US Week in Review - Week ending 24 April 2014
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 EY.
What’s new from EY
The FASB and the IASB continued discussing ways to clarify and simplify their 2013 proposal to put most leases on lessees' balance sheets. After disagreeing on key topics last month, the Boards reached joint decisions on lease modifications, combining certain contracts, in-substance fixed lease payments and the discount rate that would be used to measure lease assets and liabilities. They also agreed on how to include index- and rate-based variable lease payments in the initial measurement of lease assets and liabilities but reached different decisions about subsequent measurement. Our To the Point publication explains what you need to know about these decisions.
Standard Setter updates
Financial Accounting Standards Board (FASB)
23 April 2014 joint FASB-IASB videoconference meeting
Leases - see our To the Point publication above.
23 April 2014 FASB meeting
The FASB discussed its project on Accounting for financial instruments: classification and measurement and its pre-agenda research on classification in the statement of cash flows.
For details, see the FASB's Tentative Board Decisions.
28 April 2014 FASB meetingThe FASB will discuss whether to add certain projects to its agenda or to that of the Emerging Issues Task Force.
29 April 2014 Private Company Council (PCC) meeting
Members of the FASB and the PCC are scheduled to discuss:
- Issue No. 13-01A, Accounting for identifiable intangible assets in a business combination
- Selected FASB projects
- PCC agenda direction
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)
Discussion paper related to dynamic risk management and macro hedging
The IASB has published for public comment a discussion paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging. The discussion paper is available for comment until 17 October 2014.
International Federation of Accountants/International Auditing and Assurance Standards Board (IFAC/IAASB)
Re-exposure of ISA on auditor's responsibilities relating to other information
The International Auditing and Assurance Standards Board (IAASB) has released a re-exposure of ISA 720 (Revised) the Auditor's Responsibilities Relating to Other Information. The proposed standard seeks views from stakeholders on the enhanced scope and focus of auditor efforts on information included in entities' annual reports, other than the audited financial statements, and introduces new auditor reporting responsibilities. Comments are due by 18 July 2014.
Upcoming Thought Center webcasts and podcasts
CFO: need to know quarterly webcast series
25 June 2013, 12 p.m. Eastern time