US Week in Review - Week ending 21 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

    To the Point: Boards revisit disclosure, transition and effective date for revenue standard

    The FASB and the IASB tentatively decided that entities could retrospectively adopt their new revenue standard or adopt it on a modified retrospective basis for annual reporting periods beginning on or after 1 January 2017. The Boards also addressed several disclosures they proposed in 2011. Our To the Point publication summarizes these decisions.

    Standard Setter updates

    Financial Accounting Standards Board (FASB)

    FASB issues two proposals

    The FASB issued two Proposed Accounting Standards Updates (ASUs) on EITF consensuses-for-exposure it ratified at its 31 January 2013 meeting.

    Comments are due by 22 April 2013. For more details, see our January 2013 EITF Update publication.

    20 February 2013 joint FASB-IASB videoconference meeting

    The Boards discussed their projects on:

    • Revenue recognition (see our To the Point publication above)
    • Leases

    For details, see the FASB Action Alert.

    20 February 2013 FASB meeting

    The Board discussed its project on Insurance contracts.

    For details, see the FASB Action Alert.

    Upcoming meetings and webcasts

    27 February 2013 FASB meeting

    The Board is scheduled to discuss its project on Insurance contracts.

    For additional details, see the FASB calendar.

    Education sessions

    See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.

    International Accounting Standards Board (IASB)

    IFRS Foundation publishes Due Process Handbook

    The Trustees of the IFRS Foundation, responsible for the governance and oversight of the IASB, have published an updated version of the IFRS Foundation Due Process Handbook.

    The Handbook describes the steps followed by the IASB and the IFRS Interpretations Committee in developing or revising standards and interpretations. Although previous revisions have been made to the handbook, this revised edition represents the results of the first major review that has been undertaken since 2006.

    IFRS Foundation publishes revised IFRS Foundation Constitution

    The revisions to the Constitution were approved by the Trustees at their meeting in January 2013, following a public consultation proposing changes to the Constitution to reflect the separation of the role of Chairman of the IASB and Chief Executive Officer of the IFRS Foundation. This change is in line with the conclusions of the February 2012 Monitoring Board Governance Review and has already been implemented following an internal structural reorganization at the end of 2011.

    Endorsement Status Report update

    The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice letter on Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). As a result, EFRAG has updated the Endorsement Status Report.

    Upcoming Thought center webcasts and podcasts

    Domestic tax quarterly webcast series: a focus on state tax matters 
    26 February 2013, 1:00 p.m. Eastern time

    The Ernst & Young Q1 2013 financial reporting update
    Co-sponsored by Financial Executives International (FEI)
    20 March 2013, 1:00 p.m. Eastern time


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