AccountingLink

    What's new

    Board Matters Quarterly

    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.

    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.

    More

    Comment Letters

    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.

    25 April 2016

    Comment letter - FASB proposal on changes to the reporting of net periodic pension cost and net periodic postretirement benefit cost
    In our comment letter, we said we agree that only the service cost component of net periodic pension cost and net periodic postretirement benefit cost should be eligible for capitalization in assets. We also believe that the prior service cost or credit component should be presented in the same financial statement line item as the current service cost component within operating income. However, we have concerns about the proposed amendment that would require entities to present the other components of net periodic pension cost and net periodic postretirement benefit cost outside a measure of operations.

    More

    Effective Date Matrix

    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.

    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.

    More

    EITF Update

    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).

    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.

    More

    Financial Reporting Briefs

    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.

    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.

    More

    Financial Reporting Developments

    25 May 2016

    Financial Reporting Developments - Intangibles - Goodwill and other
    We have updated our Financial reporting developments publication on goodwill and intangible assets to further clarify and enhance our interpretative guidance. Refer to Appendix D of the publication for a summary of the updates.

    16 May 2016

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

    More

    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.

    More

    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.

    More

    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.

    More

    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.

    More

    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.

    More

    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.

    More

    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.

    More

    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.

    More

    Technical Line

    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.

    19 May 2016

    Technical Line - How the FASB’s new leases standard will affect power and utilities 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 power and utilities entities.

    More

    To the Point

    24 May 2016

    To the Point - Global tax changes may affect multinational companies
    Governments around the world are developing legislation and reconsidering their interpretations of existing tax law to address concerns that multinational companies are shifting profits to jurisdictions with lower tax rates. Many of these efforts are based on recommendations the Organisation for Economic Co-operation and Development issued in its Base Erosion and Profit Shifting project. Multinational companies need to make sure they have processes and controls in place to track developments in countries that are significant to their operations and address any accounting implications in the appropriate period.

    19 May 2016

    To the Point - FASB proposes technical corrections and improvements to the new revenue standard
    The FASB proposed nine technical corrections and improvements on narrow aspects of the guidance issued in Accounting Standards Update (ASU) 2014-09. The proposal would (1) add practical expedients and a disclosure requirement for remaining performance obligations, (2) clarify an example on contract modifications, (3) align the cost capitalization guidance for private and public funds and (4) update the guidance on accounting for onerous construction- and production-type contracts. The proposal would also clarify certain guidance on costs and the scope of the new standard. Comments are due by 2 July 2016.

    More

    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.

    More

    US Week in Review

    More

    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.

    More