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BoardMatters Quarterly

3 April 2014

BoardMatters Quarterly - Matters of Interest for Audit Committees - April 2014
This issue discusses the challenges and opportunities of current digital technologies and provides questions for boards and audit committees to consider.

7 January 2014

BoardMatters Quarterly - Matters of Interest for Audit Committees - January 2014
This issue discusses the role of directors in handling big data, and how anti-corruption compliance in many companies requires big data analytics.

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Comment Letters

24 March 2014

Comment letter - SEC 'Regulation A+' proposal
In our comment letter on the SECs proposed amendments to allow exempt public offerings under Regulation A of up to $50 million in a 12-month period, we recommend that the SEC consider additional opportunities to leverage disclosure requirements in existing SEC rules and regulations for registered offerings and scale those requirements for unregistered offerings conducted under Regulation A. We also encourage the SEC to clarify certain terminology and disclosure requirements in the proposal that could be difficult to interpret or apply.

12 February 2014

Comment Letter - Improving the transparency of audits
In our comment letter, we support identifying certain non-signing firms that have a significant role in an audit but do not support identifying the engagement partner in either the audit report or a public filing with the PCAOB because we don’t believe this would provide meaningful information to investors.

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Effective Date Matrix

13 March 2014

Accounting pronouncements effective for the first quarter of 2014
Several new accounting pronouncements are effective for the first quarter of 2014 for calendar-year entities. We list them below, along with descriptions of related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

12 December 2013

Accounting pronouncements effective in 2013
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

14 March 2014

EITF Update - March 2014
The EITF reached a final consensus on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The EITF reached a consensus-for-exposure on the recognition of new accounting basis (pushdown) in certain circumstances. In addition, the EITF discussed measuring the financial assets and the financial liabilities of a consolidated financing entity 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, but didn’t reach final conclusion.

15 November 2013

EITF Update - November 2013
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity, accounting for service concession arrangements, accounting for investments in affordable housing projects and reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The EITF reached a consensus-for-exposure on the classification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion about whether, when and how public and nonpublic companies should establish a new accounting basis in an acquired entity’s standalone financial statements.

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Financial Reporting Briefs

27 March 2014

Financial Reporting Briefs - First quarter 2014
This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the first quarter of 2014. This edition alerts you to some important considerations for 2014.

27 March 2014

Financial Reporting Briefs - First quarter 2014: Financial services
This publication provides you with a snapshot of the major accounting and regulatory developments in the financial services industry during the first quarter of 2014.

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Financial Reporting Developments

17 December 2013

Financial Reporting Developments - Transfers and servicing of financial assets
We have updated our Financial Reporting Developments publication on transfers and servicing of financial assets for further clarification and enhancements to our interpretative guidance.

19 November 2013

Financial Reporting Developments - Bankruptcies, liquidations and quasi-reorganizations
We have updated our Financial Reporting Developments publication on bankruptcies, liquidations and quasi-reorganizations to include guidance on applying ASU 2013-07, Liquidation basis of accounting, and to include guidance on accounting for quasi-reorganizations.

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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 April 2014

NAIC Bulletin - Spring 2014 edition
Our NAIC Bulletin contains the highlights of the Spring 2014 meeting of the National Association of Insurance Commissioners.

16 January 2014

NAIC Bulletin - Fall 2013 edition
Our NAIC Bulletin contains the highlights of the Fall 2013 meeting of the National Association of Insurance Commissioners.

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SEC Comments and Trends

4 December 2013

SEC Comments and Trends - December 2013 - 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 Securities and Exchange Commission (SEC) staff’s concerns and areas of focus involving M&E companies. This publication is based on our review of 101 public comment letters issued to more than 50 M&E registrants between February 2012 and September 2013. It should be read in conjunction with our SEC Comments and Trends - 2013 supplement (pdf, 420.1kb) , which discusses matters that relate to all registrants.

26 September 2013

SEC Comments and Trends - 2013 supplement
Every year, we closely monitor the SEC staff's comments on public company filings to provide you with insights on the SEC staff's areas of focus. Our 2013 SEC Comments and Trends supplement highlights areas where we have seen the SEC staff increase its focus over the past year or where there have been significant developments. It is intended to be read along with our October 2012 SEC Comments and Trends (pdf, 2.6mb)  publication, which is more comprehensive. Our 2013 supplement discusses trends that affect all registrants as well as matters that relate to specific industries and foreign private issuers. Understanding these trends can help you as you head into the year-end reporting season.

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SEC Compendium

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.

10 December 2012

2012 AICPA National Conference on Current SEC and PCAOB Developments
Our compendium summarizes comments of officials of the SEC, PCAOB, FASB and IASB at the 2012 AICPA National Conference on Current SEC and PCAOB Developments. Highlights included (1) views from the SEC staff on considerations for incorporating IFRS into the US financial reporting system, (2) discussions on the progress of the FASB's and the IASB's joint projects, (3) observations from SEC and PCAOB officials related to audit quality and (4) considerations from the SEC staff for year-end financial reporting.

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SEC in Focus

3 April 2014

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

9 January 2014

SEC in Focus - January 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the fourth quarter of 2013.

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SEC Reporting Series

29 November 2012

2012 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 2012. This publication is intended as a reference tool for preparing annual reports on Form 10-K.

29 November 2012

2013 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 2012.

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Standard Setter Update

10 April 2014

First quarter 2014 Standard Setter Update
Our First quarter 2014 Standard Setter Update - Financial reporting and accounting developments highlights significant developments in financial accounting and reporting through 31 March 2014.

13 January 2014

2013 Standard Setter Update - Financial reporting and accounting developments
Our 2013 Standard Setter Update - Financial reporting and accounting developments publication highlights significant developments in financial accounting and reporting between 1 January 2013 and 31 December 2013 and summarizes certain proposals presently under consideration by the FASB, EITF, PCC, SEC, PCAOB, ASB and GASB.

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Technical Line

10 April 2014

Technical Line - PCAOB considers how to enhance the auditor’s report
The PCAOB held a public meeting last week at which auditors, investors, preparers and academics provided additional input on its proposal to enhance the auditor’s reporting model. Panelists generally supported the objective of making the auditor’s report more meaningful to users by requiring more than today’s pass/fail opinion, but their views on how to get there varied. The opinions expressed were generally consistent with the 240 comment letters the PCAOB received on its proposals through early April. Our Technical Line summarizes the public meeting and the comment letters.

10 April 2014

Technical Line - Private companies in common control leasing arrangements may be eligible for relief from VIE model
Our Technical Line discusses new guidance from the FASB that provides an exemption for private companies from evaluating lessors in common control leasing arrangements for consolidation under the variable interest entities (VIE) guidance, if they meet certain criteria. Private companies that elect the alternative still need to apply other consolidation guidance and other US GAAP (e.g., lease accounting) to these arrangements and make certain disclosures.

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To the Point

17 April 2014

To the Point - FASB lays out topics it will consider for insurance industry accounting
After backing away from its proposal to overhaul the accounting for insurance contracts and deciding to focus on making targeted improvements, the FASB laid out the topics it will consider in redeliberations. The Board decided to divide the project into two components: short-term contracts (i.e., property-casualty and short-term health contracts) and long-duration contracts (i.e., life insurance and long-duration health contracts). Both components will be worked on concurrently.

11 April 2014

To the Point - FASB issues standard on reporting discontinued operations
The FASB issued final guidance that raises the threshold for disposals to qualify as discontinued operations and requires new disclosures for discontinued operations and for individually material disposal transactions that do not meet the definition of a discontinued operation. Our To the Point publication tells you what you need to know about the standard.

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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

9 April 2014

Quarterly tax developments - March 2014
Our March 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, global tax treaties, and other items through 31 March 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.

31 March 2014

CFO: need to know - optimism slips among finance executives
CFOs continue to be optimistic about the US economy, but less so than at the end of 2013, according to the latest CNBC Global CFO Council poll, which is sponsored exclusively by EY. New data show that 67% of CFOs think the economy is improving, compared to 82% who felt this way at the end of last year.

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