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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

17 February 2015

Comment Letter - FASB proposal to increase transparency about an investment company’s investments in other investment companies
In our comment letter, we supported the Board’s efforts to increase transparency about an investment company’s investments in other investment companies by improving the existing disclosure requirements under Accounting Standards Codification 946, Financial Services - Investment Companies. However, we raised concerns about the operability and auditability of the proposed amendments.

22 January 2015

Comment Letter - AICPA’s proposed statement on standards for attestation agreements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

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Effective Date Matrix

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.

11 December 2014

Accounting pronouncements effective in 2014
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

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.

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.

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Financial Reporting Briefs

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.

18 December 2014

Financial Reporting Briefs - Fourth quarter 2014
This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the fourth quarter of 2014. 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

18 February 2015

Financial Reporting Developments - Accounting changes and error corrections
We are issuing our Financial Reporting Developments publication on accounting changes and error corrections. This publication is designed to assist professionals in understanding the financial reporting issues associated with accounting changes (including changes in accounting principle, changes in estimates and changes in reporting entity) and error corrections.

17 December 2014

Financial Reporting Developments - Business combinations
We have updated the pushdown accounting guidance in our Financial reporting developments publication on business combinations for Accounting Standards Update 2014-17, Pushdown Accounting - a consensus of the FASB Emerging Issues Task Force, and for SEC staff remarks at the 2014 AICPA Conference on Current SEC and PCAOB Developments relating to the presentation of expenses related to a business combination in which pushdown accounting was applied.

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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

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.

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.

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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

8 January 2015

SEC in Focus - January 2015
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2014.

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.

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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

15 January 2015

2014 Standard Setter Update - Financial reporting and accounting developments
Our 2014 Standard Setter Update, Financial reporting and accounting developments, highlights significant developments in financial accounting and reporting between 1 January 2014 and 31 December 2014 and summarizes certain proposals presently under consideration by the FASB, EITF, PCC, SEC, PCAOB, ASB and GASB.

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.

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Technical Line

25 March 2015

Technical Line - Final standard on leases is taking shape
The FASB and the IASB have substantially completed redeliberations on new leases standards that would require lessees to recognize assets and liabilities for most leases. Many aspects of today's lessor accounting would remain the same. Our Technical Line publication discusses how the FASB's new standard would be applied so entities can identify and evaluate the effects on their finances and operations before the Board issues the final standard, which we expect to occur in the second half of 2015.

26 January 2015

Technical Line - Nonpublic entity considerations for the new revenue standard
Private companies may face significant changes in how they recognize revenue when they adopt the new standard issued by the FASB and the IASB. Common transactions that may be affected include sales with rights of return, related party transactions and those involving prepayment or payment in arrears. Our Technical Line discusses key implications for private companies and supplements our Technical Line, A closer look at the new revenue recognition standard.

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To the Point

26 March 2015

To the Point - Boards discuss revenue recognition issues that affect M&E entities as TRG prepares to take up new ones
The FASB tentatively decided at a meeting last week to amend the noncash consideration guidance in its new revenue standard that may affect media and entertainment (M&E) entities. The FASB and the IASB also tentatively decided to amend the accounting for contract modifications at transition. The Boards' Joint Transition Resource Group for Revenue Recognition, meanwhile, plans to discuss other implementation issues of interest to M&E entities, including significant financing components and material rights, at a meeting on 30 March 2015.

26 March 2015

To the Point - SEC adopts 'Regulation A+' to expand exempt offerings
The SEC adopted amendments to allow private companies to make exempt public offerings under Regulation A of up to $50 million of securities within a 12-month period. The rules, required by the Jumpstart Our Business Startups Act, establish two tiers of offerings with different requirements.

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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

23 December 2014

Quarterly tax developments - December 2014
Our December 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 as well as, legislative proposals and other items through 19 December 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.

5 December 2014

Our commitment to audit quality: Information for audit committees and other stakeholders
Auditors play a vital role in the efficient functioning of the capital markets. We recognize and embrace the responsibility that has been entrusted to us as independent auditors. Our 2014 update discusses significant actions and investments EY is making as part of its commitment to continuous improvement in audit quality.

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