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  • Highlights from the FASB’s August 27 meeting

    Aug 28, 2014

    At its August 27, 2014, meeting, the FASB discussed its projects on (1) targeted improvements to the accounting for long-duration insurance contracts, (2) leases, and (3) financial statements of not-for-profit entities.

  • FASB issues guidance on going concern

    Aug 27, 2014

    The FASB has issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements.

  • SEC appoints new chief accountant

    Aug 26, 2014

    The SEC has appointed James Schnurr as the new chief accountant in the SEC’s Office of the Chief Accountant to succeed Paul Beswick. In his new role, which begins in October, Mr. Schnurr will oversee accounting interpretations, professional practice issues, and international accounting matters

  • PCAOB issues staff consultation paper

    Aug 21, 2014

    The PCAOB has released for public comment a staff consultation paper on “standard-setting activities related to auditing accounting estimates and fair value measurements.”

  • FASB proposes ASU to simplify accounting for cloud computing fees paid by customers

    Aug 20, 2014

    The FASB has issued a proposed ASU, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which would amend ASC 350-40 to provide guidance on a customer’s accounting for fees paid in a cloud computing arrangement. This is the third proposal released under the FASB’s new simplification initiative, which is intended to reduce the costs and complexity of financial statement preparation.

  • IASB proposes amendments regarding the recognition of deferred tax assets for unrealized losses

    Aug 20, 2014

    The IASB has published an exposure draft (ED) of proposed amendments to IAS 12 "Income Taxes." As the IASB concluded that diversity in practice around the recognition of a deferred tax asset that is related to a debt instrument measured at fair value is mainly attributable to uncertainty about the application of some of the principles in IAS 12, the proposed amendments consist of some clarifying paragraphs and an illustrating example. Comments are requested by December 18, 2014.