AccountingLink

What's new

BoardMatters Quarterly

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.

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.

More

Comment Letters

15 December 2014

Comment Letter - FASB proposal to simplify the presentation of debt issuance costs
In our comment letter, we supported the FASB's proposed requirement that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts or premiums. The proposal would eliminate the inconsistency between today’s presentation requirement for debt issuance costs and the Conceptual Framework. We also highlight matters related to third-party debt issuance costs where we believe the FASB can do more to address complexity.

10 December 2014

Comment letter - AICPA's Proposed Statement on Auditing Standard, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements
In our comment letter, we agree with the Auditing Standards Board’s proposal to move the content of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With An Audit Of Its Financial Statements, from the attestation standards into generally accepted auditing standards. Further, we support the development of an attestation standard to address examinations of internal control that aren’t integrated with audits of financial statements.

More

Effective Date Matrix

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.

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.

More

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.

More

Financial Reporting Briefs

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.

18 December 2014

Financial Reporting Briefs - Fourth 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 fourth quarter of 2014.

More

Financial Reporting Developments

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.

4 December 2014

Financial Reporting Developments - Derivatives and hedging
We have updated our Financial reporting developments publication on derivatives and hedging for the amendments made to Accounting Standards Codification Topic 815 by Accounting Standards Update 2014-03, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps - Simplified Hedge Accounting Approach. This update also provides clarifications and enhancements to our interpretative guidance. Refer to Appendix F of the publication for a detailed list of these 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

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.

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.

More

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.

More

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.

More

SEC in Focus

9 October 2014

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

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.

More

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.

More

Standard Setter Update

8 October 2014

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

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.

More

Technical Line

11 December 2014

Technical Line - Year-end financial reporting reminders
Our Technical Line addresses topics that companies should consider as they begin the process of year-end financial reporting. Some relate to current events or types of transactions and arrangements that have become more common due to economic trends or other factors. We also discuss financial reporting matters that companies often find challenging or that the Securities and Exchange Commission staff focuses on when reviewing financial reports. This publication is intended to help you plan your year-end reporting process.

5 December 2014

Technical Line - Companies may be subject to excise taxes under Affordable Care Act
Companies may be subject to excise taxes under the employer mandate provisions of the Affordable Care Act if they do not offer full-time employees and their dependents health care coverage or do not offer coverage that meets certain requirements. Companies may need to begin accruing for the taxes in 2015, and estimating those liabilities may require significant judgment.

More

To the Point

18 December 2014

To the Point - Boards complete redeliberations of the definition of a lease
The FASB and the IASB completed their redeliberations of the definition of a lease, leaving in place the converged decisions they previously reached on how it would be applied.

18 December 2014

To the Point - FASB to propose more ways to simplify accounting for employee share-based payments
The FASB tentatively decided to propose two practical expedients that private companies could use to simplify their accounting for share-based payments to employees. For both public and private companies, the Board also tentatively decided to align the classification guidance for put and call rights that are contingent on an event within an employee’s control.

More

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.

More

US Week in Review

More

More Publications

13 November 2014

Disclosure effectiveness: What investors, company executives and other stakeholders are saying
With the SEC staff looking at ways to improve disclosures, we invited investors, company executives and other stakeholders to share their views on topics such as the objectives of SEC reporting, priorities and challenges for changes to current disclosure requirements and voluntary improvements that companies can make now. Our publication summarizes their views.

21 October 2014

Disclosure effectiveness: What companies can do now
Making business and financial disclosures more effective has become a focus of regulators and standard setters around the world. Our publication, Disclosure effectiveness: What companies can do now , explores how companies can implement the SEC staff’s recommendations for reducing repetition, focusing on material information and eliminating outdated information. The publication includes illustrations, leading practices and practical steps to make companies’ year-end disclosures more meaningful.

More