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  • SEC (US Securities and Exchange Commission) (dark gray) Image
  • SEC seeks comments on PCAOB rules on audit transparency

    Feb 10, 2016

    The SEC has issued a notice to solicit public comments on the PCAOB’s proposed rules that would require audit firms to disclose the name of the engagement partner and information about certain other audit participants on a new Form AP, “Auditor Reporting of Certain Audit Participants.”

  • GASB document (blue) Image
  • GASB proposes guidance on lease contracts

    Feb 09, 2016

    The GASB has issued an exposure draft (ED), “Leases,” that would “establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset.”

  • IASB document (dk green) Image
  • IASB publishes amendments to IAS 7

    Jan 29, 2016

    The IASB has published amendments to IAS 7, “Statement of Cash Flows,” as part of its disclosure initiative (i.e., projects to improve the effectiveness of financial reporting disclosures). The objective of the amendments is to clarify IAS 7 to improve information provided to financial statement users about an entity’s financing activities.

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  • Heads Up — FASB proposes guidance on cash flow classification Image
  • Heads Up — FASB proposes guidance on cash flow classification

    published Feb 04, 2016

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) Classification of Certain Cash Receipts and Cash Payments, which would amend ASC 230 to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. While ASC 230 provides some guidance on certain cash payments and receipts that are classified as operating, investing, or financing activities, it lacks consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows. The proposed ASU results from consensuses reached by the FASB’s Emerging Issues Task Force on eight issues related to cash flows.

  • Oil & Gas — Accounting, Financial Reporting, and Tax Update (January 2016) Image
  • Oil & Gas — Accounting, Financial Reporting, and Tax Update (January 2016)

    published Feb 03, 2016

    This third annual publication discusses accounting, tax, and regulatory matters that O&G entities will need to consider, including updates to SEC, FASB, and tax guidance with a specialized focus on industry accounting topics affecting O&G companies. New in this year’s publication is a focused discussion on accounting and reporting considerations related to the new leases standard expected to be issued in early February 2016.

  • Accounting Roundup — January 2016 Image
  • Accounting Roundup — January 2016

    published Feb 02, 2016

    This issue features articles on (1) the FASB’s release of (a) a final ASU on classification and measurement of financial instruments, (b) a proposed ASU on certain cash flow classification issues, and (c) two proposals related to employee benefit plans, (2) the IASB’s publication of (a) its new leasing standard, IFRS 16; (b) amendments to the guidance on income taxes in IAS 12; and (c) amendments to the guidance on cash flow disclosures in IAS 7, (3) adoption and transition observations related to the FASB’s and IASB’s new revenue standard, and (4) the SEC’s release of guidance related to the FAST Act.

  • Journal entry — New revenue standard — SEC staff remarks about transition resource group activities Image
  • Journal entry — New revenue standard — SEC staff remarks about transition resource group activities

    published Feb 02, 2016

    Last week, Wesley R. Bricker, deputy chief accountant in the SEC’s Office of the Chief Accountant (OCA) spoke at the 43rd Annual Securities Regulation Institute (sponsored by the Northwestern Pritzker School of Law) about the implementation of the new revenue standard. His remarks followed a recent announcement that the IASB has completed its decision-making process related to clarifying the new revenue standard and that the IASB does not plan to schedule any more TRG meetings for IFRS constituents.

  • Heads Up — FASB proposes guidance on presentation of net periodic benefit cost and disclosures related to defined benefit plans Image
  • Heads Up — FASB proposes guidance on presentation of net periodic benefit cost and disclosures related to defined benefit plans

    published Jan 28, 2016

    This Heads Up discusses two proposed Accounting Standards Updates (ASUs) recently issued by the FASB: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost and Changes to the Disclosure Requirements for Defined Benefit Plans. The proposed ASUs would amend the requirements in ASC 715 related to (1) the income statement presentation of the components of net periodic benefit cost for the defined benefit pension and other postretirement plans an entity sponsors and (2) disclosures about those defined benefit plans. Comments on both proposed ASUs are due by April 25, 2016.

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