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BoardMatters Quarterly

19 September 2014

BoardMatters Quarterly - Matters of Interest for Audit Committees - September 2014
This issue focuses on some of the key tax risks businesses face today and outlines strategies, policies and checks and balances for managing the risks more effectively.

18 June 2014

BoardMatters Quarterly - Matters of Interest for Audit Committees - June 2014
This issue provides insights for companies doing or planning to do business in China. We also give an overview of the Boards’ new revenue standard.

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Comment Letters

30 September 2014

Comment Letter - FASB proposal to eliminate the concept of extraordinary items
In our comment letter, we supported the FASB's efforts to reduce the cost and complexity of financial reporting by eliminating the concept of extraordinary items. We believe the proposal would not affect the quality of information provided to financial statement users.

30 September 2014

Comment Letter - FASB proposal to simplify the measurement of inventory
In our comment letter, we said we do not support the FASB’s proposal to measure inventory at the lower of cost or net realizable value (LCNRV). For entities that use the last-in, first-out (LIFO) accounting method in declining price environments, we believe the Proposed Standard could increase the cost and complexity of preparing the financial statements and, in certain circumstances, reduce the usefulness of the information provided to users. We also said the continuing acceptability of the retail inventory method should be made more clear in a final standard.

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Effective Date Matrix

13 March 2014

Accounting pronouncements effective for the first quarter of 2014
Several new accounting pronouncements are effective for the first quarter of 2014 for calendar-year entities. We list them below, along with descriptions of related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

12 December 2013

Accounting pronouncements effective in 2013
Several new accounting pronouncements are effective for 2013 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 2013.

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EITF Update

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.

13 June 2014

EITF Update - June 2014
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity and reclassification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion on how to determine whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity.

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Financial Reporting Briefs

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.

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.

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Financial Reporting Developments

22 October 2014

Financial Reporting Developments - Bankruptcies, liquidations and quasi-reorganizations
We have updated our FRD on bankruptcy, liquidation and quasi-reorganizations to include interpretative guidance on issues faced by entities during and upon emergence from Chapter 11 bankruptcy. Refer to Appendix B of the publication for a detailed listing of these updates.

18 September 2014

Financial Reporting Developments - Accounting for income taxes
We have updated our Financial reporting developments publication on income taxes to enhance our interpretative guidance. See Appendix D for details on these 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

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.

10 April 2014

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

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SEC Comments and Trends

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.

4 December 2013

SEC Comments and Trends - December 2013 - Media and entertainment industry supplement
Our media and entertainment (M&E) 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 M&E companies. This publication is based on our review of 101 public comment letters issued to more than 50 M&E registrants between February 2012 and September 2013. It should be read in conjunction with our SEC Comments and Trends - 2013 supplement (pdf, 420.1kb) , which discusses matters that relate to all registrants.

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SEC Compendium

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.

10 December 2012

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.

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SEC in Focus

9 October 2014

SEC in Focus - October 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the third quarter of 2014.

3 July 2014

SEC in Focus - July 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the second quarter of 2014.

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SEC Reporting Series

29 November 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.

29 November 2012

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.

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Standard Setter Update

8 October 2014

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

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.

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Technical Line

22 October 2014

Technical Line - A closer look at the new revenue recognition standard - retail and consumer products
The new revenue recognition standard issued by the FASB and the IASB creates a comprehensive source of revenue guidance for all entities in all industries. Our Technical Line considers certain implications for the retail and consumer products industry and expands on our Technical Line, The new revenue recognition standard - retail and consumer products. It also supplements our Technical Line, A closer look at the new revenue recognition standard, and should be read in conjunction with it.

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.

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To the Point

24 October 2014

To the Point - Boards reaffirm the definition of a lease but continue to work on its application
The FASB and the IASB reaffirmed their proposed definition of a lease and made some changes to how that definition would be applied. The Boards will consider an additional clarification at a future meeting. Our To the Point publication tells you what you need to know about the latest decisions in the Boards’ redeliberations on their leases project.

22 October 2014

To the Point - Spotlight on transactions with related parties, significant unusual transactions and executives
The SEC approved a new PCAOB standard on auditing transactions involving related parties and amendments to existing standards on auditing significant unusual transactions and relationships and transactions with a company’s executives. Our To the Point publication tells you what you need to know about the standards.

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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

21 October 2014

Disclosure effectiveness: What companies can do now
Making business and financial disclosures more effective has become a focus of regulators and standard setters around the world. Our publication, Disclosure effectiveness: What companies can do now , explores how companies can implement the SEC staff’s recommendations for reducing repetition, focusing on material information and eliminating outdated information. The publication includes illustrations, leading practices and practical steps to make companies’ year-end disclosures more meaningful.

8 October 2014

Quarterly tax developments - September 2014
Our September 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 September 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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