control framework many companies use to assess internal control over financial reporting. Our Technical Line publication tells you what you need to know about the updated standards.

21 August 2014

The JOBS Act: 2014 mid-year update
With over two years since the enactment of the Jumpstart Our Business Startups Act (the Act), we look at US IPO market trends and analyze how emerging growth companies are using the relief available to them. We also provide an update on the SEC’s rulemaking under the Act and discuss what still remains to be done.

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Periodic updates

19 September 2014

EITF Update - September 2014
The EITF reached final consensuses on pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

18 September 2014

Financial Reporting Briefs - Third quarter 2014
This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third quarter of 2014. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting developments.

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More topics

4 September 2014

To the Point - FASB requires management to assess an entity’s ability to continue as a going concern
The FASB issued final guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern and to provide disclosures when certain criteria are met. Our To the Point publication tells you what you need to know.

14 August 2014

To the Point - New projects added to FASB and EITF agendas
The Financial Accounting Standards Board added several projects to its agenda and to that of the Emerging Issues Task Force at its latest agenda prioritization meeting. Several of these projects are part of the Board’s simplification initiative. Projects were added to the FASB’s agenda to address accounting for income taxes and to simplify the presentation of debt issuance cost, the measurement date for defined benefit plans and the balance sheet classification of debt. Projects were added to the EITF’s agenda to address the fair value hierarchy levels for certain investments measured at net asset value and the effects on historical earnings per unit of master limited partnership dropdown transactions. See our To the Point for details.

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