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 Preparing to Issue “New” Classification and Measurement Guidance

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Learn about the “New” Classification and Measurement Guidance

February 2, 2015

This issue provides a comprehensive summary of the FASB’s changes to its existing classification and measurement model for financial instruments. It also briefly outlines the Board’s other related financial instruments projects on credit impairment and hedging as well as its new project on disclosures about hybrid financial instruments that contain bifurcated embedded derivatives. In addition, the appendix to this Heads Up compares the classification and measurement models under current U.S. GAAP, the FASB’s tentative approach, and IFRS 9.

FASB Issues Exposure Draft on Simplified Accounting for Income Taxes

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Learn about simplified accounting for income taxes.

January 30, 2015

This issue discusses the FASB’s recently issued exposure draft of its proposed Accounting Standards Updates (ASUs) Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. Under the proposed guidance, (1) entities would no longer defer the income tax consequences of intra-entity asset transfers until the assets are ultimately sold to an outside party and (2) all deferred taxes would be classified as noncurrent assets or noncurrent liabilities. Comments on the proposed ASUs are due by May 29, 2015.

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.

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