US Week in Review - Week ending 6 February 2014
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 EY.
What’s new from EY
In our comment letter, we recommended that the SEC reconsider the financial reporting requirements it proposed for issuers that use a new crowdfunding exemption to raise up to $1 million a year by selling shares to investors over the internet. We said that the costs to comply with the proposed requirements in a crowdfunding offering and ongoing annual reporting would likely discourage use of the crowdfunding exemption, which was mandated by the Jumpstart Our Business Startups Act.
Standard Setter updates
Financial Accounting Standards Board (FASB)
Upcoming meetings and webcasts
12 February 2014 FASB meeting
The FASB is scheduled to discuss its project on Accounting for goodwill for public business entities and not-for-profits.
For additional details, see the FASB's calendar.
See the FASB's calendar for upcoming education sessions. No decisions are made at these sessions.
International Accounting Standards Board (IASB)
IFRS for SMEs Update
The IFRS for SMEs Update is a staff update on the latest news surrounding IFRS for Small and Medium-sized Entities (IFRS for SMEs).
Government Accounting Standards Board (GASB)
GASB issues implementation guide on employer accounting and financial reporting for pensions
The GASB published the Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions (the Guide). The Guide is an authoritative resource designed to assist preparers and auditors of state and local government financial statements as they implement the statement, which is effective for periods beginning after 15 June 2014.
Upcoming Thought Center webcasts and podcasts
CFO: need to know
A quarterly webcast series
5 March 2014, 12:00 p.m. Eastern time
Considerations for a US IPO listing
6 March 2014, 11:00 a.m. Eastern time