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    Board Matters Quarterly

    1 April 2019

    Board Matters Quarterly - April 2019
    This issue provides a preview of the 2019 proxy season, takes a look at newly elected board members at Fortune 100 companies and highlights the SEC’s top five priorities for this year.

    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.

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    Comment Letters

    30 April 2019

    Comment Letter - FASB’s invitation to comment on measurement and other topics related to revenue contracts with customers acquired in a business combination
    In our comment letter, we recommended that the FASB consider amending ASC 805 to provide an exception to the general fair value measurement principle. Under our recommendation, an acquirer would carry over the accounting applied by the acquiree pursuant to ASC 606. We believe this approach would provide better overall alignment with the revenue accounting model in periods after a business combination, improve a financial statement users’ understanding of revenue contracts acquired in a business combination and be practical for preparers to apply.

    18 April 2019

    Comment Letter - FASB’s proposal on codification improvements to share-based payment to a customer
    In our comment letter, we supported the FASB’s proposal to require entities to measure and classify share-based payments to a customer in conjunction with selling goods or services by applying the guidance in ASC 718, Stock Compensation. We believe the proposal would reduce diversity in practice; however, we recommended that the Board provide additional clarifications to prevent additional diversity from arising.

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    Effective Date Matrix

    4 April 2019

    Accounting pronouncements effective for the first quarter of 2019
    Several new accounting pronouncements are effective for the first quarter of 2019 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.

    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.

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    EITF Update

    21 January 2019

    EITF Update - January 2019
    The EITF reached a final consensus on improvements to accounting for episodic television series.

    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.

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    Financial Reporting Briefs

    14 March 2019

    Financial Reporting Briefs - First quarter 2019
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the firt quarter of 2019. This edition brings you up to speed on the Boards' priority joint projects and several other financial reporting developments.

    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.

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    Financial Reporting Developments

    16 May 2019

    Financial Reporting Developments - Segment reporting
    Our FRD publication on segment reporting has been updated to enhance and clarify our interpretive guidance. See Appendix D of the publication for a summary of the updates.

    15 May 2019

    Financial Reporting Developments - Asset retirement obligations
    We have updated our Financial reporting developments publication on asset retirement obligations to further clarify and enhance our interpretative guidance.

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    NAIC Bulletin

    2 May 2019

    NAIC Bulletin - Spring 2019 update
    Our NAIC Bulletin contains the highlights of the Spring 2019 meeting of the National Association of Insurance Commissioners.

    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.

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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

    11 April 2019

    SEC in Focus - April 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 Brexit disclosure considerations, the final rule that simplifies certain disclosure requirements in Regulation S-K, and other recent SEC activities.

    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.

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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

    17 April 2019

    First Quarter 2019 Standard Setter Update
    Our First Quarter 2019 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 January and 31 March 2019.

    17 January 2019

    2018 Standard Setter Update
    Our 2018 Standard Setter Update highlights significant developments in financial reporting and accounting between 1 January and 31 December 2018.

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    Technical Line

    16 May 2019

    Technical Line - Navigating the requirements for merging with a special purpose acquisition company
    Being acquired by a special purpose acquisition company (SPAC) offers an alternative to an initial public offering for private companies that want to enter the public markets. Our Technical Line discusses the special accounting and financial reporting requirements for a SPAC and all companies that are considering being acquired by a SPAC.

    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.

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    To the Point

    23 May 2019

    To the Point - The EITF will address revenue recognition related to contract modifications for licenses of IP
    The EITF will address two issues related to contract modifications for licenses of IP: (1) accounting for modifications that extend a license term but are not solely a renewal of the terms and conditions of the original license and (2) accounting for the revocation of a license, including conversion of a term software license to a software-as-a-service arrangement. All entities that license IP could be affected by potential standard setting as a result of this project.

    14 May 2019

    To the Point - FASB proposes simplifying the accounting for income taxes
    The FASB proposed changes to Accounting Standards Codification (ASC) 740 as part of its initiative to reduce the cost and complexity of applying accounting standards. The proposal would eliminate certain exceptions to the general approach in ASC 740 and clarify aspects of the guidance to increase consistency in how the guidance is applied. Comments are due by 28 June 2019.

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    US GAAP vs. IFRS: The Basics

    31 January 2019

    US GAAP versus IFRS: The basics - January 2019
    Our US GAAP versus IFRS – The basics publication, which provides an overview, by accounting area, of the similarities and differences between US GAAP and IFRS, has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and has been updated for the following significant new standards and related consequential amendments: Accounting Standards Update (ASU) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, and ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool below for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool below for differences before the adoption of ASC 606 and IFRS 15.

    31 January 2019

    US GAAP/IFRS accounting differences identifier tool - January 2019
    Our US GAAP/IFRS accounting differences identifier tool, which helps entities identify some of the more common accounting differences between US GAAP and IFRS that may affect an entity’s financial statements when converting from US GAAP to IFRS (or vice versa), has been updated. This release generally reflects guidance effective in 2018 and guidance finalized by the FASB and the IASB as of 31 May 2018. It also discusses standard-setting activities at the FASB and the IASB and reflects the following significant new standards and related consequential amendments: ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, ASC 842 and IFRS 16, Leases, ASC 606 and IFRS 15, Revenue from Contracts with Customers. We have not included differences before the adoption of ASU 2017-12, ASC 842, IFRS 16, ASC 606 and IFRS 15. Please refer to the February 2018 edition of the tool for differences before the adoption of ASU 2017-12, ASC 842 and IFRS 16 and the October 2016 edition of the tool for differences before the adoption of ASC 606 and IFRS 15.

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    US Week in Review

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    More Publications

    23 May 2019

    Accounting for digitally distributed content (after adoption of ASU 2019-02) – Media and entertainment
    As traditional distribution mediums evolve, questions have arisen about how digital download and streaming service providers should account for the licensing and production of movies and television shows. The FASB recently amended the cost guidance in ASC 920-350 and ASC 926-20 for costs incurred to license content and costs incurred to produce content, respectively, in light of evolving business models in the media and entertainment industry. These changes apply to traditional producers and broadcasters, as well as entities with over-the-top streaming platforms. This publication describes considerations for entities that have adopted the guidance in ASU 2019-02. Entities that have not yet adopted ASU 2019-02 should refer to our publication, Accounting for digitally distributed content (before adoption of ASU 2019-02).

    1 May 2019

    The Private Angle - Starting the journey to implement the new leases standard
    The next significant accounting challenge for private companies will be implementing the new leases standard, which is effective for calendar year-end private companies in 2020. The first in our series of new publications aimed at private companies tells you what you need to know about implementing the new leases standard.

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