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US Week in Review: Week ending 24 October 2024


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

Comment letter on FASB proposal on derivatives scope refinements and the accounting for share-based payments from a customer in a revenue contract

In our comment letter, we support the FASB’s proposal to (1) improve the guidance in ASC 815 by expanding the scope of contracts that would be excluded from derivative accounting and (2) clarify how to account for a share-based payment from a customer that is consideration for the transfer of goods or services under ASC 606. However, we recommend revising certain aspects of the proposed guidance to address potential operational issues, including eliminating the predominant characteristics assessment and clarifying certain language.

Standard Setter updates

Financial Accounting Standards Board (FASB)

EITF to discuss its project on Issuance of new debt to repay old debt at its 28 October meeting

Upcoming webcasts

Evolving cyber threats: audit committee and CISO considerations
31 October 2024, 3 p.m. Eastern time

Financial reporting for private companies – what you need to know for 2024
12 November 2024, 2 p.m. Eastern time

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