Perspectives

Heads Up

Latest accounting and regulatory developments

Periodic newsletters that analyze important accounting developments, such as new FASB and IASB pronouncements or exposure drafts.

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FASB issues ASU on extraordinary items

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Learn about updates on extraordinary items

January 12, 2015

This issue discusses the FASB’s newly issued Accounting Standards Update (ASU) No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Under the ASU, an entity will no longer (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; and (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item.

Simplifying private-company accounting for intangible assets in a business combination

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Learn about simplifying private-company accounting

December 30, 2014

This issue discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2014-18, Accounting for Identifiable Intangible Assets in a Business Combination — a consensus of the Private Company Council. The ASU provides alternative accounting for a private company that recognizes or considers the fair value of identifiable intangible assets (1) in a business combination, (2) as part of an investment accounted for under the equity method, or (3) upon the adoption of fresh-start accounting.
 

Highlights of the 2014 AICPA conference on current SEC and PCAOB developments

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Learn more about the 2014 AICPA Conference

December 15, 2014

This issue extracts key insights from the annual three-day AICPA Conference on Current SEC and PCAOB Developments. The conference features speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB, and other professional groups on current accounting, reporting, and auditing practice issues.

A summary of the November 20–21 meeting of the PCAOB’s Standing Advisory Group

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Learn about the PCAOB Standing Advisory Group’s meeting

December 5, 2014

This Heads Up reviews developments discussed at the November 20–21 meeting of the PCAOB’s Standing Advisory Group meeting, including the PCAOB’s current and future standard-setting activities, its efforts related to fraud detection, its consideration of the new revenue recognition standard, and the staff’s summary of comments received on its consultation paper.

SEC staff suggests ingredients for effective disclosures

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Learn more about steps registrants can take today

October 16, 2014

Over the past 18 months, the SEC and accounting standard setters have frequently questioned whether registrants are using the “right recipe” for effective disclosures—that is, whether their compliance with disclosure requirements and their disclosures of material and relevant information are optimally balanced.

This Heads Up discusses the SEC staff’s views and recommendations about steps registrants can take today to improve their disclosures and the appendix outlines various types of disclosures and the SEC’s suggestions for improving them.

Challenges and leading practices of implementing COSO

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Learn about issues related to the timing, challenges, and leading practices

September 5, 2014

What are the challenges in implementing the 2013 Internal Control—Integrated Framework (2013 COSO Framework) and related leading practices? This Heads Up discusses issues related to the timing, challenges and leading Internal Control over Financial Reporting practices. Also, get access to observations and perspectives on applying the 2013 Framework for operational and regulatory compliance purposes.

While the 2013 Framework’s internal control components are the same as those in the 1992 Framework, the new framework requires companies to assess whether 17 principles are present and functioning in determining if their system of internal control is effective. Further, the 17 principles are supported by points of focus, which are important considerations in a company’s evaluation of the design and operating effectiveness of controls to address the principles. Download the September 5, 2014, Heads Up on COSO implementation best practices.

 

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