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    Board Matters Quarterly

    27 June 2016

    BoardMatters Quarterly - Matters of Interest for Audit Committees - June 2016
    This issue discusses big data and tax developments. It also provides highlights on discussions with directors from six locations around the world.

    1 April 2016

    Board Matters Quarterly - Matters of Interest for Audit Committees - April 2016
    This issue discusses the 2016 proxy season preview, disclosure effectiveness, three things nominating committees need to know and recent EU audit legislation.

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    Comment Letters

    29 June 2016

    Comment Letter - FASB proposal on technical corrections and improvements
    In our comment letter on the Proposed Accounting Standards Update, Technical Corrections and Improvements, we agree that for the most part, the proposed changes would clarify the Accounting Standards Codification, correct unintended application of guidance or make minor improvements to the Codification that would not be expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. However, we express concerns about certain of the proposed amendments

    25 April 2016

    Comment letter - FASB proposal on changes to disclosure requirements for defined benefit plans
    In our comment letter, we support the proposed elimination of certain disclosure requirements but have concerns about how entities would apply the materiality assessments under the FASB’s proposed ASU on materiality. We also are concerned that certain proposed disclosure requirements, together with current ones required by ASC 715, Compensation – Retirement Benefits, could further reduce disclosure effectiveness.

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    Effective Date Matrix

    15 June 2016

    Accounting pronouncements effective for the second quarter of 2016
    No new accounting pronouncements are effective for the second quarter of 2016 for calendar-year entities, but other standard-setter and regulatory requirements may apply for the first time. All entities should carefully evaluate which accounting requirements apply to them for the first time.

    10 March 2016

    Accounting pronouncements effective for the first quarter of 2016
    Several new accounting pronouncements are effective for the first quarter of 2016 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

    14 June 2016

    EITF Update - June 2016
    The EITF reached a final consensus on classification of certain cash receipts and cash payments. The EITF also reached a consensus-for-exposure on employee benefit plan master trust reporting.

    3 March 2016

    EITF Update - March 2016
    The EITF reached a consensus-for-exposure on restricted cash (previously included in EITF Issue No. 15-F, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments).

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    Financial Reporting Briefs

    23 June 2016

    Financial Reporting Briefs - Second quarter 2016
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the second quarter of 2016. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

    23 March 2016

    Financial Reporting Briefs - First quarter 2016
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the first quarter of 2016. 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

    28 June 2016

    Financial Reporting Developments - Business combinations
    We have updated our Financial reporting developments publication on business combinations to further clarify and enhance our interpretative guidance. Refer to Appendix I of the publication for a summary of the updates.

    6 June 2016

    Financial Reporting Developments - Bankruptcies, liquidations and quasi-reorganizations
    We have updated our Financial reporting developments publication on bankruptcies, liquidations and quasi-reorganizations to clarify and enhance our interpretative guidance. Refer to Appendix A of the publication for a detailed list of 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

    20 April 2016

    NAIC Bulletin - Spring 2016 edition
    Our NAIC Bulletin contains the highlights of the Spring 2016 meeting of the National Association of Insurance Commissioners.

    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.

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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 April 2016

    SEC in Focus - April 2016
    Our latest newsletter summarizes developments related to SEC matters, including certain items we have not previously reported in Week in Review. This issue highlights the progress on the nominations of the two SEC commissioner candidates, the SEC staff’s continued focus on both non-GAAP financial measures and disclosure effectiveness, recent enforcement activities and developments in XBRL. We discuss the SEC's progress on rulemaking and other initiatives, including new amendments to the JOBS Act that allow companies to take advantage of additional accommodations during the IPO process. We also discuss a proposed rule for broker-dealers in liquidation proceedings, a final rule for security-based swap dealers and proposed changes to NYSE and NASDAQ listing standards.

    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.

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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

    20 April 2016

    First quarter 2016 Standard Setter Update
    Our First Quarter 2016 Standard Setter Update, Financial reporting and accounting developments, highlights significant developments in financial reporting and accounting between 1 January 2016 and 31 March 2016. Our Standard Setter Update publications also summarize certain proposals under consideration by the FASB, EITF, PCC, SEC, PCAOB, ASB and GASB.

    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.

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    Technical Line

    9 June 2016

    Technical Line - Accounting for cloud computing arrangements as software licenses or service contracts
    New US GAAP guidance on how customers in cloud computing arrangements determine whether the arrangement includes a software license went into effect for all calendar-year entities at the beginning of this year. Our publication discusses the new guidance, along with whether customers in cloud computing arrangements that do not include software licenses should capitalize or expense implementation and other up-front costs that relate to such arrangements.

    19 May 2016

    Technical Line - How the FASB’s new leases standard will affect oil and gas entities
    The FASB’s new leases standard significantly changes the accounting for leases and could have far-reaching implications for many entities. Our Technical Line discusses key implications for oil and gas entities.

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    To the Point

    16 June 2016

    To the Point - FASB issues sweeping changes to credit loss guidance
    The FASB issued a new credit loss standard today that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Virtually all entities will be affected.

    9 June 2016

    To the Point - Clarifying the accounting for the derecognition of nonfinancial assets and in substance nonfinancial assets
    The FASB proposed clarifying the guidance on how to account for the derecognition of nonfinancial assets and in substance nonfinancial assets once an entity adopts the new revenue recognition guidance. The proposal also would define what constitutes an in substance nonfinancial asset. Comments are due by 5 August 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

    21 April 2016

    Joint Transition Resource Group for Revenue Recognition items of general agreement
    We have updated our summary of issues on which members of the TRG generally agreed to include the April 2016 meeting in which only the FASB TRG participated. While the TRG members’ views are non-authoritative, entities should consider them as they implement the new standards. For more information about these issues and issues the TRG discussed but did not reach general agreement on, see our To the Point publications on TRG meetings on EY AccountingLink.

    30 March 2016

    Quarterly tax developments - March 2016
    Our March 2016 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 regulatory developments, legislative proposals and other items, through 15 March 2016 (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.

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