What's new

BoardMatters Quarterly - Matters of Interest for Audit Committees - April 2013
Corporate shareholders of all sizes are more actively engaging with companies in a variety of ways and on a variety of topics, including corporate governance practices. In some cases, they are bringing about changes in the boardroom. This issue looks at this development from the perspective of BlackRock, one of the world’s largest investment managers and an influential voice in the era of shareholder engagement.

BoardMatters Quarterly - Matters of Interest for Audit Committees - January 2013
This issue explores the relationship between directors and management, including how roles have evolved, what leading practices are employed to improve communication and how both sides can work together in a meaningful way to represent the interests of the shareholders. It features articles focused specifically on the role of the CEO, the CFO and the general counsel.

Comment letter - FASB proposal on classification and measurement of financial instruments
In our comment letter, we say that while the FASB proposal on classification and measurement of financial instruments would represent a big step toward convergence, we do not support finalizing it in its current form. We believe the proposal may inappropriately require too many financial instruments, including certain common debt instruments, to be measured at fair value with changes in fair value recognized in net income. We are also concerned that certain provisions of the proposal could be interpreted in different ways and lead to diversity in practice. However, we believe the FASB can make specific changes and clarifications that will improve the proposal’s operability.

Comment letter - FASB proposal on effective control for transfers with forward agreements to repurchase assets and accounting for repurchase financings
In our letter, we generally agree that repurchase-to-maturity agreements with characteristics described in the FASB’s proposal should be accounted for as secured borrowings. However, we also recommend that the FASB more broadly re-examines the accounting for the derecognition of financial assets.

Accounting pronouncements effective for the first quarter of 2013
Several new accounting pronouncements are effective for the first quarter of 2013 for calendar-year entities. We have listed those pronouncements in our document, along with descriptions of related Ernst & Young publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

Accounting pronouncements effective in 2012
Several new accounting pronouncements are effective for 2012 interim or annual periods for calendar-year entities. We have listed those pronouncements in our publication, along with a description of the related Ernst & Young resources. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2012.

EITF Update - March 2013
The EITF reached two final consensuses on recognition and measurement of services received by a not-for-profit entity from personnel of an affiliated entity for which the affiliate does not charge the recipient not for profit and accounting for the difference between the fair value of the assets and the fair value of the liabilities of a consolidated collateralized financing entity. The EITF also reached a consensus-for-exposure on the accounting for investments in qualified affordable housing projects and discussed pushdown accounting but did not reach any conclusions.

EITF Update - January 2013
The EITF reached final consensuses on the following issues: (a) the accounting for a cumulative translation adjustment in sales within a foreign entity and sales of an investment in a foreign entity and (b) the recognition and measurement of obligations subject to joint and several liability for which the total amount of the obligation is fixed at the reporting date. The EITF also reached consensuses-for-exposure on two issues.

Financial Reporting Briefs - First quarter 2013
This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the first quarter of 2013. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting developments.

Financial Reporting Briefs - First quarter 2013: Financial services
This publication provides you with a snapshot of the major accounting and regulatory developments in the financial services industry during the first quarter of 2013.

Financial Reporting Developments - Exit or disposal cost obligations
We have updated our Financial Reporting Developments publication on exit or disposal cost obligations to provide additional interpretive guidance.

Financial Reporting Developments - Joint ventures
Our new Financial reporting developments publication, Joint ventures, is designed to help properly identify joint ventures and understand the related accounting issues. This publication addresses the latest guidance and views on the accounting applied by both a joint venture and its venturers for noncash assets contributed at formation.

IFRS Outlook - September 2012
Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

IFRS Outlook - July/August 2012
Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

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.

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.

NAIC Bulletin - Spring 2013 edition
Our NAIC Bulletin contains the highlights of the Spring 2013 meeting of the National Association of Insurance Commissioners.

NAIC Bulletin - Fall 2012 edition
Our NAIC Bulletin contains the highlights of the Fall 2012 meeting of the National Association of Insurance Commissioners.

SEC Comments and Trends - January 2013 - Life sciences industry supplement
Our life sciences supplement to our SEC Comments and Trends publication is intended to give you insights into the Securities and Exchange Commission (SEC) staff’s concerns and areas of focus involving life sciences companies.

2012 SEC Comments and Trends
Our 2012 SEC Comments and Trends discusses the SEC staff's comments on public company filings to provide you with insights on the staff's areas of focus. Understanding the issues can help as you head into the year-end reporting season.

2012 AICPA National Conference on Current SEC and PCAOB Developments
Our compendium summarizes comments of officials of the SEC, PCAOB, FASB and IASB at the 2012 AICPA National Conference on Current SEC and PCAOB Developments. Highlights included (1) views from the SEC staff on considerations for incorporating IFRS into the US financial reporting system, (2) discussions on the progress of the FASB's and the IASB's joint projects, (3) observations from SEC and PCAOB officials related to audit quality and (4) considerations from the SEC staff for year-end financial reporting.

2011 AICPA National Conference on Current SEC and PCAOB Developments
Our compendium summarizes comments of officials of the SEC, the PCAOB and the FASB at the 2011 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C., on 5-7 December 2011.

SEC in Focus - April 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2013.

SEC in Focus - January 2013
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2012.

2012 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 2012. This publication is intended as a reference tool for preparing annual reports on Form 10-K.

2013 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 2012.

First quarter 2013 Standard Setter Update
Our First quarter 2013 Standard Setter Update - Financial reporting and accounting developments highlights significant developments in financial accounting and reporting through 31 March 2013.

2012 Standard Setter Update – Financial reporting and accounting developments
Our 2012 Standard Setter Update – Financial reporting and accounting developments publication highlights significant developments in financial accounting and reporting between 1 January 2012 and 31 December 2012 and summarizes certain proposals presently under consideration by the Financial Accounting Standards Board, the Emerging Issues Task Force, the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Auditing Standards Board and the Governmental Accounting Standards Board.

Technical Line - Accounting for deals with puts, calls or forward contracts can be complex
Although the overall volume of merger and acquisitions activity has decreased slightly in recent years, we are seeing an increase in the complexity of deal structures, particularly those using call or put options or forward contracts (collectively referred to as equity contracts) that allow the buyer and seller to share the economic risks of an acquired business for a period of time. This Technical Line - the second in a series - addresses the accounting for equity contracts issued in a business combination. In December 2012, we issued a companion publication (pdf, 470.4kb) , which addressed the accounting and valuation considerations for contingent consideration issued in a business combination.

Technical Line - Using the 2013 XBRL US GAAP taxonomy
The 2013 version of the XBRL US GAAP taxonomy includes new tags to reflect accounting standards updates, changes to address common reporting practices and other updates. The SEC is expected to approve the 2013 taxonomy for use by 20 May 2013, when the staff plans to make the 2011 taxonomy unavailable for use. The SEC staff strongly encourages companies to adopt the latest version. Our Technical Line is designed to help companies make the transition.

To the Point - Boards issue new proposal to put most leases on the balance sheet
The FASB and the IASB today issued an exposure draft that proposes requiring lessees to recognize assets and liabilities arising from their involvement in most leases. All entities would classify leases to determine how to recognize lease-related revenue and expense. Classification would also affect what lessors record on the balance sheet. Our To the Point publication tells you what you need to know about the proposal.

To the Point - Private Company Council proposes alternatives under US GAAP
The Private Company Council approved exposure of proposals to allow alternatives that would provide relief for private companies when (1) recognizing intangible assets in business combinations and subsequently measuring goodwill and (2) accounting for certain interest rate swaps. Any alternatives proposed by the Council must be endorsed by the FASB before an exposure draft can be issued. Our To the Point publication summarizes the proposed alternatives.

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.

US GAAP versus IFRS: The basics, December 2011 edition
Our new edition of US GAAP versus IFRS: The basics has been updated for key developments through December 2011. While convergence efforts continued to be a high priority on the agendas of both the FASB and the IASB in 2011, 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 most commonly found in present practice, and when applicable, provide an overview of how and when those differences are expected to converge.

US Week in Review - 16 May 2013

US Week in Review - 9 May 2013

Dodd-Frank’s Title VII - OTC derivatives reform: Important answers for board members as companies begin the road to reform
Thousands of companies hedge business risks by entering into derivatives with banks or other derivative dealers that are executed bilaterally over the counter (OTC). Historically, such OTC derivatives have not been subject to government regulation, but Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act changes that. The questions in this document are designed to help members of the boards of directors at companies understand the potential impacts of the new regulation on non-financial companies that use OTC derivatives.

The road to reform: Helping commercial end users of OTC derivatives comply with Dodd-Franks Title VII
Title VII of the Dodd-Frank Act applies to any entity trading OTC derivatives - even nonfinancial end users. For many, compliance is required as early as the beginning of 2013. Organizations using various OTC derivatives need to take steps now to further understand Title VII's impact and to address required changes.