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    BoardMatters Quarterly

    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.

    21 April 2015

    BoardMatters Quarterly - Matters of Interest for Audit Committees - April 2015
    This issue compiles material recently published by the EY Center for Board Matters, including one of its most popular articles "Women on US boards: what are we seeing?" The issue also contains "2015 proxy season insights" and an update from our audit committee networks.

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    Comment Letters

    19 August 2015

    Comment Letter - FASB proposal on presentation of not-for-profit financial statements
    In our comment letter, we supported the FASB’s objective of improving financial statement presentation by not-for-profit entities (NFPs) provided any changes are simple and straightforward and scalable to all affected entities. We supported many of the proposed amendments that address issues that are unique to NFPs such as the proposed changes to the classification of net assets and certain amendments that would eliminate diversity in practice. However, we did not support the development of significantly different financial reporting models for NFPs and business enterprises, especially in areas where the objectives of financial reporting do not differ between these types of entities (e.g., reporting measures of operations, reporting of cash flows).

    14 August 2015

    Comment Letter - FASB proposal to simplify share-based payment accounting
    In our comment letter, we said we believe that the proposal would reduce costs and complexity by allowing all entities to elect to account for forfeitures of share-based payments as they occur and by providing two practical expedients for nonpublic entities. We support increasing the threshold for the exception to liability classification related to shares withheld for employees’ taxes and propose that the exception be extended to partnerships and other pass-through entities that do not have a withholding obligation. While we agree with the FASB’s proposal to eliminate the accounting for the pool of excess tax benefits, we believe that excess tax benefits and tax deficiencies should be recorded in additional paid-in capital, rather than in the income statement.

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    Effective Date Matrix

    11 June 2015

    Accounting pronouncements effective for the second quarter of 2015
    Several new accounting pronouncements are effective for 2014 interim or annual periods for calendar-year entities. We have listed those pronouncements, along with descriptions of related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2014.

    12 March 2015

    Accounting pronouncements effective for the first quarter of 2015
    Several new accounting pronouncements are effective for the first quarter of 2015 for calendar-year entities. We list them along with descriptions of related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

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    EITF Update

    19 June 2015

    EITF Update - June 2015
    The EITF reached final consensuses on the application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets and employee benefit plan simplifications. The EITF reached consensuses-for-exposure on the effect of derivative contract novations on existing hedge accounting relationships and contingent put and call options in debt instruments. The EITF also discussed but didn’t reach a consensus-for-exposure on the classification of certain cash receipts and cash payments on the statement of cash flows.

    20 March 2015

    EITF Update - March 2015
    The EITF reached final consensuses on effects on historical earnings per unit of master limited partnership dropdown transactions and disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The EITF also reached consensuses-for-exposure on the application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets, recognition of breakage for prepaid stored-value cards and employee benefit plan simplifications.

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    Financial Reporting Briefs

    18 June 2015

    Financial Reporting Briefs - Second quarter 2015
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the second quarter of 2015. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

    26 March 2015

    Financial Reporting Briefs - First quarter 2015
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the first quarter of 2015. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

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    Financial Reporting Developments

    17 August 2015

    Financial Reporting Developments - Impairment or disposal of long-lived assets
    We have updated our Financial Reporting Developments publication on impairment or disposal of long-lived assets to provide additional interpretive guidance.

    14 August 2015

    Financial Reporting Developments - Lease accounting
    We have updated our FRD publication on lease accounting to provide additional considerations for evaluating service concession arrangements in accordance with ASU 2014-05, Service Concession Arrangements, which was codified in ASC 853, Service Concession Arrangements. These arrangements are not within the scope of ASC 840, Leases. We have also updated our FRD to reflect ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software, which eliminates the requirement in ASC 350-40 that customers analogize to ASC 840 to determine the accounting for a software licensing arrangement. Refer to Appendix D of the publication for a detailed list of updates.

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    IFRS Outlook

    1 June 2013

    IFRS Outlook - June 2013
    Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

    1 March 2013

    IFRS Outlook - March 2013
    Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

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    Joint Project Watch

    10 January 2013

    Joint Project Watch - December 2012
    The standard-setting activities of the FASB and the IASB on their joint projects continue to move forward. The Boards are redeliberating their second exposure draft (ED) on revenue recognition, and are preparing to issue a second ED on leases in early 2013. Separate documents on financial instruments topics have been issued or are expected early in 2013. Our Joint Project Watch publication is designed to give you a snapshot of key developments from a US GAAP perspective, along with our observations about the potential implications for companies.

    11 October 2012

    Joint Project Watch - September 2012
    The standard-setting activities of the FASB and the IASB on their joint projects continue to move forward. The Boards are redeliberating their second exposure draft (ED) on revenue recognition, and are preparing to issue a second ED on leases in early 2013. Our Joint Project Watch publication is designed to give you a snapshot of key developments from a US GAAP perspective, along with our observations about the potential implications for companies.

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    NAIC Bulletin

    15 April 2015

    NAIC Bulletin - Spring 2015 edition
    Our NAIC Bulletin contains the highlights of the Spring 2015 meeting of the National Association of Insurance Commissioners.

    3 December 2014

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

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    SEC Comments and Trends

    11 December 2014

    SEC Comments and Trends - December 2014 - Media and entertainment industry supplement
    Our M&E supplement to our SEC Comments and Trends publication is intended to give you insights into the SEC staff’s concerns and areas of focus involving M&E companies. This publication is based on our review of approximately 120 public comment letters issued to more than 50 M&E registrants between October 2013 and October 2014. It should be read in conjunction with ourSeptember 2014 SEC Comments and Trends publication, which discusses matters that relate to all registrants.

    23 September 2014

    SEC Comments and Trends - September 2014
    Our 2014 SEC Comments and Trends publication is designed to help you understand what the SEC staff is focusing on in its comments on public company filings as you head into the year-end reporting season. Disclosures about significant judgments and estimates, including those related to segment reporting, goodwill impairment, income taxes and revenue recognition, continue to be hot topics. We’ve also seen an increase in comments on internal control over financial reporting and disclosure controls and procedures. Our publication also highlights recent observations from the SEC staff about how to evaluate its comments and includes a section on best practices when responding to comment letters from the SEC staff.

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    SEC Compendium

    15 December 2014

    2014 AICPA National Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2014 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C. The highlights included (1) a possible IFRS alternative to make it easier for US registrants to voluntarily provide IFRS information as a supplement to their US GAAP financial statements, (2) comments from SEC, FASB and IASB representatives on implementing the new revenue standard, (3) discussion by the SEC staff about accounting and internal control over financial reporting matters, (4) an update on disclosure effectiveness initiatives by the SEC and FASB and voluntary efforts by companies to make improvements now and recent PCAOB standard-setting activity.

    16 December 2013

    2013 AICPA National Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2013 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C. They include (1) the SEC staff’s views on reducing disclosure overload, simplifying accounting standards and challenging the design and effectiveness of internal control over financial reporting, (2) discussions about the joint projects of the FASB and the IASB, (3) comments from SEC and PCAOB representatives on audit quality and transparency and (4) the SEC staff’s suggestions for year-end financial reporting.

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    SEC in Focus

    9 July 2015

    SEC in Focus - July 2015
    Our latest newsletter summarizes developments relating to SEC matters, including certain items we have not previously reported in Week in Review. This issue highlights the SEC’s concept release on possible revisions to its audit committee disclosure rules. We discuss the SEC's progress on rulemaking and other initiatives, including a recent proposal that would require companies to have policies to claw back incentive-based compensation from executive officers in the event of a restatement and another proposal that would require companies to disclose the relationship between executive compensation and company performance. We also discuss trends in recent SEC staff comments on public company filings and other current practice matters.

    2 April 2015

    SEC in Focus - April 2015
    Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2015.

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    SEC Reporting Series

    4 December 2014

    2014 SEC annual reports – Form 10-K
    We have updated our SEC Financial Reporting Series to reflect all final SEC rules and interpretive guidance issued through 31 October 2014. This publication is intended as a reference tool for preparing annual reports on Form 10-K.

    4 December 2014

    2015 proxy statements - An overview of the requirements
    Our proxy publication is a reference tool for use when preparing the annual meeting proxy statement. It reflects all final SEC rules and interpretive guidance issued through 31 October 2014.

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    Standard Setter Update

    16 July 2015

    Second quarter 2015 Standard Setter Update
    Our Second Quarter 2015 Standard Setter Update, Financial reporting and accounting developments, highlights significant developments in financial accounting and reporting between 1 April 2015 and 30 June 2015 and summarizes certain proposals presently under consideration by the FASB, EITF, PCC, SEC, PCAOB, ASB and GASB.

    14 April 2015

    First quarter 2015 Standard Setter Update
    Our First Quarter 2015 Standard Setter Update, Financial reporting and accounting developments, highlights significant developments in financial accounting and reporting between 1 January 2015 and 31 March 2015 and summarizes certain proposals presently under consideration by the FASB, EITF, PCC, SEC, PCAOB, ASB and GASB.

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    Technical Line

    27 August 2015

    Technical Line - How to apply S-X Rule 3-14 to real estate acquisitions
    We have updated our Technical Line, How to apply S-X Rule 3-14 to real estate acquisitions, to include recent practice matters and SEC staff views. Our publication is designed to help registrants that are considering real estate acquisitions, or initial SEC registrations of real estate investment trusts, interpret and apply the rule.

    29 July 2015

    Technical Line - Applying the new revenue recognition standard to sales of real estate
    The new revenue recognition standard eliminates the existing guidance in ASC 360-20, Real Estate Sales, for sales of real estate. Our Technical Line publication discusses the implications and compares how entities will account for several common real estate transactions under the new revenue standard with what they do under today’s real estate sales guidance.

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    To the Point

    27 August 2015

    To the Point - FASB may change income tax disclosure requirements related to unrecognized tax benefits
    The FASB tentatively decided to expand one income tax disclosure requirement related to unrecognized tax benefits and to eliminate another. The FASB made these decisions in its review of income tax disclosures, which is part of its disclosure framework project.

    13 August 2015

    To the Point - FASB defers the new revenue standard by one year
    The FASB issued an Accounting Standards Update to defer by one year the effective date of its new revenue recognition standard and allow early adoption as of the original public entity effective date.

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    US GAAP vs. IFRS: The Basics

    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.

    14 November 2012

    US GAAP versus IFRS: The basics
    While convergence was a high priority for the FASB and the IASB in 2012, differences continue to exist between US GAAP and IFRS. In this guide, we provide an overview by accounting area of where the standards are similar, where differences are commonly found in practice, and how and when certain differences are expected to disappear.

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    US Week in Review

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    More Publications

    22 July 2015

    Joint Transition Resource Group for Revenue Recognition items of general agreement
    The FASB and the IASB created the TRG to help them determine whether more guidance is needed on their new revenue standards. This table summarizes the issues on which members of the TRG generally agreed at meetings this year and in 2014. While the unofficial views of the members of the TRG are non-authoritative, they represent the latest thinking on each topic, and entities should consider them as they implement the new standards. We will update this table periodically.

    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.

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