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    Board Matters Quarterly

    10 January 2019

    Board Matters Quarterly - January 2019
    This issue discusses the board’s role in confronting a crisis, trends in cybersecurity-related disclosures, effective board evaluations, how independent board leadership structures have evolved since 2000 and other topics.

    20 September 2018

    Board Matters Quarterly - September 2018
    This issue discusses how boards are overseeing their companies’ tax strategy and risks in the digital age. It also provides a review of the 2018 proxy season, discusses how audit committee disclosures have changed since 2012 and highlights trends in board committee structures.

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    Comment Letters

    15 January 2019

    Comment Letter - FASB’s proposal on codification improvements to help lessors apply the new leases standard
    In our comment letter, we support the FASB’s proposal to (1) allow lessors that are not manufacturers or dealers to continue to use their cost, less any volume or trade discounts, as the fair value for the underlying asset and (2) clarify that lessors in the scope of ASC 942, Financial Services — Depository and Lending, should classify principal payments received from sales-type and direct financing leases in investing activities in the statement of cash flows. However, we recommend that the Board make certain edits to the transition guidance. We also recommend that the Board take this opportunity to clarify two other aspects of the new leases guidance.

    19 December 2018

    Comment Letter - FASB’s proposal to changes to the three new standards on financial instruments
    In our comment letter, we support the FASB’s proposal to clarify certain aspects of the new guidance on credit losses, hedging, and recognizing and measuring financial instruments. However, we make certain recommendations to make it easier for entities to apply the new guidance and the proposed amendments.

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    Effective Date Matrix

    20 December 2018

    Accounting pronouncements effective in 2018
    Several new accounting pronouncements are effective for 2018 interim or annual periods for calendar-year entities. We list them along with related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time in 2018.

    4 October 2018

    Accounting pronouncements effective for the third quarter of 2018
    Several new accounting pronouncements are effective for the third quarter of 2018 for calendar-year entities. We list them along with related EY publications. All entities should carefully evaluate which accounting requirements apply to them for the first time.

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    EITF Update

    2 October 2018

    EITF Update - September 2018
    The EITF reached consensuses-for-exposure on recognition under Topic 805 for an assumed liability in a revenue contract and improvements to accounting for episodic television series. The Task Force also discussed but didn’t reach a consensus-for-exposure on the measurement of an assumed liability in a revenue contract in a business combination. Instead, the Task Force asked the staff to draft a discussion paper that would seek feedback from stakeholders on this topic. The Task Force will discuss the topic again at a later date.

    8 June 2018

    EITF Update - June 2018
    The EITF reached a final consensus on customer’s accounting for implementation, setup, and other upfront costs (implementation costs) incurred in a cloud computing arrangement that is considered a service contract. The Task Force reached a consensus-for-exposure on recognition under Topic 805 for an assumed liability in a revenue contract. The Task Force also discussed improvements to accounting for episodic television series.

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    Financial Reporting Briefs

    20 December 2018

    Financial Reporting Briefs - Fourth quarter 2018
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the fourth quarter of 2018. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

    20 September 2018

    Financial Reporting Briefs - Third quarter 2018
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the third quarter of 2018. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

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    Financial Reporting Developments

    17 January 2019

    Financial Reporting Developments - Lease accounting - Accounting Standards Codification 842, Leases
    Our FRD publication on accounting for leases under ASC 842 has been updated to reflect recent standard-setting activity and to clarify and enhance our interpretive guidance. Refer to Appendix E of the publication for a summary of the updates.

    3 January 2019

    Financial Reporting Developments - Derivatives and hedging (before the adoption of ASU 2017-12)
    Our FRD publication on derivatives and hedging (before the adoption of ASU 2017-12) has been updated to reflect recent standard-setting activity. Refer to Appendix F of the publication for a summary of the updates.

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    NAIC Bulletin

    13 December 2018

    NAIC Bulletin - Fall 2018 update
    Our NAIC Bulletin contains the highlights of the Fallr 2018 meeting of the National Association of Insurance Commissioners.

    22 August 2018

    NAIC Bulletin - Summer 2018 edition
    Our NAIC Bulletin contains the highlights of the Summer 2018 meeting of the National Association of Insurance Commissioners.

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    SEC Comments and Trends

    24 September 2018

    SEC Comments and Trends - September 2018
    Our 2018 SEC Comments and Trends – An analysis of current reporting issues publication discusses in detail the SEC staff’s focus areas in its reviews of public filings during the year ended 30 June 2018. Our publication notes the ongoing decline in the number of comment letters issued by the SEC staff and identifies the top comment areas by industry.

    25 September 2017

    SEC Comments and Trends - September 2017
    Our 2017 SEC Comments and Trends – An analysis of current reporting issues publication discusses in detail the SEC staff’s focus areas in its reviews of public filings in the year ended 30 June 2017. Our publication also identifies the top comment areas by industry. The publication provides best practices for responding to comment letters and will help you plan for the year-end reporting season.

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    SEC Compendium

    16 December 2018

    2018 AICPA Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2018 AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C.

    10 December 2017

    2017 AICPA Conference on Current SEC and PCAOB Developments
    Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2017 AICPA Conference on Current SEC and PCAOB Developments in Washington, D.C.

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    SEC in Focus

    10 January 2019

    SEC in Focus - January 2019
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include a discussion of the key topics from the annual AICPA Conference on Current SEC and PCAOB Developments, an overview of a request for comment by the SEC on quarterly reporting requirements and a recap of other recent rulemaking activities. We also discuss the Commission’s focus on digital assets, current practice matters and enforcement activities.

    4 October 2018

    SEC in Focus - October 2018
    Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include a discussion of the SEC’s capital formation agenda, an analysis of a new interim financial statement disclosure requirement and a proposal by the SEC to streamline disclosure requirements for certain registered debt offerings. We also discuss the Commission’s focus on digital assets, current practice matters and significant personnel changes.

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    SEC Reporting Series

    6 December 2018

    2018 Pro forma financial information - A guide for applying Article 11 of Regulation S-X
    Our publication summarizes the requirements for pro forma financial information and illustrates how registrants may apply the guidance to different transactions and pro forma adjustments.

    6 December 2018

    2018 SEC annual reports – Form 10-K
    We have updated our SEC Financial Reporting Series to reflect all final SEC rules and interpretive guidance issued through 31 October 2018. This publication is intended as a reference tool for preparing annual reports on Form 10-K.

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    Standard Setter Update

    30 October 2018

    Third Quarter 2018 Standard Setter Update
    Our Second Quarter 2018 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 July and 30 September 2018.

    26 July 2018

    Second Quarter 2018 Standard Setter Update
    Our Second Quarter 2018 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 April and 30 June 2018.

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    Technical Line

    17 January 2019

    Technical Line - How the new leases standard affects real estate entities
    Our Technical Line highlights key implications of the new leases standard for entities in the real estate industry. This publication supplements our Financial reporting developments publication, Lease accounting: Accounting Standards Codification 842, Leases, and should be read in conjunction with it.

    3 January 2019

    Technical Line - How the new leases standard affects automotive entities
    Our Technical Line highlights key implications of the new leases standard for automotive entities. This publication supplements our Financial reporting developments publication, Lease accounting: Accounting Standards Codification 842, Leases, and should be read in conjunction with it.

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    To the Point

    16 January 2019

    To the Point - IRS says Section 53 AMT refunds are not subject to sequestration
    The Internal Revenue Service (IRS) said alternative minimum tax refundable credits claimed by companies under Section 53(e) of the Internal Revenue Code will not be subject to sequestration for taxable years beginning after 31 December 2017. The statement reverses an earlier IRS announcement that these AMT refunds would be subject to reductions in federal spending known as sequestration. Companies that previously recorded a valuation allowance or a reserve against the related deferred tax assets or receivables in anticipation of sequestration should reverse these allowances or reserves.

    10 January 2019

    To the Point - PCAOB adopts new standard on estimates and amends standards on using the work of specialists
    The PCAOB adopted a new standard that expands requirements for auditing accounting estimates, including fair value measurements. The PCAOB also amended its standards to strengthen the requirements for evaluating the work of a company’s specialist and applying a risk-based approach to supervising specialists employed or engaged by the auditor and evaluating their work. The standards are subject to SEC approval and would be effective for audits of financial statements for periods ending on or after 15 December 2020.

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    US GAAP vs. IFRS: The Basics

    23 February 2018

    US GAAP versus IFRS: The basics - February 2018
    Our US GAAP versus IFRS – The basics publication, which was developed to help entities that are converting from US GAAP to IFRS or that are evaluating the effects of IFRS adoption, has been updated. This release generally reflects guidance effective in 2017 and guidance finalized by the FASB and the IASB as of 31 May 2017. It also discusses current standard-setting activities at the FASB and the IASB and has been updated for the following significant new standards and related consequential amendments: ASC 606, Revenue from Contracts with Customers (created by ASU 2014-09), IFRS 15, Revenue from Contracts with Customers, ASC 842, Leases, (created by ASU 2016-02), IFRS 16, Leases, ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and IFRS 9, Financial Instruments. Differences before the adoption of ASC 606, IFRS 15, ASU 2016-01 and IFRS 9 have not been included. Please refer to the October 2016 edition of the publication for these differences.

    23 February 2018

    US GAAP/IFRS accounting differences identifier tool - February 2018
    Our US GAAP/IFRS accounting differences identifier tool, which was developed to help entities that are converting from US GAAP to IFRS or that are evaluating the effects of IFRS adoption, has been updated. This release generally reflects guidance effective in 2017 and guidance finalized by the FASB and the IASB as of 31 May 2017. It also discusses current standard-setting activities at the FASB and the IASB and reflects the following significant new standards and related consequential amendments: ASC 606, Revenue from Contracts with Customers (created by ASU 2014-09), IFRS 15, Revenue from Contracts with Customers, ASC 842, Leases, (created by ASU 2016-02), IFRS 16, Leases, ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and IFRS 9, Financial Instruments. Differences before the adoption of ASC 606, IFRS 15, ASU 2016-01 and IFRS 9 have not been included. Please refer to the October 2016 edition of the tool for these differences.

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    US Week in Review

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    More Publications

    19 December 2018

    Quarterly tax developments - December 2018
    Our December 2018 edition has been updated to include certain enacted tax law changes from 17 December 2018 through 31 December 2018, as well as an update on the status of the pending change in Argentina’s currency to hyperinflationary status for US tax purposes.

    13 December 2018

    Technical Line - 2018 year-end accounting and disclosure reminders
    Entities may need to consider the accounting and financial reporting implications of recent economic events and conditions, including decisions they may make about their own business and/or investment strategies in reaction to or in anticipation of those events. Our Technical Line addresses many of the financial accounting and reporting considerations entities may need to consider in preparing their annual (or interim) financial statements and reports. It also discusses internal control over financial reporting (ICFR) and disclosure considerations, including considerations for filings with the Securities and Exchange Commission (SEC).

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