US Week in Review - Week ending 2 May 2013
The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by Ernst & Young.
Ernst & Young publications
The FASB has proposed indefinitely deferring the requirement that a nonpublic employee benefit plan disclose quantitative information about the unobservable inputs used to measure the fair value of an equity investment in its nonpublic sponsor. Comments are due by 31 May 2013. Our To the Point publication discusses the FASB proposal.
Standard Setter updates
Financial Accounting Standards Board (FASB)
1 May 2013 FASB meeting
The FASB added two issues to the agenda of the EITF:
- The accounting for share-based payment awards that include a performance condition that can be met after the requisite service has been provided
- When a creditor should reclassify a loan collateralized by property that it is taking possession of and the accounting for the effect of a Federal Housing Administration guarantee
Both issues are expected to be discussed at the 11 June 2013 EITF meeting.
The FASB also discussed how it will add Private Company Council (PCC) projects to its agenda for possible endorsement and discussed next steps on the research project on financial communications in the not-for-profit sector.
For additional details, see the FASB's Summary of Board Decisions.
Upcoming meetings and webcasts
7 May 2013 meeting with the PCC
Members of the FASB and the PCC are scheduled to discuss potential alternatives for private companies under US GAAP related to the following:
- Accounting for intangibles (other than goodwill) acquired in a business combination
- Consolidation of variable interest entities
- Accounting for interest-rate swaps with a single counterparty
The FASB and the PCC also will discuss research on other potential agenda topics and FASB projects.
For additional details, see the FASB's calendar.
See the FASB's calendar for upcoming education sessions. No decisions are made at these sessions.
International Accounting Standards Board (IASB)
IASB issues proposal on rate regulation
The IASB published for public comment an exposure draft, Regulatory Deferral Accounts, that proposes an interim standard that would allow entities to preserve their existing accounting policies for rate-regulated activities with some modifications designed to enhance comparability. Comments are due by 4 September 2013.
Government Accounting Standards Board (GASB)
The GASB Report - April 2013
The April 2013 GASB Report is available on AccountingLink.
Thought center presents 8 May webcast on 2013 trends in corporate sustainability and reporting
Register now for an interactive webcast discussion on 8 May from 1 p.m. to 2:30 p.m. Eastern time of the findings from our recent annual survey completed in collaboration with GreenBiz. Leisha John, Ernst & Young's Americas Director of Environmental Sustainability, will moderate the discussion and explore practical applications for your client's long-range sustainability strategy, including:
- The importance of engaging your CEOs and CFOs
- Aligning your corporate risk response to the scale of sustainability challenges
- Benefits of integrating your sustainability reporting
To register for this event go to 2013 trends in corporate sustainability and reporting.
Upcoming Thought center webcasts and podcasts
2013 trends in corporate sustainability and reporting
8 May 2013, 1:00 p.m. Eastern time
Competing for capital: IPO and M&A outlook
LIVE from the Ernst & Young Capital Strategies Conference
15 May 2013, 1:30 p.m. Eastern time