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  • SEC proposes new rules for investment companies and investment advisers

    May 22, 2015

    The SEC issued two proposed rules that would “modernize and enhance” the reporting and disclosure requirements for investment companies and investment advisers. The purpose of the proposals is to improve the “quality of information available to investors” and facilitate the Commission’s collection and use of data that such companies and advisers provide.

  • FASB issues ASU on short-duration insurance contract disclosures

    May 22, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-09, “Disclosures About Short-Duration Contracts,” which amends ASC 944 to expand the disclosures that an insurance entity must provide about its short-duration insurance contracts.

  • FAF trustees reappoint FASB members

    May 21, 2015

    The FAF board of trustees has reappointed FASB members Daryl E. Buck and R. Harold Schroeder for a second term that begins on July 1, 2015, and ends on June 30, 2021.

  • IASB amends IFRS for SMEs

    May 21, 2015

    The IASB has published amendments to its “International Financial Reporting Standard for Small and Medium-sized Entities” (the "IFRS for SMEs"). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. Although the changes affect 21 of the standard’s 35 sections (not counting consequential amendments) as well as the glossary, they are generally minor. The amendments are effective for annual periods beginning on or after January 1, 2017, with earlier application permitted.

  • FAF concludes post-implementation review of Statement 160

    May 21, 2015

    The FAF has issued its post-implementation review (PIR) report on FASB Statement No. 160, “Noncontrolling Interests in Consolidated Financial Statements.” Statement 160, which was issued in 2007, was subsequently codified in FASB Accounting Standards Codification Topic 810, “Consolidation.”

  • FAF issues 2014 annual report

    May 18, 2015

    The FAF has released its 2014 annual report, which focuses on the FAF/FASB/GASB strategic plan (published in April 2014) and how the organizations can “build a better GAAP.”

  • New SEC deputy chief accountant appointed

    May 14, 2015

    The SEC has announced that it has named Wesley R. Bricker as deputy chief accountant to replace Dan Murdock, who will be leaving the Commission at the end of May. Mr. Murdock worked as an industry professional practice director at Deloitte & Touche LLP before his appointment to the SEC.

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  • Audit Committee Brief — May 2015

    published May 15, 2015

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • Journal entry — Simplifying the subsequent measurement of inventory — FASB tentatively decides to issue ASU

    published May 14, 2015

    At its meeting yesterday, the FASB discussed the results of additional outreach and redeliberated the scope of its proposed Accounting Standards Update (ASU) Simplifying the Measurement of Inventory. The Board tentatively decided to issue final guidance that is generally consistent with the proposed ASU; however, the ASU will not apply to entities that measure inventory by using either the last-in, first-out (LIFO) inventory measurement method or the retail inventory method (RIM) given the unique challenges presented by those approaches.

  • Heads Up — FASB issues proposed revenue ASU on licensing and identifying performance obligations

    published May 13, 2015

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU), "Identifying Performance Obligations and Licensing," which would amend certain aspects of the guidance on these topics in the Board’s May 2014 revenue standard, "Revenue From Contracts With Customers" (ASU 2014-09). The amendments are being made in response to feedback received by the FASB–IASB joint revenue recognition transition resource group, which was formed to address potential issues associated with the implementation of ASU 2014-09.

  • IFRS on Point — April 2015

    published May 11, 2015

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

  • U.S. comment letter on PCC review

    published May 11, 2015

    Deloitte & Touche LLP comments on the FAF's "Three Year Review of the Private Company Council (PCC)." Issued by the FAF board of trustees in February 2015, the request for feedback solicited stakeholders’ views on (1) whether the PCC is accomplishing its objectives and (2) potential improvements to the PCC.

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