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  • Deloitte issues three new publications

    Jan 30, 2015

    Deloitte has issued (1) a new edition of "TRG Snapshot," which provides highlights of the TRG’s January 26, 2015, meeting; (2) a "Heads Up" newsletter on the FASB’s exposure draft on simplified accounting for income taxes; and (3) a new edition of "A Roadmap to Accounting for Income Taxes."

  • Highlights from the FASB’s January 28 meeting

    Jan 30, 2015

    At its January 28, 2015, meeting, the FASB discussed its projects on (1) simplifying the measurement date for plan assets, (2) simplifying the balance sheet classification of debt issuance cost, and (3) consolidation.

  • Boards continue leases discussion

    Jan 24, 2015

    At their January 21, 2015, joint meeting, the FASB and IASB discussed feedback received on the lessee disclosure requirements in their 2013 exposure draft.

  • EITF discusses two Issues at January educational meeting

    Jan 23, 2015

    At its educational meeting yesterday, the EITF discussed Issues on the following topics: (1) application of the normal purchases and normal sales (NPNS) scope exception to certain electricity contracts in nodal energy markets (Issue 15-A) and (2) simplifications to the accounting for employee benefit plans, including defined benefit plans, defined contribution plans, and welfare plans (Issue 15-C).

  • FAF appoints two new trustees

    Jan 15, 2015

    The Financial Accounting Foundation (FAF) announced that it has appointed Myra R. Drucker and John Veihmeyer to its board of trustees to replace retiring trustees Luis M. Viceira and Edward E. Nusbaum. The terms of the newly appointed trustees begin immediately and end on December 31, 2019.

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  • A roadmap to accounting for income taxes

    published Jan 30, 2015

    The second edition of "A Roadmap to Accounting for Income Taxes" has been added to Deloitte’s Roadmap series. This Roadmap includes all of Deloitte’s interpretive guidance on the accounting for income taxes, combining the income tax accounting requirements and implementation guidance from ASC 740 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format.

  • Heads Up — FASB issues exposure draft on simplified accounting for income taxes

    published Jan 30, 2015

    This Heads Up discusses the FASB’s recently issued exposure draft of its proposed Accounting Standards Updates (ASUs) Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. Under the proposed guidance, (1) entities would no longer defer the income tax consequences of intra-entity asset transfers until the assets are ultimately sold to an outside party and (2) all deferred taxes would be classified as noncurrent assets or noncurrent liabilities. Comments on the proposed ASUs are due by May 29, 2015.

  • Journal entry — Consolidation — FASB discusses timing of final ASU

    published Jan 29, 2015

    At its meeting yesterday, the FASB received an update from its staff on the status of the consolidation project, including the results of the staff’s outreach with various constituents in connection with the Board’s decisions at its December 2014 meeting. The staff indicated that on the basis of its outreach, the rights afforded shareholders (e.g., voting on the asset manager’s compensation, approving the overall investment strategy, and removing the manager) for most series fund structures under the Investment Company Act of 1940 (the “1940 Act”) are at the individual series level rather than the overall trust level. The staff indicated that this is consistent with the example to be included in the FASB’s forthcoming Accounting Standards Update (ASU), in which the holders of equity at risk in a series fund are deemed to have the ability to direct the activities that most significantly affect the series fund’s economic performance (i.e., they meet the “power” criterion). However, the staff also indicated that many funds established in foreign jurisdictions may not meet this criterion.

  • CFO Insights — Effective IR: Lessons from the trenches

    published Jan 29, 2015

    This issue discusses investor relations (IR) excellence in the following areas: working with the C-suite, addressing “value gaps” between management and analysts, communicating strategic changes, disclosing bad news, and dealing with activist shareholders.

  • Oil & Gas Spotlight — Navigating the changing oil and gas landscape

    published Jan 27, 2015

    This Oil & Gas Spotlight gives an overview of the O&G industry’s current status in light of recent activities that have affected the industry and may affect it in the future. Understanding the current landscape of the O&G industry may result in the identification of factors that an O&G company should consider in assessing and accounting for impairment of its O&G assets (under the successful-efforts method, the full-cost method, or the guidance on impairment of long-lived assets in ASC 360-10). In addition, this publication discusses approaches commonly used in the valuation of O&G assets.

  • Journal entry — Leases — FASB and IASB discuss lessee disclosure requirements

    published Jan 23, 2015

    At their joint meeting this week, the FASB and IASB continued redeliberating their revisions to the lease accounting guidance. Specifically, they discussed feedback received on, and the staffs’ analyses of, the disclosure requirements in the boards’ May 2013 exposure draft (ED), Leases, which would require lessees to provide more robust qualitative and quantitative disclosures about their leasing activities.

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