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News

  • IASB finalizes amendments on sales or contributions of assets between an investor and its associate/joint venture

    Sep 11, 2014

    The IASB has published "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)." The amendments address a conflict between the requirements of IAS 28, "Investments in Associates and Joint Ventures," and IFRS 10, "Consolidated Financial Statements," and clarify that in a transaction involving an associate or joint venture the extent of gain or loss recognition depends on whether the assets sold or contributed constitute a business. They are effective for annual periods beginning on or after January 1, 2016, with earlier application being permitted.

  • PCAOB issues practice alert on auditing revenue

    Sep 10, 2014

    The PCAOB has issued Staff Audit Practice Alert No. 12, "Matters Related to Auditing Revenue in an Audit of Financial Statements,” on deficiencies that it frequently observes during its inspections.

  • SEC issues final rule on asset-backed securities

    Sep 04, 2014

    The SEC has issued Final Rule Release No. 33-9638, “Asset-Backed Securities Disclosure and Registration,” which is intended to enhance the disclosure requirements for asset-backed securities.

  • CAQ issues professional judgment resource for auditors

    Sep 03, 2014

    The Center for Audit Quality (CAQ) has issued a “Professional Judgment Resource,” which is “designed to provide auditors with an example of a decision-making process to facilitate important auditing and accounting judgments in a professionally skeptical manner.”

  • FASB issues 2015 Financial Reporting Taxonomy for public comment

    Sep 02, 2014

    The FASB has released for public comment its proposed 2015 GAAP Financial Reporting Taxonomy, which “contains updates for accounting standards and other recommended improvements to the official taxonomy.” The taxonomy consists of XBRL-coded labels with tags that allow financial statement users to “electronically search for, assemble, and process data so that the data can be readily accessed and analyzed by investors, analysts, journalists, and regulators.”

  • 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 (NFPs).