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    Board Matters Quarterly

    27 June 2018

    Board Matters Quarterly - June 2018
    This issue looks at the implications of US tax reform for compensation committees. It also includes information about Fortune 100 company board directors elected in 2017 and discusses how boards can effectively plan for geopolitical and regulatory changes.

    16 April 2018

    Board Matters Quarterly - April 2018
    This issue discusses the accounting implications of US tax reform and provides a preview of the 2018 proxy season. It also discusses how boards are overseeing strategy in the digital age and what they need to know about the SEC’s new guidance on cybersecurity.

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    Comment Letters

    18 September 2018

    Comment Letter - FASB’s proposed amendments to the new credit losses standard
    In our comment letter, we supported the FASB’s proposal to reduce transition complexity by providing entities that are not public business entities with additional time to implement the new credit losses standard. We also supported the FASB’s proposal to clarify that operating lease receivables are not in the scope of the credit losses standard and that lessors should follow the impairment guidance in ASC 842 for these receivables.

    10 September 2018

    Comment Letter - PCAOB Draft Strategic Plan for 2018-2022
    In our comment letter on the PCAOB’s Draft Strategic Plan for 2018-2022, we commend the PCAOB for seeking public input and generally support the five goals the PCAOB laid out. We also offer suggestions to enhance inspection reporting, strengthen the PCAOB’s goal relating to technological innovations and expand the stakeholders with which the PCAOB engages to include foreign regulators and international standard setters. The PCAOB is expected to publish its final Strategic Plan by the end of the year.

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    Effective Date Matrix

    15 June 2018

    Accounting pronouncements effective for the second quarter of 2018
    One new accounting pronouncement is effective for the second quarter of 2018 for calendar-year entities. All entities should carefully evaluate which accounting requirements apply to them for the first time.

    22 March 2018

    Accounting pronouncements effective for the first quarter of 2018
    Several new accounting pronouncements are effective for the first 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

    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.

    19 January 2018

    EITF Update - January 2018
    The EITF reached a consensus-for-exposure 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.

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    Financial Reporting Briefs

    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.

    14 June 2018

    Financial Reporting Briefs - Second quarter 2018
    This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the second 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

    25 July 2018

    Financial Reporting Developments - Real estate sales
    This FRD provides interpretive guidance on the accounting for real estate sales.

    12 July 2018

    Financial Reporting Developments - Fair value measurement
    Our FRD publication on fair value measurement has been updated to further clarify and enhance our interpretative guidance. Refer to Appendix E of the publication for a summary of the updates.

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    NAIC Bulletin

    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.

    12 April 2018

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

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    SEC Comments and Trends

    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.

    22 December 2016

    SEC Comments and Trends – December 2016 – Life sciences industry supplement
    This publication is intended to give you insights into the SEC staff’s areas of focus involving life sciences registrants. It should be read in conjunction with our 2016 SEC Comments and Trends publication and our Technical Line, 2016 trends in SEC comment letters publication, which both discuss matters that relate to all registrants.

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    SEC Compendium

    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.

    12 December 2016

    2016 AICPA National 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 2016 AICPA National Conference on Current SEC and PCAOB Developments in Washington, D.C.

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    SEC in Focus

    12 July 2018

    SEC in Focus - July 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 a recent open meeting of the Commission, SEC staff comment letters on ASC 606 adoption and clarifications provided by SEC officials on certain digital assets. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.

    5 April 2018

    SEC in Focus - April 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 relief companies can obtain under Rule 3-13 of Regulation S-X, the continued focus on initial coin offerings by the SEC and its staff and the SEC guidance on cybersecurity. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.

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    SEC Reporting Series

    16 August 2018

    SEC Reporting Update - New definition of a smaller reporting company will provide significant disclosure relief for many companies
    Our SEC Reporting Update describes the new thresholds for qualifying for smaller reporting company (SRC) status and the scaled disclosures SRCs can provide in SEC filings. The SEC expects nearly 1,000 more registrants to qualify for SRC status under the new definition, which is effective 10 September 2018. A registrant that qualifies as an SRC under the new definition has the option of reducing its disclosures beginning with its first periodic report due after 10 September 2018 or a registration statement or proxy statement filed or amended on or after that date. Our publication also notes that the staff of the SEC’s Division of Corporation Finance issued A Small Entity Compliance Guide on this topic.

    22 February 2018

    SEC Reporting Update - SEC issues guidance on cybersecurity
    The Commission issued interpretive guidance that goes beyond the 2011 staff guidance by addressing the importance of insider trading prohibitions and the application of disclosure controls and procedures to cybersecurity risks and incidents. The new guidance, which carries more weight because it was issued by the Commission itself, largely incorporates the staff’s previous guidance on cybersecurity disclosures. The guidance will become effective after it is published in the Federal Register. The Appendix to our publication provides relevant excerpts from the Commission’s guidance that we have organized into three broad categories: general disclosure guidance, specific disclosure guidance and corporate governance and compliance.

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    Standard Setter Update

    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.

    19 April 2018

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

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    Technical Line

    20 September 2018

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

    6 September 2018

    Technical Line - FASB issues guidance on accounting for implementation costs in cloud computing arrangements
    Our Technical Line highlights key accounting and financial reporting implications of the new standard that requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Early adoption is permitted for all entities.

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    To the Point

    29 August 2018

    To the Point - FASB changes requirements for fair value measurement disclosures
    The FASB issued final guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for all entities for fiscal years beginning after 15 December 2019, but entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements.

    29 August 2018

    To the Point - FASB makes minor changes to disclosure requirements for sponsors of defined benefit plans
    The FASB issued final guidance that changes the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The guidance eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. The guidance is effective for fiscal years ending after 15 December 2020 for public business entities and fiscal years ending after 15 December 2021 for all other entities. Early adoption is permitted.

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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

    6 August 2018

    Private Company Reporting Update - How the new revenue standard will affect private companies
    While private companies don’t have to apply the new revenue standard until next year, management needs to take steps now to understand the new accounting and disclosure requirements. Our publication discusses what private companies need to do to implement the new standard. Based on our experience, developing and executing an implementation plan will likely require more effort than private companies expect.

    27 June 2018

    Quarterly tax developments - June 2018
    Our June 2018 edition is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted tax legislation, as well as regulatory developments, legislative proposals and other items, through 20 June 2018, to consider as you prepare your income tax provision. We've also listed our tax and other publications that provide more detail on the topics we discuss.

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