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Business combinations

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.

1 May 2014

To the Point - FASB proposes an optional pushdown accounting model
The FASB proposed allowing an acquiree to apply pushdown accounting in its standalone financial statements when an acquirer obtains control of the acquiree. The proposal is a consensus of the Emerging Issues Task Force. Our To the Point publication describes key aspects of the proposal.

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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

7 August 2014

To the Point - FASB provides a measurement alternative for consolidated CFEs
The FASB issued guidance today that allows a reporting entity to measure both the financial assets and financial liabilities of a consolidated collateralized financing entity (CFE) using the fair value of either the CFE’s financial assets or financial liabilities, whichever is more observable. The guidance is aimed at eliminating the measurement difference that sometimes arises when a CFE’s financial assets and financial liabilities are independently measured at fair value. The guidance will likely change practice even for entities that don’t elect the alternative.

23 July 2014

Financial Reporting Developments - Consolidated and other financial statements: Noncontrolling interests, combined financial statements, parent company financial statements and consolidating financial statements
We have updated our Financial reporting developments publication on consolidated and other financial statements to clarify and enhance our interpretative guidance. Refer to Appendix C of the publication for a detailed 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

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.

5 June 2014

Financial Reporting Developments - Foreign currency matters
We have updated our Financial reporting developments publication on foreign currency matters to clarify and enhance our interpretative guidance. Refer to Appendix C of the publication for a detailed list of these updates.

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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

28 August 2014

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

28 August 2014

Technical Line - The new revenue recognition standard - banking
Our Technical Line considers key implications of the revenue recognition standard for Banking 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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Leases

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.

24 July 2014

To the Point - Boards address sale and leaseback transactions, lessor disclosures
The FASB and the IASB continued redeliberating ways to clarify and simplify their 2013 joint proposal on leases, reaching converged decisions on most lessor disclosures and some aspects of the accounting for sale and leaseback transactions. The Boards reached different decisions on seller-lessee gain recognition and the accounting for Type A leasebacks in sale and leaseback transactions. The FASB also deferred decisions on some topics so its staff could do more research. Our To the Point publication tells you what you need to know about these developments.

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Private companies

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.

1 May 2014

To the Point - PCC discusses intangible assets and adds a project on defining public and private entities
The Private Company Council (PCC) continued discussing how to simplify the accounting for intangible assets acquired in a business combination and added a project to its agenda to consider whether to change or consolidate the various definitions of public and nonpublic entities that exist in US GAAP. Our To the Point publication tells you what you need to know about the PCC meeting this week.

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Revenue recognition

28 August 2014

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

28 August 2014

Technical Line - The new revenue recognition standard - banking
Our Technical Line considers key implications of the revenue recognition standard for Banking 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

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.

25 July 2014

To the Point - SEC adopts rules to minimize money market funds’ exposure to rapid redemptions
The rules require institutional prime money market funds to operate with floating net asset values after a two-year transition period. The rules also require boards of directors of non-government money market funds to impose fees on redemptions if a fund’s weekly liquid assets fall below 10% of its total assets. The boards of these funds will have the option of imposing fees or suspending redemptions for up to 10 days if a fund’s weekly liquid assets fall below 30%.

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Periodic updates

11 July 2014

Second quarter 2014 Standard Setter Update
Our Second quarter 2014 Standard Setter Update - Financial reporting and accounting developments highlights significant developments in financial accounting and reporting through 30 June 2014.

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.

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More topics

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.

21 July 2014

Financial Reporting Developments - Statement of cash flows
We have updated our Financial Reporting Developments publication on statement of cash flows to provide additional interpretive guidance.

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