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News

SEC (US Securities and Exchange Commission) Image

SEC announces two departures

Dec 08, 2016

The SEC has announced that Keith F. Higgins, director of the Division of Corporation Finance, and Andrew J. Ceresney, director of the Enforcement Division, will be leaving the Commission.

Mr. Higgins will be leaving in early January and will be replaced by Shelley Parratt, who is currently deputy director of the Division of Corporation Finance. Mr. Ceresney will be leaving by the end of the year and will be replaced by Stephanie Avakian, who is currently the deputy director of the Enforcement Division.

For more information, see the press releases on the Mr. Higgins and Mr. Ceresney departures on the SEC’s Web site.

GASB document Image

GASB issues guidance on certain asset retirement obligations

Dec 07, 2016

The GASB has issued Statement No. 83, “Certain Asset Retirement Obligations.”

State­ment 83 “establishes criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for AROs” and “requires that recognition occur when the liability is both incurred and reasonably estimable.”

State­ment 83 applies to all state and local gov­ern­ments and is ef­fec­tive for re­port­ing periods be­gin­ning after June 15, 2018. Early ap­pli­ca­tion is en­cour­aged.

For more in­for­ma­tion, see the press release and State­ment 83 on the GASB’s Web site.

FASB document Image

FASB proposes targeted changes to guidance on liabilities and equity

Dec 07, 2016

The FASB has issued a two-part proposed ASU, “I. Accounting for Certain Financial Instruments With Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.”

The proposed ASU’s objective is to improve (1) the accounting for instruments with “down-round” provisions and (2) the readability of ASC 480-10 by replacing the indefinite deferral of certain pending content with scope exceptions.

Com­ments on the pro­posed ASU are due by February 6, 2017. For more in­for­ma­tion, see Deloitte's related Heads Up newsletter as well as the pro­posed ASU on the FASB’s Web site.

Speech (dk gray) Image

Speeches from the annual AICPA conference are now available

Dec 07, 2016

The 2016 AICPA Conference on Current SEC and PCAOB Developments is being held in Washington, D.C., from December 5 to 7. 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.

Prepared remarks by the following speakers are now available:

SEC

  • Wesley R. Bricker, chief accountant, Office of the Chief Accountant.
  • Jonathan Wiggins, associate chief accountant, Office of the Chief Accountant.
  • Julie A. Erhardt, deputy chief accountant, Office of the Chief Accountant.
  • Marc Panucci, deputy chief accountant, Office of the Chief Accountant.
  • Jenifer Minke-Girard, assistant deputy chief accountant, Office of the Chief Accountant.
  • Sylvia E. Alicea, professional accounting fellow, Office of the Chief Accountant.
  • Sean May, professional accounting fellow, Office of the Chief Accountant.
  • Brian Staniszewski, professional accounting fellow, Office of the Chief Accountant.
  • Jennifer L. Todling, professional accounting fellow, Office of the Chief Accountant.
  • Ruth Uejio, professional accounting fellow, Office of the Chief Accountant.

FASB

PCAOB

CAQ

IASB

Deloitte’s upcoming Heads Up newsletter will summarize highlights from the conference. Watch for it early next week!

CAQ (US Center for Audit Quality) Image

CAQ issues publication on non-GAAP measures

Dec 06, 2016

The Center for Audit Quality (CAQ) has released a publication, “Non-GAAP Financial Measures: Continuing the Conversation.”

The purpose of the publication is to “explore the issue of non-GAAP information, providing context on its definition and use, pertinent regulatory developments, and the current level of auditor involvement.” The publication includes questions for stakeholder groups to consider as they prepare or use non-GAAP financial measures.

For more information, see the press release and publication on the CAQ’s Web site.

FASB meeting Image

Highlights from the FASB’s November 30 meeting

Dec 02, 2016

At its November 30, 2016, meeting, the FASB discussed its projects on (1) share-based payment, (2) the conceptual framework, (3) goodwill impairment, and (4) leases. In addition, the FASB ratified the EITF’s consensus on Issue No. 16-B, “Employee Benefit Plan Master Trust Reporting.”

Improvements to the accounting for share-based payment arrangements with nonemployees

The FASB discussed feedback related to an external fatal-flaw review of a draft of its proposed Accounting Standards Update (ASU) on improving the accounting for share-based payment arrangements with nonemployees. The proposal is expected to be issued in the first quarter of 2017 for a 90-day comment period.

For more information, see Deloitte’s related journal entry as well as the tentative Board decisions on the FASB’s Web site.

Conceptual framework — measurement

The FASB discussed initial measurements and directed its staff to revise its project plan to address elements of financial statements. For more in­for­ma­tion, see the ten­ta­tive Board de­ci­sions on the FASB’s Web site.

Accounting for goodwill impairment

The FASB discussed transition and private-company issues related to its proposed ASU on simplifying the accounting for goodwill impairment and directed the staff to draft a final ASU for a vote by written ballot.

For more in­for­ma­tion, see the ten­ta­tive Board de­ci­sions on the FASB’s Web site.

Leases

The staff provided the Board with an update on implementation questions and feedback on ASU 2016-02, Leases. For more in­for­ma­tion, see the ten­ta­tive Board de­ci­sions on the FASB’s Web site.

Ratification of EITF consensus

The FASB ratified the EITF’s consensus on Issue 16-B and directed the FASB staff to draft a proposed ASU for a vote by written ballot.

For more in­for­ma­tion, see Deloitte’s November 2016 EITF Snapshot as well as the ten­ta­tive Board de­ci­sions on the FASB’s Web site.

AICPA (American Institute of CPAs) Image

AICPA issues revenue working drafts for airline and gaming industries

Dec 02, 2016

The AICPA’s Revenue Recognition Task Force has released for public comment a working draft on accounting issues associated with the implementation of the new revenue standard for the airlines industry and three working drafts for the gaming industry.

The working drafts address the following topics:

  • “Tier status” in affinity programs (airlines and gaming industries).
  • Net gaming revenue (gaming industry).
  • Promotional allowances (gaming industry).

Com­ments on the working drafts are due by February 1, 2017. For more in­for­ma­tion, see the airlines and gaming Revenue Recog­ni­tion Task Force pages on the AICPA’s Web site.

FAF (US Financial Accounting Foundation)  Image

FAF trustees announce new and reappointed FASAC and GASAC members

Dec 02, 2016

The FAF trustees have appointed five new members to the Financial Accounting Standards Advisory Council (FASAC) and four new members to the Governmental Accounting Standards Advisory Council (GASAC). The trustees have also announced the reappointments of 10 GASAC members.

In addition, Robert Scott was reappointed as chairman of the GASAC. For more in­for­ma­tion, see the FASAC and GASAC press releases on the FAF’s Web site.

SEC document Image

SEC staff publishes guide on EDGAR filings for issuers of asset-backed securities

Dec 01, 2016

The staff in the SEC’s Division of Corporation Finance has published a guide, “Staff Guidance for EDGAR Filings for Asset-Backed Securities Issuers.”

The purpose of the guide is to address “certain programming changes to the EDGAR system that have been made to support recently adopted revisions to Regulation AB and new Exchange Act Rule 15Ga-2.”

For more in­for­ma­tion, see the guide on the SEC’s Web site.

GASB document Image

GASB proposes implementation guide

Dec 01, 2016

The GASB has issued a proposed implementation guide consisting of Q&As that would “clarify, explain, or elaborate on” certain GASB Statements.

Topics addressed in the proposed guide’s Q&As include:

  • Pensions.
  • Cash flow statements.
  • The financial reporting entity.
  • Certain investments.
  • External investment pools.
  • Fund balances.
  • Tax abatements.

In addition, the proposed implementation guide amends certain Q&As from previously issued implementation guides.

Comments on the proposed implementation guide are due by January 31, 2017. For more information, see the press release and proposed guide on the GASB’s Web site.

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