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. Concise examples and answers to frequently asked questions assist readers in understanding and implementing the critical guidance.

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FASB proposes targeted amendments to the related-party guidance for variable interest entities

July 14, 2017

This Heads Up discusses the FASB’s proposed Accounting Standards Update (ASU), Targeted Improvements to Related Party Guidance for Variable Interest Entities. The proposed ASU’s three main objectives are (1) to add an elective private-company scope exception to the variable interest entity (VIE) guidance for entities under common control, (2) to remove a sentence in ASC 810-10-55-37D regarding the evaluation of fees paid to decision makers to conform with the amendments in ASU 2016-17 (issued in October 2016), and (3) to make additional changes to the related-party guidance in the VIE primary-beneficiary assessment, including amending the guidance in ASC 810-10-25-44 (frequently referred to as the related-party tiebreaker test).

Learn about the FASB's proposed ASU that would amend certain aspects of the related-party guidance in ASC 810.

XBRL requirements for companies reporting under IFRSs

July 12, 2017

This Heads Up discusses requirements related to the use of XBRL — eXtensible Business Reporting Language — by foreign private issuers in their financial data submitted to the SEC.

Learn about the requirements related to the use of XBRL by foreign private issuers.

SEC makes nonpublic review process for draft IPOs and initial registration statements available to all companies

July 11, 2017

This Heads Up discusses the announcement of the SEC’s Division of Corporation Finance that the SEC is extending to all companies benefits similar to those related to the confidential review of draft registration statements that are provided to emerging growth companies under the Jumpstart Our Business Startups Act.

 

Learn about the SEC’s announcement.

PCAOB adopts changes to the auditor's report

June 20, 2017

This Heads Up provides an overview of the PCAOB’s new auditing standard on the auditor’s report. While retaining the current “pass/fail” opinion of the existing auditor’s report, the new standard includes several significant modifications that are intended to increase the informational value, usefulness, and relevance of the auditor’s report. 

Learn about the PCAOB's new auditing standard on the auditor's report.

Implementing the new revenue standard — How do your disclosures stack up?

June 5, 2017

This Heads Up discusses observations from our review of SAB 74 disclosures that Fortune 1000 companies included in periodic SEC filings regarding their adoption of the FASB’s new revenue standard. 

Learn about observations from our review of disclosures from Fortune 1000 companies regarding their adoption of the FASB’s new revenue standard.

Recent newsletters

Past issues of the Heads Up newsletters are available on the US GAAP Plus site.

 
 
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