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    Board Matters Quarterly

    4 January 2016

    Board Matters Quarterly - Matters of Interest for Audit Committees - January 2016
    This issue discusses the top priorities on board agendas in 2016, the five things that compensation committee members need to know, how to accelerate board performance through assessments and other board-related topics.

    17 September 2015

    Board Matters Quarterly - Matters of Interest for Audit Committees - September 2015
    This issue features reports recently issued by the EY Center for Board Matters that address board retirement age and tenure policies, audit committee reporting to shareholders in 2015, board oversight of tax risk and cyber economics.

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    Comment Letters

    21 January 2016

    Comment Letter - FASB proposal on the definition of a business
    In our comment letter, we supported the FASB’s objective of helping entities evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses and said we believe the proposed amendments would simplify the evaluation. However, we recommended that the Board consider amending certain language and clarifying some of the examples in the proposal.

    14 January 2016

    Comment Letter - SEC’s fund liquidity and swing pricing proposal
    In our comment letter, we recommend that the SEC clarify how mutual funds that would be allowed to use swing pricing (i.e., adjust net asset value per share (NAV) for costs associated with satisfying requests for shareholder purchases and redemptions that exceed certain thresholds) would present NAV on the balance sheet and certain financial highlights and how they would adjust NAV for trade date activity, among other things. We also express our view that auditors should not be responsible for assessing the reasonableness of a fund’s swing pricing policies and procedures and recommend that the SEC clarify that point in any adopting release.

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    Effective Date Matrix

    10 December 2015

    Accounting pronouncements effective in 2015
    Several new accounting pronouncements are effective for 2015 interim or annual periods 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 in 2015.

    17 September 2015

    Accounting pronouncements effective for the third quarter of 2015
    One new accounting pronouncement is effective for the third quarter of 2015 for calendar-year entities. We list it along with a link to an EY publication about it. All entities should carefully evaluate which accounting requirements apply to them for the first time.

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    EITF Update

    13 November 2015

    EITF Update - November 2015
    The EITF reached final consensuses on recognition of breakage for prepaid stored-value products, effect of derivative contract novations on existing hedge accounting relationships and contingent put and call options in debt instruments. The EITF also reached a consensus-for-exposure on the classification of certain cash receipts and cash payments on the statement of cash flows. The EITF discussed but didn’t reach a consensus-for-exposure on the cash flow classification of restricted cash. It plans to discuss this topic at a later date.

    18 September 2015

    EITF Update - September 2015
    The EITF discussed but didn’t reach a final consensus or consensus-for-exposure on recognition of breakage for prepaid stored-value cards and statement of cash flows: classification of certain cash receipts and cash payments.

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    Financial Reporting Briefs

    17 December 2015

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

    24 September 2015

    Financial Reporting Briefs - Third quarter 2015
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third 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

    23 November 2015

    Financial Reporting Developments - Consolidation and the Variable Interest Model: Determination of a controlling financial interest (following the adoption of ASU 2015-02, Amendments to the Consolidation Analysis)
    We have issued a new Financial reporting developments publication on Consolidation and the Variable Interest Model. Our FRD reflects the amendments of ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is effective in the first quarter of 2016 for public business entities, with early adoption permitted.

    18 November 2015

    Financial Reporting Developments - Certain investments in debt and equity securities
    We have reorganized our FRD publication on certain investments in debt and equity securities to help readers navigate the guidance and have provided new or updated information from prior editions including guidance related to options, warrants and forward contracts to acquire securities. Refer to Appendix E of the publication for a summary of the 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

    10 December 2015

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

    2 September 2015

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

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    SEC Comments and Trends

    10 December 2015

    SEC Comments and Trends - December 2015 - Life sciences industry supplement
    Our life sciences supplement to our SEC Comments and Trends publication is intended to give you insights into the SEC staff’s areas of focus involving life sciences companies. This publication is based on our review of approximately 90 public comment letters issued to more than 70 life sciences registrants between June 2014 and November 2015. It should be read in conjunction with our September 2015 SEC Comments and Trends publication, which discusses matters that relate to all registrants.

    29 October 2015

    SEC Comments and Trends - October 2015 - 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 SEC staff’s concerns and areas of focus involving M&E companies. This publication is based on our review of approximately 220 public comment letters issued to more than 90 M&E registrants between October 2014 and September 2015. It should be read in conjunction with our September 2015 SEC Comments and Trends and Technical Line, 2015 trends in SEC comment letters publications, which discuss matters that relate to all registrants.

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    SEC Compendium

    15 December 2015

    2015 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 the 2015 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.

    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.

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    SEC in Focus

    7 January 2016

    SEC in Focus - January 2016
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. This issue highlights the remarks of the SEC’s Chair and staff at the AICPA National Conference on Current SEC and PCAOB Developments related to internal control over financial reporting, segment reporting and the new revenue recognition standard. We also discuss the SEC's progress on rulemaking and other initiatives, including final rules on crowdfunding and changes to SEC rules affecting emerging growth companies resulting from recent legislation, and developments in the SEC’s disclosure effectiveness initiative.

    8 October 2015

    SEC in Focus - October 2015
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. This issue highlights recent remarks by the SEC’s Chief Accountant and Deputy Chief Accountant on implementing the new revenue standard. We also discuss the SEC's progress on rulemaking and other initiatives, including a final rule that requires most registrants to calculate and disclose their CEO’s “pay ratio” and a request for comment on Regulation S-X as part of the SEC’s disclosure effectiveness initiative. In addition, we discuss the feedback the SEC received on its concept release on possible revisions to its audit committee disclosure rules and provide an update on legal proceedings concerning the SEC’s resource extraction and conflict minerals rules.

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    SEC Reporting Series

    11 November 2015

    2015 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 2015. This publication is intended as a reference tool for preparing annual reports on Form 10-K.

    11 November 2015

    2016 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 2015.

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    Standard Setter Update

    14 January 2016

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

    22 October 2015

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

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    Technical Line

    7 January 2016

    Technical Line - Presentation and disclosure requirements for the new revenue recognition standard
    Our publication summarizes the presentation and disclosure requirements of the new revenue recognition standard and is designed to help companies better understand the significant changes. It describes both ongoing and transition disclosures, as well as SAB Topic 11.M disclosure considerations for current public entity filings. This publication expands on the presentation and disclosure chapter in our Financial reporting developments publication, Revenue from contracts with customers (ASC 606), and includes disclosure checklists for both public and nonpublic entities.

    14 December 2015

    Technical Line - FASB proposes changes to the definition of a business - oil and gas
    This publication focuses on how oil and gas entities would be affected by the FASB’s proposal to change the definition of a business.

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    To the Point

    4 February 2016

    To the Point - Centers for Medicare & Medicaid Services issue rule that may affect entities’ drug rebate estimates
    The Centers for Medicare & Medicaid Services released the covered outpatient drugs final rule that clarifies the Medicaid reimbursement and drug rebate program provisions of the Patient Protection and Affordable Care Act. Life sciences entities need to evaluate the effect of the rule on their financial statements and disclosures, including their 2015 financial statements and disclosures (e.g., Medicaid rebate estimates for inventory in the distribution channel) if they haven’t yet issued their financial statements or made them available to be issued. The rule is effective 1 April 2016. The definition of a line extension drug remains open for comment.

    28 January 2016

    To the Point - Employers’ presentation and disclosures for defined benefit retirement plans may change
    The FASB issued two proposals that would change certain presentation and disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The first proposal would require an employer to report the service cost component of net periodic benefit cost separately from the other components in the income statement and would require that only the service cost component be eligible for capitalization in assets. The second proposal would require new disclosures and eliminate certain disclosures. Comments on both proposals are due by 25 April 2016.

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    US GAAP vs. IFRS: The Basics

    22 December 2015

    US GAAP versus IFRS: The basics
    We have updated our US GAAP versus IFRS – The basics publication, which provides an overview of common differences between US GAAP and IFRS. This release generally reflects guidance effective in 2015 and guidance finalized by the FASB and the IASB as of 31 May 2015. It also discusses 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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    US Week in Review

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    More Publications

    22 December 2015

    Quarterly tax developments - December 2015
    Our December 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, as well as legislative proposals and other items, through 10 December 2015 (except as noted) 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.

    22 December 2015

    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 2015 and guidance finalized by the FASB and the IASB as of 31 May 2015. It also discusses current standard-setting activities at the FASB and the IASB.

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