US Week in Review - Week ending 28 February 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 issued new guidance requiring companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (AOCI). Companies are also required to present reclassifications by component when reporting changes in AOCI balances. Public companies must make the disclosures in fiscal years and interim periods within those years beginning after 15 December 2012. For calendar-year public companies, that means the first quarter of 2013. For nonpublic companies, the Accounting Standards Update (ASU) is effective for fiscal years beginning after 15 December 2013 and interim and annual periods thereafter. The guidance should be applied prospectively. Our Technical Line publication describes the requirements and provides examples of what the disclosures might look like.
Standard Setter updates
Financial Accounting Standards Board (FASB)
New agenda-setting process for the FASB announced
The Financial Accounting Foundation (FAF) Board of Trustees has approved a significant change to the agenda-setting process for the FASB. Decisions on project plans, agenda setting and the priority of projects now require a majority vote by the FASB. These decisions will no longer be made by the FASB chair alone.
Siegel reappointed to second term at the FASB
Marc A. Siegel was reappointed to a second five-year term on the FASB. He has been a member of the FASB since October 2008.
27 February 2013 FASB meeting
Insurance contracts - The Board made several important decisions to overhaul the requirements for presentation and disclosure of various elements of the building block and premium allocation approaches.
For details, see the FASB Action Alert.
Upcoming meetings and webcasts
6 March 2013 FASB meeting
The Board is scheduled to discuss its project on Insurance contracts.
For additional details, see the FASB calendar.
See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.
Upcoming Thought center webcasts and podcasts
The Ernst & Young Q1 2013 financial reporting update
Co-sponsored by Financial Executives International (FEI)
20 March 2013, 1:00 p.m. Eastern time