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 guidance on collaborative arrangements
April 30, 2018
This issue discusses the FASB’s proposed Accounting Standards Update Collaborative Arrangements (Topic 808): Targeted Improvements, which would amend ASC 808 to address uncertainties related to the interaction of that guidance with the FASB’s new revenue standard (ASC 606).
What private companies should know about the new revenue recognition standard
April 11, 2018
This Heads Up provides a high-level overview of the new five-step model for recognizing revenue under ASC 606 and discusses the standard’s mandatory effective date for private companies. It also outlines the practical expedients available to private companies with respect to certain of the new standard’s disclosure requirements and addresses internal control considerations. In addition, the Heads Up provides some observations and lessons learned from the implementation of ASC 606 by public companies.
FASB issues proposed ASU on cloud computing arrangements
March 2, 2018
This Heads Up discusses the FASB’s proposed ASU Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — Disclosures for Implementation Costs Incurred for Internal-Use Software and Cloud Computing Arrangements, which was issued in response to the consensus-for-exposure reached by the FASB’s Emerging Issues Task Force on Issue 17-A. The proposed ASU would amend ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (CCA) that is a service contract. It would also add certain disclosure requirements related to implementation costs incurred for internal-use software and CCAs. Comments on the proposed ASU are due by April 30, 2018.
In the spirit of full cybersecurity disclosure
February 23, 2018
This Heads Up discusses the SEC’s recently issued interpretation, Commission Statement and Guidance on Public Company Cybersecurity Disclosures. The interpretation largely refreshes existing SEC staff guidance related to cybersecurity and does not establish any new disclosure obligations.
Observations from a review of public filings by early adopters of the new revenue standard
January 22, 2018
This issue provides insight into Deloitte’s review of the disclosures in the public filings of a group of companies that early adopted the FASB’s new revenue standard (ASC 606) in 2017. Entities adopting the standard beginning in 2018 may benefit from evaluating the disclosure trends we have observed as a result of this review.