Perspectives

Accounting Roundup

Monthly newsletter that briefly describes key regulatory and professional developments that occurred in the field of accounting.

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January 2015

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Featuring articles on:

  • The FASB’s issuance of (1) two final ASUs that simplify private-company accounting for intangible assets in business combinations (ASU 2014-18) and eliminate the concept of extraordinary items from U.S. GAAP (ASU 2015-01) and (2) two proposed ASUs on the tax consequences of intra-entity asset transfers and balance sheet classification of deferred taxes.
  • The January 26, 2015, meeting of the FASB’s and IASB’s joint revenue transition resource group.
  • The PCAOB’s recent update to its standard-setting agenda.
     

Year in review – 2014

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The year-end edition summarizes key financial reporting developments throughout 2014, including the issuance of the joint FASB/IASB standard on revenue recognition, a new IFRS standard on financial instruments, and the progress made on the FASB’s simplification project.

November 2014

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Featuring articles on:

  • The FASB’s release of ASU 2014-17, which provides guidance on applying pushdown accounting.
  • The addition of three items to the EITF’s agenda: (1) application of the normal purchases and normal sales scope exception from derivative accounting for certain electricity contracts for physical delivery; (2) whether and, if so, when an entity should derecognize certain prepaid card liabilities before redemption; and (3) certain disclosure and measurement requirements for employee benefit plans.
  • The FASB and IASB joint revenue transition resource group’s discussion of five topics at its October 31, 2014, meeting.

October 2014

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Featuring articles on:

  • The FASB's (1) new ASU on hybrid financial instruments and (2) proposed ASUs on simplifying the presentation of debt issuance costs, effects on historical earnings per unit of master limited partnership dropdown transactions, disclosures for investments in certain entities that calculate net asset value per share (or equivalent), and a practical expedient for the measurement date of retirement benefits.
  • The FASB's announcement of an outreach plan to assess the effective date of the new revenue recognition guidance.
  • The SEC's and other federal agencies' adoption of a final rule on credit risk retention for securitizers of certain asset-backed securities.

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Robert Uhl

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