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    Board Matters Quarterly

    21 September 2017

    Board Matters Quarterly - September 2017
    This issue features an article about the board’s role in overseeing cyber risk management. Other articles look at how disclosures by audit committees of Fortune 100 companies have changed since 2012 and how a new PCAOB standard will significantly change the auditor’s report.

    23 June 2017

    Board Matters Quarterly - June 2017
    This issue discusses five things boards need to consider for the 2017 proxy season and how nominating and governance committees are defining their roles and responsibilities.

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    Comment Letters

    31 August 2017

    Comment Letter - FASB proposal for targeted improvements to related party guidance for Variable Interest Entities (VIE)
    In our comment letter, we support the FASB’s objective of reducing complexity when applying the variable interest entity (VIE) guidance, but recommend they pursue development of a single comprehensive consolidation model. To the extent they move forward with the targeted improvements, we believe the FASB should provide additional guidance to clarify the current model, which would reduce the cost and complexity for all companies. Further, we support the proposed changes in the determination of whether fees paid to decision makers or service providers are a variable interest.

    30 August 2017

    Comment Letter - PCAOB proposal on auditing estimates
    In our comment letter, we supported the PCAOB’s proposal to strengthen the requirements for auditing accounting estimates, including fair value measurements. However, we believe certain aspects of the proposal could be improved or made more practical, particularly the proposed requirements relating to the use of pricing information from third parties and the valuation of investments based on an investee’s financial condition or operating results.

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    Effective Date Matrix

    16 March 2017

    Accounting pronouncements effective for the first quarter of 2017
    Several new accounting pronouncements are effective for the first quarter of 2017 for calendar-year entities. We list them along with related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

    8 December 2016

    Accounting pronouncements effective in 2016
    Several new accounting pronouncements are effective for 2016 interim or annual periods for calendar-year entities. We list them along with related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2016.

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    EITF Update

    21 March 2017

    EITF Update - March 2017
    The EITF reached a final consensus on determining the customer of the operation services in a service concession arrangement.

    21 November 2016

    EITF Update - November 2016
    The EITF reached a final consensus on employee benefit plan master trust reporting.

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    Financial Reporting Briefs

    14 September 2017

    Financial Reporting Briefs - Third quarter 2017
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third quarter of 2017. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

    22 June 2017

    Financial Reporting Briefs - Second quarter 2017
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the second quarter of 2017. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

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    Financial Reporting Developments

    19 October 2017

    Financial Reporting Developments - Derivatives and hedging
    We have updated our Financial reporting developments publication on derivatives and hedging to further clarify and enhance our interpretative guidance. Our updates also address the accounting implications of rulebook changes made by certain central clearinghouses to legally characterize variation margin payments for over-the-counter derivatives they clear as settlements rather than collateral. Refer to Appendix F of the publication for a summary of the updates.

    18 October 2017

    Financial Reporting Developments - Business combinations
    We have updated our Financial reporting developments (FRD) publication on business combinations to include recent standard-setting activity related to the new definition of a business and the new leases standard, and to clarify and enhance our interpretive guidance.

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    NAIC Bulletin

    30 August 2017

    NAIC Bulletin - Summer 2017 edition
    Our NAIC Bulletin contains the highlights of the Summer 2016 meeting of the National Association of Insurance Commissioners.

    3 May 2017

    NAIC Bulletin - Spring 2017 edition
    Our NAIC Bulletin contains the highlights of the Spring 2016 meeting of the National Association of Insurance Commissioners.

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    SEC Comments and Trends

    25 September 2017

    SEC Comments and Trends - September 2017
    Our 2017 SEC Comments and Trends – An analysis of current reporting issues publication discusses in detail the SEC staff’s focus areas in its reviews of public filings in the year ended 30 June 2017. Our publication also identifies the top comment areas by industry. The publication provides best practices for responding to comment letters and will help you plan for the year-end reporting season.

    22 December 2016

    SEC Comments and Trends – December 2016 – Life sciences industry supplement
    This publication is intended to give you insights into the SEC staff’s areas of focus involving life sciences registrants. It should be read in conjunction with our 2016 SEC Comments and Trends publication and our Technical Line, 2016 trends in SEC comment letters publication, which both discuss matters that relate to all registrants.

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    SEC Compendium

    12 December 2016

    2016 AICPA National Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.

    15 December 2015

    2015 AICPA National Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at the 2015 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.

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    SEC in Focus

    5 October 2017

    SEC in Focus - October 2017
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include remarks from SEC Chairman Jay Clayton on cybersecurity disclosures in SEC filings, recent guidance on pay ratio disclosure requirements, regulatory relief for companies and individuals affected by recent hurricanes, staff clarifications about its nonpublic review program and recent trends in SEC staff comments on non-GAAP measures and other topics.

    6 July 2017

    SEC in Focus - July 2017
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include remarks from SEC Chief Accountant Wesley Bricker on the adoption of significant new accounting standards and recent trends in SEC staff comments on non-GAAP measures.

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    SEC Reporting Series

    25 September 2017

    SEC Reporting Update - 2017 trends in SEC comment letters
    Our SEC Reporting Update publication highlights the SEC staff’s increased focus on non-GAAP financial measures over the last year and discusses emerging topics such as the new revenue standard and cybersecurity. The publication also explains the nature of the staff’s common comments on segment reporting, income taxes and management’s discussion. It also notes the continuing trend for the SEC staff to issue fewer comment letters than in the previous year.

    1 December 2016

    2017 proxy statements - An overview of the requirements
    Our proxy publication is a reference tool for use when preparing the annual meeting proxy statement. It reflects all final SEC rules and interpretive guidance issued through 31 October 2016.

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    Standard Setter Update

    19 October 2017

    Third Quarter 2017 Standard Setter Update
    Our Third Quarter 2017 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 July 2017 and 30 September 2017.

    27 July 2017

    Second Quarter 2017 Standard Setter Update
    Our Second Quarter 2017 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 April 2017 and 30 June 2017.

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    Technical Line

    14 September 2017

    Technical Line - Accounting for the effects of natural disasters
    When a natural disaster strikes, companies often have questions about how to account for the effects under US GAAP. This publication provides an overview of some of the accounting and reporting guidance that companies directly and indirectly affected by hurricanes such as Harvey and Irma, the recent earthquake in Mexico and other natural disasters should consider.

    25 August 2017

    Technical Line - How the new revenue standard affects engineering and construction entities
    Our Technical Line highlights key implications of the new revenue standard for engineering and construction entities. This publication supplements our Financial reporting developments publication, Revenue from contracts with customers (ASC 606), and should be read in conjunction with it.

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    To the Point

    12 October 2017

    To the Point - SEC proposes modernizing and simplifying certain Regulation S-K disclosure requirements
    The SEC proposed amending Regulation S-K to modernize and simplify certain disclosure requirements as part of a broader review aimed at reducing the compliance burden on registrants while still providing all material information to investors. Among other thing, the proposal would allow a registrant to omit a discussion of the earliest annual period from Management’s Discussion and Analysis if the discussion is not considered to be material and the discussion of that period was included in the prior-year Form 10-K. The proposal also would allow a registrant to omit commercially sensitive and confidential information without obtaining advance permission from the SEC staff. Comments are due within 60 days.

    10 October 2017

    To the Point - How companies should prepare for the audit of the new revenue standard
    The PCAOB issued a staff alert discussing what auditors need to do to audit a company’s implementation of the new revenue recognition standard. While the alert is aimed at auditors, it provides a roadmap for management about how to prepare for the audit of the company’s implementation of the new standard.

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    US GAAP vs. IFRS: The Basics

    20 October 2016

    US GAAP versus IFRS: The basics
    We have updated our US GAAP versus IFRS – The basics publication, which provides an overview of common differences between US GAAP and IFRS. This release generally reflects guidance effective in 2016 and guidance finalized by the FASB and the IASB as of 31 May 2016. It also discusses current standard-setting activities at the FASB and the IASB.

    22 December 2015

    US GAAP versus IFRS: The basics
    We have updated our US GAAP versus IFRS – The basics publication, which provides an overview of common differences between US GAAP and IFRS. This release generally reflects guidance effective in 2015 and guidance finalized by the FASB and the IASB as of 31 May 2015. It also discusses current standard-setting activities at the FASB and the IASB.

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    US Week in Review

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    More Publications

    9 October 2017

    Quarterly tax developments - September 2017
    Our September 2017 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted tax legislation, as well as regulatory developments, legislative proposals and other items, through 28 September 2017 to consider as you prepare your income tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

    5 October 2017

    Eyes on US tax reform: A guide to income tax accounting considerations
    Our publication provides tax accounting considerations and references to EY interpretive guidance to help companies prepare for changes in accounting that could result from US tax reform. The tax plan now under consideration by Congress would reduce the corporate income tax rate to 20%, allow immediate capital expensing, broaden the tax base and create a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings. While ASC 740, Income Taxes, requires changes in tax law to be accounted for in the period of enactment (i.e., when the President signs legislation), companies need to understand the tax proposals under consideration so they can evaluate and prepare for changes in their financial reporting.

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