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  • GASB issues two preliminary views

    Nov 21, 2014

    The GASB has issued for public comment preliminary views documents on (1) leases and (2) fiduciary responsibilities. The Board is issuing the documents to obtain feedback from stakeholders before drafting more detailed proposals.

  • FAF appoints new FASAC members

    Nov 21, 2014

    The FAF board of trustees has appointed seven new members to the Financial Accounting Standards Advisory Council.

  • FAF launches GAAP education portal

    Nov 19, 2014

    The FAF has launched a new educational portal to highlight the benefits of GAAP for public, private, not-for-profit, and state and local governmental entities in the United States.

  • FASB issues ASU and SEC rescinds SAB Topic on pushdown accounting

    Nov 18, 2014

    Today, the FASB issued ASU 2014-17, which gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The guidance is effective immediately. ASU 2014-17 codifies the final consensus reached by the EITF on Issue 12-F at its September 2014 meeting.

  • New issue of “GASB Outlook” published

    Nov 12, 2014

    The GASB has published the latest issue of its quarterly e-newsletter, "GASB Outlook," which provides high-level information about the GASB’s projects and key activities.

  • Highlights from the FASB’s November 5 meeting

    Nov 07, 2014

    At its November 5, 2014, meeting, the FASB (1) endorsed the PCC consensus on identifiable intangible assets, (2) updated its technical agenda, and (3) discussed its project on goodwill for public business entities and not-for-profit entities.

  • FASB issues guidance on hybrid financial instruments

    Nov 04, 2014

    The FASB has issued Accounting Standards Update (ASU) No. 2014-16, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity,” in response to the EITF’s final consensus on Issue 13-G. The ASU requires an entity to “determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of the relevant facts and circumstances” (commonly referred to as the whole-instrument approach).

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  • SEC comment letter examples — Income taxes (November 2014)

    published Nov 26, 2014

    This edition of SEC Comment Letter Examples — Income Taxes contains extracts of SEC staff comments on topics including a registrant’s assessment of the realizability of deferred tax assets (DTAs), undistributed earnings of foreign subsidiaries, foreign tax rate, uncertain tax positions, and disclosures.

  • Real estate — Accounting and financial reporting update (2014)

    published Nov 24, 2014

    The 2014 update highlights the year's accounting and reporting developments that apply to real estate entities. Topics discussed include (1) the issuance of new guidance on the recognition of revenue from contracts with customers and discontinued operations; (2) the continued work of the FASB on accounting for leases, consolidation, and financial instruments; and (3) the SEC’s continued focus on rulemaking, particularly in connection with its efforts to complete mandated actions under the Dodd-Frank Act.

  • Journal entry — Pushdown accounting — FASB issues ASU; SEC rescinds SAB topic

    published Nov 18, 2014

    Today, the FASB issued ASU 2014-17, which gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The guidance is effective immediately. ASU 2014-17 codifies the final consensus reached by the EITF on Issue 12-F at its September 2014 meeting.

  • Investment management — Accounting and financial reporting update (2014)

    published Nov 18, 2014

    The 2014 update highlights the year's accounting and reporting developments that apply to investment management entities. Topics discussed include (1) the issuance of new guidance on the recognition of revenue from contracts with customers; (2) the continued work of the FASB on accounting for financial instruments, consolidation, and leases; and (3) the SEC's continued focus on rulemaking, particularly in connection with its efforts to complete mandated actions under the Dodd-Frank Act.

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