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    Board Matters Quarterly

    6 April 2017

    Board Matters Quarterly - April 2017
    This issue highlights five things boards need to consider for the 2017 proxy season and provides a look at how nominating and governance committees are defining their roles and responsibilities.

    25 January 2017

    Board Matters Quarterly - January 2017
    This issue provides an analysis of corporate governance trends at Russell 2000 companies, a review of IPO corporate governance trends and a look at how board committees evolve to address new challenges.

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    Comment Letters

    24 May 2017

    Comment Letter - SEC’s initiative to modernize Guide 3 disclosure requirements
    In our comment letter, we supported the Commission’s initiative to remove redundant or obsolete disclosure requirements and modernize Industry Guide 3: Statistical Disclosure by Bank Holding Companies. We also articulated concerns over the potential incorporation by reference in SEC filings of disclosures that bank holding companies currently provide under banking sector regulations.

    16 May 2017

    Comment Letter - SEC’s Inline XBRL proposal
    In our comment letter, we supported the objective of requiring structured data and data tagging to improve disclosure analysis and help investors and other market participants make more-informed decisions. However, we expressed concerns about requiring the use of Inline XBRL and suggested other actions that could be taken to improve the quality and reliability of financial statement data tagging. We noted that embedding tags in the financial statements could lead investors to assume such tags have been audited or reviewed and suggested ways to alleviate any expectation gap if the SEC moves forward with the proposal.

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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

    30 March 2017

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

    15 December 2016

    Financial Reporting Briefs - Fourth quarter 2016
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the fourth quarter of 2016. 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

    4 May 2017

    Financial Reporting Developments - Segment reporting
    We have updated our Financial reporting developments publication on segment reporting to clarify and enhance our interpretative guidance. Refer to Appendix D of the publication for a summary of the updates.

    28 April 2017

    Financial Reporting Developments - Revenue from contracts with customers (ASC 606)
    We have updated our Financial reporting developments publication, Revenue from contracts with customers (ASC 606), primarily to address technical corrections and improvements the FASB made to the standard in Accounting Standards Update (ASU) 2016-20, the November 2016 FASB Transition Resource Group for Revenue Recognition discussions of implementation questions and changes ASU 2017-05 made to the new guidance on the measurement and recognition of gains and losses on the sale of certain nonfinancial assets such as property and equipment, including real estate. We also have expanded our discussions of certain topics. Appendix A of the FRD summarizes significant changes since the previous edition. Updates of many of our industry publications on the new standard will be available soon.

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    IFRS Outlook

    1 June 2013

    IFRS Outlook - June 2013
    Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

    1 March 2013

    IFRS Outlook - March 2013
    Our IFRS Outlook provides timely updates with regard to changes in international accounting standards.

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    Joint Project Watch

    10 January 2013

    Joint Project Watch - December 2012
    The standard-setting activities of the FASB and the IASB on their joint projects continue to move forward. The Boards are redeliberating their second exposure draft (ED) on revenue recognition, and are preparing to issue a second ED on leases in early 2013. Separate documents on financial instruments topics have been issued or are expected early in 2013. Our Joint Project Watch publication is designed to give you a snapshot of key developments from a US GAAP perspective, along with our observations about the potential implications for companies.

    11 October 2012

    Joint Project Watch - September 2012
    The standard-setting activities of the FASB and the IASB on their joint projects continue to move forward. The Boards are redeliberating their second exposure draft (ED) on revenue recognition, and are preparing to issue a second ED on leases in early 2013. Our Joint Project Watch publication is designed to give you a snapshot of key developments from a US GAAP perspective, along with our observations about the potential implications for companies.

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    NAIC Bulletin

    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.

    18 January 2017

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

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    SEC Comments and Trends

    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.

    22 December 2016

    SEC Comments and Trends – December 2016 – Media and entertainment industry supplement
    This publication is intended to give you insights into the SEC staff’s areas of focus involving media and entertainment 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

    6 April 2017

    SEC in Focus - April 2017
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. This issue highlights Jay Clayton’s testimony at his Senate Banking Committee confirmation hearing, the push to ease SEC rules required by the Dodd-Frank Act, recent trends in SEC staff comments, SEC Chief Accountant Wesley Bricker’s remarks on increasing the effectiveness of audit committees and final rules, rulemaking proposals, SEC staff guidance and other SEC activities.

    12 January 2017

    SEC in Focus - January 2017
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. This issue highlights the remarks made by SEC staff members at the recent AICPA National Conference on Current SEC and PCAOB Developments related to SEC reporting implications of new accounting standards, non-GAAP financial measures and management’s discussions and analysis disclosure considerations for income taxes. We also discuss the SEC's progress on rulemaking and other initiatives, as well as significant personnel changes.

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    SEC Reporting Series

    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.

    1 December 2016

    Pro forma financial information - A guide for applying Article 11 of Regulation S-X
    Our publication summarizes the requirements for pro forma financial information and illustrates how registrants may apply the guidance to different transactions and pro forma adjustments.

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    Standard Setter Update

    25 April 2017

    First Quarter 2017 Standard Setter Update
    Our First Quarter 2017 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 January 2017 and 31 March 2017.

    19 January 2017

    2016 Standard Setter Update - Financial reporting and accounting developments
    Our 2016 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 January 2016 and 31 December 2016.

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    Technical Line

    9 May 2017

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

    1 May 2017

    Technical Line - A closer look at the guidance on derecognition of nonfinancial assets and in substance nonfinancial assets
    The FASB issued final guidance that clarifies the scope and application of ASC 610-20 on the sale of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. The guidance clarifies that businesses are generally derecognized using the deconsolidation guidance in ASC 810. It also defines an in substance nonfinancial asset and says that all of the assets promised in a contract with a noncustomer are in the scope of ASC 610-20 if they are all nonfinancial assets or in substance nonfinancial assets.

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    To the Point

    11 May 2017

    To the Point - FASB clarifies when changes to share-based payments must be accounted for as modifications
    The FASB issued final guidance that clarifies when changes to the terms or conditions of a share-based payment must be accounted for as modifications. Entities will apply modification accounting if the value, vesting conditions or classification of the award changes. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2017. Early adoption is permitted, including adoption in any interim period.

    26 April 2017

    To the Point - AICPA issues criteria for evaluating how an entity manages cybersecurity risk
    The AICPA issued Description Criteria for Management’s Description of an Entity’s Cybersecurity Risk Management Program and updated its Trust Services Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy that together can be used by entities to describe their cybersecurity risk management programs and evaluate controls in these programs. An entity also can voluntarily choose to engage an independent public accountant to evaluate management’s description and whether the controls over its program were suitably designed and operated effectively.

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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

    30 March 2017

    Quarterly tax developments - March 2017
    Our March 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 15 March 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.

    8 March 2017

    United States Department of Commerce introduces new rule
    The publication discusses how to comply with a new requirement that organizations that use or request access to the Social Security Administration’s Limited Access Death Master File (DMF) submit a written third-party attestation report at least every three years stating that they have designed and implemented controls to safeguard the file. More than 550 organizations currently use the DMF, which lists names, social security numbers and dates of birth and death for US citizens who have died, to validate certain financial transactions. Reports on examinations conducted under the attestation standards of the American Institute of Certified Public Accountants can be used to comply with the rule, which was issued by the US Department of Commerce National Technical Information Service last year.

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