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  • FASB meeting (blue) Image
  • Highlights from the FASB’s July 24 meeting

    Jul 28, 2015

    At its July 24, 2015, meeting, the FASB discussed its projects on (1) long-duration insurance contracts, (2) financial performance reporting, and (3) disclosures by entities about government assistance.

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  • Global financial reporting implications related to regions experiencing economic struggles

    Jul 24, 2015

    Economic conditions, particularly in Europe and Puerto Rico, continue to be volatile. A vote by Greece’s parliament on July 15 to accept new austerity measures, as well as other recent actions by eurozone leaders, may have allayed some fears and reduced the risk that Greece will exit from the eurozone (i.e., discontinue using the euro as the country’s currency). However, the situation remains uncertain for the time being. Outside the eurozone, Puerto Rico, a commonwealth of the United States, is also suffering from a combination of a large debt burden, weak economic growth, and population declines.

  • FASB document (blue) Image
  • FASB issues ASU to simplify the measurement of inventory

    Jul 23, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-11, “Simplifying the Measurement of Inventory,” as part of its simplification initiative. Under the ASU, inventory is measured at the “lower of cost and net realizable value,” which would eliminate the other two options that currently exist for “market”: (1) replacement cost and (2) net realizable value less an approximately normal profit margin.

  • IASB (International Accounting Standards Board) (blue) Image
  • IASB votes to defer the effective date of IFRS 15

    Jul 22, 2015

    At today’s meeting, the IASB affirmed its proposal to defer the effective date of IFRS 15, “Revenue From Contracts With Customers,” to January 1, 2018. Earlier application of IFRS 15 would continue to be permitted.

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  • Summary of the July 2015 PCC meeting

    Jul 22, 2015

    At its meeting yesterday, the Private Company Council (PCC) discussed the effective dates of PCC alternatives; feedback from its July 14, 2015, town hall meeting on leases and simplifying the balance sheet classification of debt; the EITF’s project on cash flow statements; and the FASB’s project on business entities’ disclosures about government assistance.

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  • Highlights from the FASB’s July 9 meeting

    Jul 10, 2015

    At its July 9, 2015, meeting, the FASB (1) discussed its projects on the disclosure framework, the definition of a business, and revenue recognition and (2) ratified several EITF consensuses and consensuses-for-exposure:

  • FASB (US Financial Accounting Standards Board) (lt blue) Image
  • FASB votes to defer the effective date of new revenue standard

    Jul 09, 2015

    At its meeting today, the FASB affirmed its proposal to defer for one year the effective date of its new revenue standard (Accounting Standards Update (ASU) No. 2014-09, "Revenue From Contracts With Customers") for public and nonpublic entities reporting under U.S. GAAP. In addition, the FASB affirmed that all entities would be permitted to early adopt the standard as of the original effective date in ASU 2014-09 (i.e., annual reporting periods beginning after December 15, 2016).

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  • FASB discusses business entities’ disclosures about government assistance Image
  • Journal entry — FASB discusses business entities’ disclosures about government assistance

    published Jul 28, 2015

    At its meeting on July 24, 2015, the FASB continued deliberating its project on entities’ disclosures about government assistance. The Board discussed many aspects of the project and reaffirmed and clarified a number of decisions reached at its December 2014 meeting. The FASB also directed its staff to draft a proposed Accounting Standards Update (ASU) with a 90-day comment period. The staff indicated that it expects the proposed ASU to be ready late in the third quarter or early in the fourth quarter of this year.

  • Heads Up — FASB issues ASU on simplifying the measurement of inventory Image
  • Heads Up — FASB issues ASU on simplifying the measurement of inventory

    published Jul 24, 2015

    This Heads Up discusses the FASB's recently issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures).

  • Audit Committee Brief — July 2015  Image
  • Audit Committee Brief — July 2015

    published Jul 22, 2015

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

  • TRG Snapshot — Joint meeting on revenue: July 2015  Image
  • TRG Snapshot — Joint meeting on revenue: July 2015

    published Jul 16, 2015

    This TRG Snapshot summarizes the July 13, 2015, meeting of the joint FASB and IASB transition resource group (TRG) on revenue recognition, which was formed to discuss and analyze potential issues that preparers may face when implementing the boards’ new revenue standard.

  • Heads Up — SEC and PCAOB take steps toward enhancing audit committee and auditor disclosures Image
  • Heads Up — SEC and PCAOB take steps toward enhancing audit committee and auditor disclosures

    published Jul 15, 2015

    This Heads Up discusses the following releases recently issued by the SEC and PCAOB: (1) SEC Release No. 33-9862, "Possible Revisions to Audit Committee Disclosures;" (2) PCAOB Release No. 2015-004, "Supplemental Request for Comment: Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form;" and (3) PCAOB Release No. 2015-005, "Concept Release on Audit Quality Indicators — Notice of Roundtable." These three releases contemplate expanding disclosures about an audit and how the audit committee oversees the auditor.

  • Audit Committee Brief — Special edition: SEC issues concept release concerning audit committee reporting requirements (July 2015) Image
  • Audit Committee Brief — Special edition: July 2015

    published Jul 15, 2015

    Following an increased focus on audit committee disclosure, the SEC issued a concept release on July 1, 2015, titled Possible Revisions to Audit Committee Reporting. The concept release seeks comment on the audit committee’s responsibility for overseeing the independent auditor, among other related topics. This special edition of the Audit Committee Brief discusses the SEC’s concept release and the specific requests for comment.

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