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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

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.

19 June 2014

To the Point - Awards with targets that affect vesting and that could be achieved after the requisite service period
The FASB issued guidance that a performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition. Our To the Point publication tells you what you need to know about the new guidance.

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Consolidation

10 April 2014

Technical Line - Private companies in common control leasing arrangements may be eligible for relief from VIE model
Our Technical Line discusses new guidance from the FASB that provides an exemption for private companies from evaluating lessors in common control leasing arrangements for consolidation under the variable interest entities (VIE) guidance, if they meet certain criteria. Private companies that elect the alternative still need to apply other consolidation guidance and other US GAAP (e.g., lease accounting) to these arrangements and make certain disclosures.

14 November 2013

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, Consolidated and other financial statements, by adding a new chapter with interpretive guidance on preparing condensed consolidating financial information under SEC Rule 3-10 of Regulation S-X. Among other things, we also shortened the discussion on accounting for certain equity contracts on the stock of a subsidiary that was formerly in this publication, and added cross references to our other publications that address this accounting in more detail.

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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

12 June 2014

Financial Reporting Briefs - Second 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 second quarter of 2014.

12 June 2014

Financial Reporting Briefs - Second 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 second quarter of 2014.

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Leases

19 June 2014

To the Point - Boards continue their march toward new leases standard
The FASB and the IASB continued redeliberating ways to clarify and simplify their 2013 joint proposal on leases. They reached converged decisions on how an intermediate lessor would present a sublease in the balance sheet and income statement, but they reached different decisions about how a sublease would be classified by the intermediate lessor. The FASB and IASB also reached decisions on statement of cash flows presentation and lessees’ balance sheet presentation. Our To the Point publication tells what you need to know about these developments.

29 May 2014

To the Point - Is it a lease? Boards defer decision on definition, make progress on other topics in leases project
The FASB and the IASB continued to seek ways to clarify and simplify their 2013 joint proposal on leases but deferred a decision on the fundamental issue of how to define a lease. Instead, they directed their staffs to provide them with more language and examples that demonstrate how the proposed definition would be applied. The Boards reached converged decisions on how to separate lease and non-lease components, how to allocate contract consideration and the accounting for initial direct costs. Our To the Point publication tells 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

10 July 2014

To the Point - Audit committee considerations for the new revenue standard
Our To the Point publication discusses questions audit committee members may want to ask as they oversee a company’s implementation of the comprehensive joint revenue recognition standard the FASB and the IASB issued recently.

16 June 2014

Technical Line - A closer look at the new revenue recognition standard
The new revenue recognition standard issued by the FASB and the IASB creates a comprehensive source of revenue guidance for all companies in all industries. Because it is more principles-based than the US GAAP guidance it will supersede, many entities will have to exercise more judgment. Our Technical Line analyzes the new guidance and highlights key changes from current practice.

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SEC/Other regulators

23 June 2014

Comment Letter - AICPA’s proposed statement on standards for attestation engagements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

19 June 2014

Technical Line - Using the 2014 XBRL US GAAP Taxonomy
The SEC approved the use of the 2014 XBRL US GAAP, which adds tags for accounting standards updates, eliminates industry views and makes other changes. The 2012 version of the taxonomy is now unavailable for use, and companies that have been using it will need to use a newer version in their next periodic reports. Companies that use the 2013 taxonomy may continue to do so, but the SEC staff strongly encourages adoption of the latest version. Our Technical Line summarizes leading practices for selecting the most appropriate XBRL tags to help companies make the transition to the 2014 taxonomy.

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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

17 July 2014

To the Point - Proposals would eliminate extraordinary items and simplify accounting for inventory
The FASB issued proposals to simplify income statement presentation by eliminating extraordinary items and to simplify the subsequent measurement of inventory by replacing today’s lower of cost or market test with a lower of cost or net realizable value test. Our To the Point publication tells what you need to know about these proposals, which are the first in a FASB initiative to simplify US GAAP in the near term.

14 July 2014

Comment Letter - Chapter 8: Notes to financial statements
In our comment letter, we supported the FASB’s objective of improving disclosure effectiveness in the notes to the financial statements by developing a framework the Board would apply when creating new disclosure requirements and evaluating existing ones. However, we are concerned that the proposed framework would actually perpetuate the significant expansion in disclosure that has occurred over the past few decades. We suggest changes to the framework, including the testing process, and recommend that the Board provide guidance on materiality and clearly distinguish between annual and interim requirements.

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