US Week in Review - Week ending 3 January 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 tax bill that President Obama signed on 2 January 2013 retroactively reinstates expired tax provisions known as tax extenders. The income tax accounting effect, including any retroactive effect, of a tax law change is accounted for in the period of enactment, which in this case is the first quarter of 2013 for a calendar year-end entity. Our Technical Line publication tells you what you need to know about this issue.
We have updated our Financial Reporting Developments publication, Business combinations, to provide insights from the SEC, updates on recent standard-setting activities and further clarifications and enhancements to our interpretative guidance.
We have updated our Financial Reporting Developments publication, Segment reporting, to further clarify and enhance our interpretive guidance.
Standard Setter updates
Financial Accounting Standards Board (FASB)
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.
9 January 2013 FASB meeting
The Board is scheduled to discuss its project on balance sheet offsetting - scope clarification of ASU 2011-11.
For additional details, see the FASB calendar.
See the FASB calendar for upcoming education sessions. No decisions are made at these sessions.
International Accounting Standards Board (IASB)
IFRS for SMEs Update
The December 2012 issue of the IFRS for SMEs Update, which contains the latest news for small and medium-sized entities, has been issued.
IASB issues educational materials on IFRS 13 on fair value measurements
On 20 December 2012, the IFRS Foundation issued the first chapter of educational material to accompany IFRS 13 on fair value measurement. This chapter covers the application of the principles in IFRS 13 when measuring the fair value of unquoted equity instruments within the scope of IFRS 9, Financial Instruments.