US Week in Review - Week ending 8 August 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 EY.
What’s new from EY
The FASB proposed guidance to define a public business entity and to identify the types of entities that would be excluded from the scope of the Private Company Decision-Making Framework. See the proposal and our To the Point publication for further information.
The SEC issued final amendments to the broker-dealer reporting rule, SEC Rule 17a-5. All broker-dealers will be impacted by the rule amendments for both periodic and annual reporting. Our To the Point publication summarizes key elements of the final rule.
Standard Setter updates
Financial Accounting Standards Board (FASB)
7 August 2013 FASB meeting
The FASB discussed its project, Disclosure framework - Board's decision process.
The Board also endorsed an alternative proposed by the Private Company Council at its 16 July 2013 meeting that would exempt private companies from evaluating certain common control leasing arrangements for consolidation under the variable interest entity guidance. For a further description of the alternative, see our To the Point publication, Private company framework approved, PCC proposes consolidation alternative.
For details of this week’s FASB meeting, see the FASB's Summary of Board Decisions.
Upcoming meetings and webcasts
No meetings are scheduled for the week of 12 August 2013. For additional details, see the FASB's calendar.
See the FASB's calendar for upcoming education sessions. No decisions are made at these sessions.
Securities and Exchange Commission (SEC)
Senate confirms Stein and Piwowar as new SEC Commissioners, extends term of Chair White
The US Senate confirmed the appointments of Kara Stein and Michael Piwowar as SEC Commissioners. After taking their official oath of office, Ms. Stein will replace Commissioner Elisse Walter and Mr. Piwowar will take the seat of Troy Paredes, who recently left the Commission. The Senate also voted to extend the term of SEC Chair Mary Jo White through June 2019.
Upcoming Thought Center webcasts and podcasts
EY Q3 2013 financial reporting update
In co-operation with Financial Executives International (FEI)
19 September 2013, 1:00 p.m. Eastern time
CFOs reveal hidden trends from earnings season
30 September 2013, 12:00 p.m. Eastern time