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  • SEC commissioner discusses global accounting standards

    Mar 27, 2015

    SEC Commissioner Kara Stein gave her opinion on the future of IFRSs in the United States during a speech at the Brooklyn Law School in New York City. Ms. Stein discussed international cooperation in the wake of the global financial crisis and called for worldwide collaboration on data aggregation and disclosure. She then discussed IFRS adoption in the United States, noting:

  • SASB issues provisional standards for resource transformation industries

    Mar 25, 2015

    The SASB has issued provisional standards for the resource transformation industries. The standards are the seventh set in a planned series of industry-related SASB standards on accounting for environmental, social, and governance issues that could be material to a corporation’s performance. The standards focus on material sustainability matters that corporations are already required to disclose in their Form 10-K or 20-F filings with the SEC.

  • EITF discusses five issues at March meeting

    Mar 20, 2015

    At its meeting yesterday, the EITF discussed issues related to (1) the calculation of historical earnings per unit for dropdown master limited partnership transactions, (2) disclosures about investments in certain entities that calculate net asset value per share, (3) application of the normal purchases and normal sales scope exception to certain electricity contracts, (4) the recognition of breakage for prepaid stored-value cards, and (5) employee benefit plan simplifications.

  • Highlights from the FASB’s March 18 meeting

    Mar 20, 2015

    At its March 18, 2015, meeting, the FASB discussed its conceptual framework project and reviewed potential projects that may be added to its technical agenda. In addition, the FASB (jointly with the IASB) continued to discuss issues related to implementing the revenue standard.

  • IASB issues document on forthcoming leases standard

    Mar 16, 2015

    The IASB has published a document that provides an overview of (1) the likely practical effects of the new standard on leases and (2) the similarities and differences between the IASB’s and FASB’s requirements.

  • Highlights from the FASB’s March 4 meeting

    Mar 06, 2015

    At its March 4, 2015, meeting, the FASB discussed its projects on (1) fair value measurement disclosures and (2) financial statements of not-for-profit entities.

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  • Journal entry — SEC adopts final rules amending Regulation A

    published Mar 27, 2015

    This week, the SEC adopted final rules that amend and expand Regulation A, which exempts certain offerings from registration under the Securities Act of 1933. The rules implement a mandate in Section 401 of the Jumpstart Our Business Startups (JOBS) Act to ease smaller companies’ access to capital.

  • EITF Snapshot — March 2015

    published Mar 20, 2015

    This issue summarizes the topics discussed and conclusions reached at the March 19, 2015, meeting of the Emerging Issues Task Force.

  • Heads Up — FASB continues to clarify the new revenue standard

    published Mar 20, 2015

    This Heads Up summarizes the tentative decisions made by the FASB and IASB at their joint meeting on March 18, 2015, to discuss implementation of the new revenue standard. The decisions were about practical expedients upon transition, sales tax presentation, noncash consideration, and collectibility.

  • Heads Up — FASB finalizing credit impairment guidance

    published Mar 13, 2015

    This Heads Up provides a comprehensive summary of the FASB’s current expected credit loss (CECL) model and other proposed changes to existing credit impairment guidance, which are reflected in the Board’s proposed Accounting Standards Update, "Financial Instruments — Credit Losses," and subsequent tentative decisions to date. Under the CECL model, an entity would recognize as an allowance its estimate of the contractual cash flows not expected to be collected.

  • Journal entry — SEC discusses effects of declines in oil and gas prices

    published Mar 11, 2015

    At the Practising Law Institute’s two-day “SEC Speaks in 2015” Conference in late February, the SEC staff reminded registrants of the need to consider the effects of the decline in oil and gas (O&G) prices on their results of operations, liquidity, and financial condition.

  • Journal entry — SEC’s EDGAR system now supports the 2015 U.S. GAAP financial reporting XBRL taxonomy

    published Mar 10, 2015

    Yesterday, the SEC staff announced an upgrade to its EDGAR system to support the 2015 U.S. GAAP financial reporting XBRL taxonomy. As noted on the SEC’s Web site, the SEC staff “strongly encourages companies to use the most recent version of the US GAAP taxonomy release for their Interactive Data submissions to take advantage of the most up to date tags related to new accounting standards and other improvements.” The staff noted that filers can transition to the 2015 taxonomy for reporting periods ending after March 9, 2015 (but not earlier). Further, the staff indicated that it expects to remove the 2013 U.S. GAAP financial reporting taxonomy from the EDGAR system no earlier than June 2015; after removal, the EDGAR system will not accept interactive data files based on the 2013 U.S. GAAP taxonomy.

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