US Week in Review - Week ending 27 December 2012
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 updated our Financial Reporting Developments publication, Derivative instruments and hedging activities. This edition includes further enhancements to our interpretive guidance, primarily in the area of off-market derivatives, in Appendix D, "Pitfalls on designation of non-zero fair value derivatives in hedge relationships." The revisions include clarifications of the guidance for determining whether an off-market derivative contains an other-than-insignificant financing element requiring specific presentation in the statement of cash flows.
Standard Setter updates
Financial Accounting Standards Board (FASB)
2013 US GAAP XBRL Taxonomy released
The FASB announced the availability of the 2013 US GAAP Financial Reporting Taxonomy (2013 Taxonomy), pending approval by the SEC.
The 2013 Taxonomy is available on the FASB website and may be used only for SEC XBRL Exhibit submissions after it is adopted by the SEC. Until then, companies should continue to use the 2012 or 2011 version.
Upcoming meetings and webcasts
4 January 2013 FASB meeting
The Board is scheduled to discuss its project on Accounting for financial instruments: classification and measurement.
For additional details, see the FASB calendar.
See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.
Securities and Exchange Commission (SEC)
Paul Beswick named Chief Accountant
Paul Beswick was named Chief Accountant of the SEC's Office of the Chief Accountant (OCA). Mr. Beswick has been serving as the Acting Chief Accountant following the departure of James Kroeker in July 2012. Mr. Beswick has held numerous positions within OCA since joining the SEC in September 2007 and served as the staff director of the multi-year effort to help the Commission evaluate the implications of incorporating IFRS for US companies.
Before joining the SEC, Mr. Beswick was a partner in Ernst & Young's Professional Practice Group in New York. From July 2005 to June 2007, he served as a FASB Practice Fellow.