Accounting Roundup

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


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Year in Review — 2018

Key developments that occurred in 2018 included the following:

  • The FASB’s release of ASUs on (1) cloud computing, (2) collaborative arrangements, (3) the related-party guidance for variable interest entities, (4) narrow-scope amendments to the guidance on credit losses, (5) disclosure effectiveness, (6) long-duration insurance contracts, and (7) contributions received and made.
  • The SEC’s continuing focus on (1) cybersecurity, including its issuance of an interpretive release and investigative report on this topic, and (2) disclosure effectiveness, including its publication of a final rule that amends certain outdated and redundant disclosure requirements and a proposed rule that would simplify and streamline financial disclosures about guarantors and issuers of guaranteed securities and affiliates whose securities collateralize a registrant’s securities.
  • The International Accounting Standards Board’s (1) revision of its conceptual framework for financial reporting and (2) publication of amendments to enhance the definition of a business and revise the definition of materiality.
Quarterly Accounting Roundup newsletter

Third Quarter in Review — 2018

Highlights of the third quarter of 2018 include the FASB’s issuance of: 

  • Accounting Standards Updates (ASUs) on (1) cloud computing, (2) Codification improvements, (3) improving disclosure effectiveness, (4) long-duration insurance contracts, and (5) targeted amendments to the leasing guidance in ASC 842.
  • Proposed ASUs on (1) credit losses and (2) targeted improvements to the lessor accounting model in ASC 842.

On the regulatory front, the SEC continued to advance its disclosure effectiveness initiative by releasing several final and proposed rules, including the following:

  • A final rule that amends certain disclosure requirements “that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, [U.S. GAAP], or changes in the information environment.”
  • A proposed rule that would amend certain disclosure requirements related to registered debt securities.
Quarterly Accounting Roundup newsletter

Second Quarter — 2018

This issue of Quarterly Accounting Roundup discusses developments that occurred in the second quarter of 2018, including:

  • The FASB’s issuance of (1) final Accounting Standards Updates (ASUs) on clarifying the guidance on contributions received and made, enhancing depository and lending guidance, and simplifying the guidance on nonemployee share-based payments and (2) a proposed ASU that would make targeted improvements to the accounting for collaborative arrangements. 
  • The SEC’s release of final rules that (1) amend the definition of “smaller reporting company,” (2) require entities to use inline XBRL when filing tagged data, and (3) revise the liquidity-related disclosure requirements for certain open-end funds. 
  • The IASB’s publication of (1) its revised “Conceptual Framework for Financial Reporting” and (2) an exposure draft that would amend the guidance on accounting policies in IAS 8.
Quarterly Accounting Roundup newsletter

First Quarter — 2018

This issue discusses developments that occurred in the first quarter of 2018, including:

  • The FASB’s and SEC’s issuance of guidance in response to the Tax Cuts and Jobs Act.
  • The FASB’s issuance of:
    • Accounting Standards Updates (ASUs) that (1) make technical corrections to its guidance on financial instruments and (2) provide a transition practical expedient for land easements under the Board’s new leasing standard, ASU 2016-02.
    • Proposed ASUs that would (1) address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and (2) expand the list of benchmark rates for hedge accounting.
  • The SEC’s release of interpretive guidance related to cybersecurity disclosures.
  • The IASB’s issuance of revisions to the guidance in IAS 19 on plan amendments, curtailments, and settlements.


Quarterly Accounting Roundup newsletter

Year in review — 2017

Key developments that occurred in 2017 included the following:

  • The FASB’s release of Accounting Standards Updates (ASUs) that (1) clarify the definition of a business, (2) amend the scope of modification accounting for share-based payment arrangements, (3) amend the guidance on presentation of net periodic benefit cost related to defined benefit plans, (4) amend the guidance on derecognition and partial sales of nonfinancial assets, (5) simplify the goodwill impairment test, and (6) make targeted improvements to the hedge accounting requirements.
  • The FASB’s issuance of two proposed ASUs related to its new leasing standard, ASU 2016-02, that would (1) amend the new standard’s transition requirements for land easements and (2) make a number of technical corrections and improvements to the standard.
  • The PCAOB’s release of a new auditor reporting standard that significantly modifies the auditor’s reporting model.
  • The SEC’s publication of a proposed rule that would make specific revisions to a limited group of items in Regulation S-K and is intended to streamline and improve disclosures.
  • The IASB’s issuance of its new insurance contracts standard, IFRS 17, which supersedes IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of these contracts.
Quarterly Accounting Roundup newsletter


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