US Week in Review - Week ending 20 June 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
We have reorganized our Financial reporting developments publication on consolidation to help you navigate through the Variable Interest Model. We also have added an overview of the model and some common misconceptions. Our new title, Consolidation and the Variable Interest Model: determination of a controlling financial interest, reflects these changes. In our new FRD, you'll also find updates on recent standard-setting activities, clarifications and enhancements to our interpretative guidance, and an appendix on applying the Voting Model.
We have updated our Financial reporting developments publication on transfers and servicing of financial assets to further clarify and enhance our interpretive guidance.
This publication complements our recent Technical Line and To the Point publications on the FASB's new exposure draft on leases. The Practical matters for the c-suite series is produced by our Financial Accounting Advisory Services (FAAS) group and is intended to offer practical insights on significant financial reporting and accounting issues.
Standard Setter updates
Financial Accounting Standards Board (FASB)
18 June 2013 joint FASB-IASB videoconference meeting
The Boards discussed their project on the classification and measurement of financial instruments.
19 June 2013 FASB meeting
The FASB discussed its project on the disclosure framework.
For additional details, see the Summary of Board Decisions.
Upcoming meetings and webcasts
26 June 2013 FASB meeting
The FASB is scheduled to decide whether to approve two consensuses and three consensuses-for-exposure reached at the 11 June 2013 EITF meeting.
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 issued revised ED on insurance contracts
The IASB today issued a revised exposure draft on insurance contracts that is aimed at eliminating the diversity that exists in insurance contract accounting under IFRS. The IASB and the FASB have worked together in recent years to achieve convergence on an insurance contract standard but have been unable to find common ground in a few areas. The FASB plans to issue a separate exposure draft next week.
International Federation of Accountants/International Auditing and Assurance Standards Board (IFAC/IAASB)
IAASB releases 2012 Annual Report
The International Auditing and Assurance Standards Board (IAASB) has released its 2012 Annual Report, Responding to the Needs of an Interconnected World (available for download from the IFAC website). The annual report highlights the IAASB's work in the public interest to enhance the quality and consistency of practice throughout the world, and thereby strengthen the public's confidence in the global auditing and assurance profession.
Upcoming Thought center webcasts and podcasts
Accounting for income taxes: a quarterly perspective
26 June 2013, 1:00 p.m. Eastern time
Environmental sustainability in financial services
5 July 2013, 6:00 a.m. Eastern time