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  • FAF (US Financial Accounting Foundation) (lt blue) Image
  • FAF issues 2015 annual report

    May 19, 2016

    The Financial Accounting Foundation (FAF) has released its 2015 annual report. The report, whose theme is “Serving the Financial Statement User,” focuses on how the FAF, FASB, and GASB “serve capital markets through their specific roles in the standard-setting process.”

  • SEC (US Securities and Exchange Commission) (dark gray) Image
  • SEC staff updates C&DIs on non-GAAP measures

    May 17, 2016

    The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs) on non-GAAP measures to reflect its current views on registrants' use of such measures.

  • PCAOB document (green) Image
  • PCAOB reproposes changes to the auditor’s reporting model

    May 12, 2016

    The PCAOB has reproposed its auditor reporting standard, “The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion.” Like the original proposal, the reproposal is intended to significantly enhance the auditor’s reporting model and retain the current “pass/fail” approach while increasing the amount of other information included in auditors’ reports.

  • FASB (US Financial Accounting Standards Board) (blue) Image
  • FASB releases taxonomy style guides

    May 11, 2016

    The FASB has issued a (1) final taxonomy style guide, “Balance Type,” and (2) proposed taxonomy style guide, “Dimension Uses.”

  • FASB document (blue) Image
  • FASB clarifies revenue guidance on practical expedients

    May 10, 2016

    The FASB has issued Accounting Standards Update (ASU) No. 2016-12, “Narrow-Scope Improvements and Practical Expedients,” which amends certain aspects of the Board’s new revenue standard, ASU 2014-09, “Revenue From Contracts With Customers.”

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  • Heads Up — FASB proposes amendments to simplify the accounting for goodwill impairment Image
  • Heads Up — FASB proposes amendments to simplify the accounting for goodwill impairment

    published May 24, 2016

    This Heads Up discusses the FASB's recently issued proposed ASU, "Simplifying the Accounting for Goodwill Impairment," which would remove step 2 from the goodwill impairment test under current guidance. An entity would instead recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.

  • Sixth Global IFRS Banking Survey — No time like the present Image
  • Sixth Global IFRS Banking Survey — No time like the present

    published May 24, 2016

    Deloitte has issued its "Sixth Global IFRS Banking Survey – No time like the present." This year’s version captures the current views of 91 banks — including 16 global systemically important financial institutions — on how technical IFRS 9 impairment requirements and modelling challenges are being addressed.

  • IFRS on Point — April 2016 Image
  • IFRS on Point — April 2016

    published May 23, 2016

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

  • Journal entry — FASB proposes technical corrections and improvements to new revenue standard Image
  • Journal entry — FASB proposes technical corrections and improvements to new revenue standard

    published May 19, 2016

    Yesterday, the FASB issued a proposed ASU that would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09. The amendments are being proposed in response to feedback received from several sources, including the TRG for revenue recognition, and would clarify, rather than change, the new revenue standard’s core revenue recognition principles.

  • Audit Committee Brief — May 2016 Image
  • Audit Committee Brief — May 2016

    published May 19, 2016

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

  • Journal entry  — PCAOB reproposes changes to the auditor’s reporting model Image
  • Journal entry — PCAOB reproposes changes to the auditor’s reporting model

    published May 11, 2016

    Today, the PCAOB reproposed an auditing standard on the auditor’s reporting model. Like the original proposal, the reproposal is intended to significantly enhance the auditor’s reporting model and retain the current “pass/fail” approach while increasing the amount of other information included in auditors’ reports.

  • Heads Up — FASB makes narrow-scope amendments to revenue standard and provides practical expedients Image
  • Heads Up — FASB makes narrow-scope amendments to revenue standard and provides practical expedients

    published May 11, 2016

    This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2016-12, "Narrow-Scope Improvements and Practical Expedients," which amends certain aspects of the Board's May 2014 revenue standard (ASU 2014-09, "Revenue From Contracts With Customers"). The amendments address certain implementation issues identified by the FASB's transition resource group and clarify, rather than change, the new revenue standard's core revenue recognition principles.

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