Latest accounting and regulatory developments
Periodic newsletters that analyze important accounting developments, such as new FASB and IASB pronouncements or exposure drafts. Concise examples and answers to frequently asked questions assist readers in understanding and implementing the critical guidance.
FASB proposes to change the effective date and transition guidance in certain private-company ASUs
October 6, 2015
This issue discusses the FASB’s recently issued proposed Accounting Standards Update, "Effective Date and Transition Guidance — a proposal of the Private Company Council (PCC)." The proposal would give private companies a one-time unconditional option to forgo a preferability assessment the first time they elect a PCC accounting alternative within the proposal’s scope. It would also eliminate the effective dates of PCC accounting alternatives that are within the proposal’s scope as well as extend the transition guidance in FASB Accounting Standards Update Nos. 2014-02 and 2014-03.
SEC seeks input on Regulation S-X and required financial information about certain entities other than the registrant
October 6, 2015
This issue discusses the SEC’s recently issued release, "Request for Comment on the Effectiveness of Financial Disclosures About Entities Other Than the Registrant." The publication is the first request for comment associated with the Commission’s disclosure effectiveness initiative, a broad-based staff review of the disclosure requirements in the SEC’s rules as well as the presentation and delivery of those disclosures. Entities other than the registrant whose financial information may need to be disclosed may include acquired businesses, equity method investees, guarantors and issuers of guaranteed securities, and affiliates whose securities collateralize registered securities. The request for comment includes 58 questions about the disclosure requirements. Comments are due by November 30, 2015.
FASB issues proposed revenue ASU to make narrow-scope amendments and provide practical expedients
October 2, 2015
This issue discusses the FASB’s recently issued proposed Accounting Standards Update (ASU), "Revenue From Contracts With Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," which would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, "Revenue From Contracts With Customers." The proposed amendments include those related to (1) collectibility, (2) presentation of sales tax and other similar taxes collected from customers, (3) noncash consideration, (4) contract modifications and completed contracts at transition, and (5) a transition technical correction. The proposal’s effective date and transition provisions would be aligned with the requirements of ASU 2014-09. Comments on the proposed ASU are due by November 16, 2015.
FASB simplifies the accounting for measurement-period adjustments
September 30, 2015
This issue discusses FASB ASU, "Simplifying the Accounting for Measurement-Period Adjustments," which the Board recently issued in response to stakeholder feedback that restating prior periods to reflect adjustments made to provisional amounts recognized in a business combination adds cost and complexity to financial reporting but does not significantly improve the usefulness of the information provided to users. Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.
SEC issues final rule on pay ratio disclosure
September 10, 2015
This issue discusses the SEC’s recently issued final rule, "Pay Ratio Disclosure." Under the final rule, a registrant must annually disclose (1) the median of the annual total compensation of all its employees (excluding the individual that the SEC describes as the principal executive officer), (2) the annual total compensation of its CEO, and (3) the ratio of the median of the annual total compensation of all its employees to the annual total compensation of its CEO. Registrants must adopt the final rule for their first fiscal year beginning on or after January 1, 2017.
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