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    BoardMatters Quarterly

    21 April 2015

    BoardMatters Quarterly - Matters of Interest for Audit Committees - April 2015
    This issue compiles material recently published by the EY Center for Board Matters, including one of its most popular articles "Women on US boards: what are we seeing?" The issue also contains "2015 proxy season insights" and an update from our audit committee networks.

    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.

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    Comment Letters

    28 April 2015

    Comment Letter - FASB proposal to provide disclosures about hybrid financial instruments with bifurcated embedded derivatives
    In our comment letter, we supported the Board’s efforts to enhance the transparency and usefulness of information provided to financial statement users. However, we raised concerns about the ability of the proposed disclosure to meet the Board’s objective of providing information on the overall economics and cash flows of these instruments.

    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.

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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

    15 April 2015

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

    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.

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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

    2 April 2015

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

    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.

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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

    14 April 2015

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

    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.

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    Technical Line

    23 April 2015

    Technical Line - Consolidation considerations for asset managers - FIN 46(R) to ASU 2015-02
    Our Technical Line publication takes a closer look at how entities will be affected by Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. This publication highlights what will change for reporting entities that currently evaluate entities for consolidation under FIN 46 (R).

    23 April 2015

    Technical Line - New consolidation guidance will require many entities to re-evaluate their conclusions
    Our Technical Line publication takes a closer look at how entities will be affected by Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis, which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. While the ASU is aimed at asset managers, it could affect all entities. This publication highlights what will change for reporting entities that currently evaluate entities for consolidation under FAS 167.

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    To the Point

    1 May 2015

    To the Point - FASB eliminates requirement to categorize certain investments in the fair value hierarchy
    The FASB issued final guidance that eliminates today’s requirement to categorize investments measured using the net asset value practical expedient in the fair value hierarchy table. The new guidance is effective for public business entities for fiscal years beginning after 15 December 2015, and interim periods within those fiscal years. For entities other than public business entities, the guidance will be effective for fiscal years beginning after 15 December 2016 and interim periods within those years. Early adoption is permitted.

    1 May 2015

    To the Point - Recognizing breakage for certain prepaid stored-value cards
    The FASB proposed requiring an entity that issues certain prepaid stored-value cards redeemable for goods and services only at third-party merchants, cash or a combination of the two to recognize breakage, which is the dollar value that is not redeemed by cardholders. Further, entities would provide disclosures related to the recognition of breakage that would be similar to the requirements of the new revenue recognition standard. Comments are due 29 June 2015.

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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

    14 April 2015

    Joint Transition Resource Group for Revenue Recognition items of general agreement
    The FASB and the IASB created the TRG to help them determine whether more guidance is needed on their new revenue standards. This table summarizes the issues on which members of the TRG generally agreed at meetings this year and in 2014. While the unofficial views of the members of the TRG are non-authoritative, they represent the latest thinking on each topic, and entities should consider them as they implement the new standards. We will update this table periodically.

    31 March 2015

    Quarterly tax developments - March 2015
    Our March 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, legislative proposals and other items 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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