Heads Up

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.

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SEC proposes rule on "clawback" policies

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Learn about the SEC's proposed rule on executive compensation.

August 5, 2015

This issue discusses SEC Proposed Rule Release No. 33-9861, Listing Standards for Recovery of Erroneously Awarded Compensation, which is aimed at ensuring that executives do not receive “excess compensation” if the financial results on which previous awards of compensation were based are subsequently restated because of material noncompliance with financial reporting requirements. The newsletter highlights key provisions of the proposed rule and their potential accounting and tax consequences to help companies better understand the proposal and determine how (or whether) to comment on it.

FASB issues ASU on simplifying the measurement of inventory

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Learn about the FASB's ASU on the measurement of inventory.

July 24, 2015

This issue discusses the FASB’s recently issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures).

SEC and PCAOB take steps toward enhancing audit committee and auditor disclosures

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Learn about the SEC's and PCAOB's releases on audit committee and auditor disclosures.

July 15, 2015

This issue discusses the following releases recently issued by the SEC and PCAOB: (1) SEC Release No. 33-9862, Possible Revisions to Audit Committee Disclosures; (2) PCAOB Release No. 2015-004, Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form; and (3) PCAOB Release No. 2015-005, Concept Release on Audit Quality Indicators — Notice of Roundtable. These three releases contemplate expanding disclosures about an audit and how the audit committee oversees the auditor.

FASB confirms decision to defer effective date of new revenue standard by one year

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Learn about the FASB's deferral of its revenue standard.

July 10, 2015

This issue discusses the FASB’s recent decision to reaffirm the guidance in its April 2015 proposed Accounting Standards Update (ASU), Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date, which defers for one year the effective date of the new revenue standard (ASU 2014-09) for both public and nonpublic entities reporting under U.S. GAAP and allows early adoption as of the original effective date. The FASB’s final decision comes after a month-long comment period that closed on May 29, 2015. Comment-letter respondents unanimously supported the deferral of the effective date by at least one year, stating that the additional time would allow for more successful implementation of the requirements as entities work through issues associated with IT solutions and adoption of new processes and controls.

A summary of the June 18 meeting of the PCAOB's Standing Advisory Group

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Learn about the recent PCAOB SAG meeting.

July 1, 2015

This issue summarizes the June 18 meeting of the PCAOB’s Standing Advisory Group (SAG). At the meeting, the PCAOB provided an update on recent developments, including an overview of its current and future standard-setting activities. In addition, the PCAOB and SAG discussed (1) the use of the work of specialists and (2) the status of the PCAOB staff’s project on auditing accounting estimates and fair value measurements.

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Robert Uhl

Partner | Deloitte & Touche LLP


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