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  • IASB finalizes amendments related to the application of the investment entities exception

    Dec 18, 2014

    The IASB has published "Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)." The amendments address issues that have arisen in the context of applying the consolidation exception for investment entities. They are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted.

  • IASB finalizes amendments to IAS 1 as part of its disclosure initiative

    Dec 18, 2014

    The IASB has published Disclosure Initiative (Amendments to IAS 1). The amendments are intended to clarify IAS 1 to address perceived impediments to the exercise of judgment by preparers in presenting their financial reports. They are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted.

  • SASB issues provisional services standards

    Dec 17, 2014

    The SASB has issued provisional standards for the services sector. The standards are the sixth 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.

  • SEC updates EDGAR filer manual and technical specifications

    Dec 16, 2014

    The SEC has updated its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) System Filer Manual (Volumes I and II) and has issued Version 14 of the EDGARLink Online XML Technical Specification and Version 5.5.0 of the EDGAR TA-2 Technical Specification.

  • Summary of the December 2014 PCC meeting

    Dec 12, 2014

    At its meeting this week, the Private Company Council (PCC) principally discussed (1) the definition of a public business entity (PBE), (2) partnership accounting, (3) share-based compensation, (4) and select FASB projects.

  • Speeches available from the annual AICPA conference on current developments

    Dec 09, 2014

    The 2014 AICPA Conference on Current SEC and PCAOB Developments is being held in Washington, D.C., from December 8–10. The conference features speeches by — as well as panel discussions and question-and-answer sessions with — members of the SEC, PCAOB, FASB, IASB, and professionals from various industries.

  • FASB and FAF comment on voluntary disclosure of IFRS information

    Dec 09, 2014

    The FASB and its parent body, the Financial Accounting Foundation (FAF), have issued a statement indicating that the organizations believe that “voluntarily providing IFRS information on a supplemental basis, subject to audit, SEC review, and other regulatory scrutiny, could be an important tool in fostering further convergence of [GAAP] and IFRS.”

  • SEC to explore permitting voluntary supplementary use of IFRSs

    Dec 08, 2014

    At this year’s AICPA Conference on Current SEC and PCAOB Developments, SEC Chief Accountant James Schnurr spoke about a plan to consider whether U.S. companies should be permitted to voluntarily provide IFRS-prepared financial statements as a supplement to their U.S. GAAP financial statements. He noted that in the coming months, he hopes “to commence discussions with the Chair and the Commissioners about the different alternatives for potential further incorporation of IFRS and the related issues/concerns of each alternative with the objective of reaching a recommendation on what, if any, further incorporation or use of IFRS by US registrants would be permitted or required.”

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  • Journal entry — Simplifying the subsequent measurement of inventory — FASB discusses comment-letter feedback

    published Dec 17, 2014

    At its meeting today, the FASB discussed comments it received on its proposed Accounting Standards Update, Simplifying the Measurement of Inventory. The discussion focused on entities’ challenges in applying the proposal’s lower-of-cost-and-net-realizable-value measurement concept related to their use of (1) the last-in, first-out (LIFO) inventory measurement method with a lower-of-cost-or-market reserve and (2) the retail inventory method (RIM).

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