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BoardMatters Quarterly

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.

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.

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Comment Letters

14 July 2014

Comment Letter - Chapter 8: Notes to financial statements
In our comment letter, we supported the FASB’s objective of improving disclosure effectiveness in the notes to the financial statements by developing a framework the Board would apply when creating new disclosure requirements and evaluating existing ones. However, we are concerned that the proposed framework would actually perpetuate the significant expansion in disclosure that has occurred over the past few decades. We suggest changes to the framework, including the testing process, and recommend that the Board provide guidance on materiality and clearly distinguish between annual and interim requirements.

23 June 2014

Comment Letter - AICPA’s proposed statement on standards for attestation engagements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: 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

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

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.

13 June 2014

EITF Update - June 2014
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity and reclassification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion on how to determine whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity.

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Financial Reporting Briefs

18 September 2014

Financial Reporting Briefs - Third quarter 2014
This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third quarter of 2014. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting developments.

18 September 2014

Financial Reporting Briefs - Third 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 third quarter of 2014.

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Financial Reporting Developments

18 September 2014

Financial Reporting Developments - Equity method investments
We have updated our Financial Reporting Developments publication on equity method investments to reflect the issuance of Accounting Standards Update (ASU) No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, as well as ASU No. 2014-02, Accounting for Goodwill, a consensus of the Private Company Council. See Appendix F for more detail on other updates to this publication.

16 September 2014

Financial Reporting Developments - Business combinations
We have updated our Financial reporting developments publication on business combinations to clarify and enhance our interpretative guidance. Refer to Appendix G 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

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.

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.

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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 July 2014

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

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.

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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

11 July 2014

Second quarter 2014 Standard Setter Update
Our Second quarter 2014 Standard Setter Update - Financial reporting and accounting developments highlights significant developments in financial accounting and reporting through 30 June 2014.

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.

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Technical Line

17 September 2014

Technical Line - The new revenue recognition standard - engineering and construction
Our Technical Line considers key implications of the revenue recognition standard for engineering and construction entities. This publication supplements our Technical Line, A closer look at the new revenue recognition standard, and should be read in conjunction with it.

15 September 2014

Technical Line - GAO updates internal control standards for the federal government
The Government Accountability Office updated its internal control standards for the federal government (Green Book) to align them with the 2013 version of the internal control framework many companies use to assess internal control over financial reporting. Our Technical Line publication tells you what you need to know about the updated standards.

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To the Point

18 September 2014

To the Point - PCC wraps up intangible assets and discusses share-based payments
The PCC voted to finalize an alternative that would allow private companies to simplify their accounting for intangible assets acquired in a business combination and sent it to the FASB for endorsement. The PCC decided to provide input for a project the FASB plans to launch on both private and public company accounting for share-based payments. Our To the Point publication tells you what you need to know about the PCC meeting this week.

4 September 2014

To the Point - FASB requires management to assess an entity’s ability to continue as a going concern
The FASB issued final guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern and to provide disclosures when certain criteria are met. Our To the Point publication tells you what you need to know.

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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

2 September 2014

Practical matters for the c-suite - Revenue reckoning: a transformational new standard
Our latest edition of our FAAS’ Practical matters for the c-suite series helps organizations understand the impact of the new revenue recognition standard issued by FASB and the IASB. The standard will supersede virtually all existing revenue guidance under US GAAP and IFRS and this publication describes what chief financial officers, chief accounting officers or board members need to do now to prepare for the change.

21 August 2014

The JOBS Act: 2014 mid-year update
With over two years since the enactment of the Jumpstart Our Business Startups Act (the Act), we look at US IPO market trends and analyze how emerging growth companies are using the relief available to them. We also provide an update on the SEC’s rulemaking under the Act and discuss what still remains to be done.

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