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News

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB issues first staff inspection brief on 2015 interim inspection program for broker-dealers

Sep 03, 2015

The PCAOB has issued its first staff inspection brief on the 2015 interim inspection program for auditors of broker-dealers. The inspection brief is “intended to assist auditors, audit committees, investors, and preparers in further understanding the inspection process and its results.”

For more in­for­ma­tion, see the press release and in­spec­tion brief on the PCAOB’s Web site.

GASB (Governmental Accounting Standards Board) (blue) Image

GASB adds project to its agenda

Sep 03, 2015

The GASB has added to its technical agenda a project to reexamine the financial reporting model for state and local government financial entities.

The project aims to improve the decision-making and accountability guidance in GASB Statement No. 34, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments.

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

FASB meeting (blue) Image

Highlights from the FASB’s August 31 meeting

Sep 01, 2015

At its August 31, 2015, meeting, the FASB (1) reaffirmed its decisions on narrow-scope revenue topics and (2) endorsed the PCC consensuses-for-exposure on identifiable intangible assets.

Narrow-scope revenue topics

The FASB (1) reaffirmed its previous tentative decisions about collectibility and completed contracts upon transition and (2) directed its staff to draft a proposed Accounting Standards Update (ASU) on certain implementation issues related to ASU 2014-09, Revenue From Contracts With Customers.

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

FASB en­dorse­ment of PCC consensuses-for-exposure

The FASB has en­dorsed the PCC’s consensuses-for-exposure on:

  • Assessing the preferability of private-company accounting alternatives.
  • Extending transition guidance beyond the effective date for electing private-company accounting alternatives.

The FASB staff will prepare a draft of a proposed ASU for a vote by written ballot. For more in­for­ma­tion, see the tentative Board decisions on the FASB’s Web site.

FASB (US Financial Accounting Standards Board) (blue) Image

FASB issues 2016 Financial Reporting Taxonomy for public comment

Sep 01, 2015

The FASB has released for public comment its proposed 2016 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.”

Comments on the proposed taxonomy are due by October 31, 2015. The final version is expected to be published in early 2016.

For more information, see the press release and proposed taxonomy on the FASB’s Web site. The FASB is also holding a webcast on September 22, 2015, to discuss the proposed taxonomy, ASU taxonomy changes, taxonomy implementation guides, and taxonomy simplification.

FASB (US Financial Accounting Standards Board) (lt blue) Image

FASB proposes guidance on principal-versus-agent considerations

Aug 31, 2015

The FASB has issued a proposed ASU, "Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net).”

The amendments, which are being proposed in response to feedback received by the FASB–IASB joint revenue recognition transition resource group, intend to clarify certain guidance related to principal versus agent considerations.

Comments on the proposed ASU are due by October 15, 2015.

The IASB has also issued an ED on this topic; the proposed amendments in the IASB’s ED are the same as those in the FASB’s ASU.

For more information, see Deloitte's Heads Up newsletter as well as the press release and proposed ASU on the FASB’s Web site.

GASB document (blue) Image

GASB issues authoritative implementation guidance

Aug 28, 2015

The GASB has issued, “Implementation Guide No. 2015-1,” which “clarifies, explains, or elaborates on GASB Statements and Interpretations.”

The implementation guide includes changes made as a result of “feedback received during the year-long public exposure of previously issued implementation guidance,” which culminated in the issuance of GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.

The guide is effective for reporting periods beginning after June 15, 2015. For more information, see the press release and implementation guide on the GASB’s Web site.

FASB meeting (blue) Image

Highlights from the FASB's August 26 meeting

Aug 27, 2015

At its August 26, 2015, meeting, the FASB discussed its conceptual framework and disclosure framework projects.

Conceptual framework: measurement

The FASB discussed the types of expenditures and other items that might be included in initial carrying amounts of assets, liabilities, and equity instruments. See the tentative Board decisions on the FASB's Web site for more information.

Disclosure framework — disclosure review: income taxes

The FASB made several decisions about unrecognized tax benefits. See Deloitte's related journal entry and the tentative Board decisions on the FASB's Web site for more information.

SEC (US Securities and Exchange Commission) (dark gray) Image

SEC updates Financial Reporting Manual

Aug 26, 2015

The SEC’s Division of Corporation Finance has published an update to its Financial Reporting Manual (FRM) that contains revisions made as of August 25, 2015.

Two FRM paragraphs containing guidance for delinquent filers were revised. For more in­for­ma­tion, see Deloitte's related journal entry and the FRM on the SEC's Web site.

FASB meeting (blue) Image

FASB discusses agenda prioritization

Aug 21, 2015

The FASB held an agenda prioritization meeting on August 19, 2015.

The Board discussed the results of staff research on five potential projects and decided not to add any of the projects to its agenda. The Board also directed its staff to further research potential projects on:

  • “Accounting for notional pooling arrangements in consolidated financial statements — whether the scope of this issue could be expanded to other types of bank overdrafts.”
  • “Clarification of the regular way security scope exception in Topic 815 — evaluate alternative ways the Board might clarify the regular way security scope exception in Topic 815.”

In addition, the Board decided to solicit, during its upcoming agenda consultation process, “shareholder feedback on the relative priority of a potential project to simplify the measurement of asset retirement obligations.”

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

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB and HAASOB enter into cooperative agreement

Aug 19, 2015

The Greek audit regulator, the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB), and the US PCAOB have entered into a cooperative agreement related to “the oversight of audit firms subject to the regulatory jurisdictions of both regulators.”

The agree­ment, which is ef­fec­tive im­me­di­ately, allows the two reg­u­la­tors to ex­change con­fi­den­tial in­for­ma­tion re­gard­ing firms op­er­at­ing in both ju­ris­dic­tions and is in­tended to enhance their su­per­vi­sory over­sight, in­spec­tions, and in­ves­ti­ga­tions of the firms.

The PCAOB and HAASOB also signed a data pro­tec­tion agree­ment to ensure that they comply with na­tional data pro­tec­tion re­quire­ments when trans­fer­ring in­for­ma­tion.

For more information, see the press release and the agreement on the PCAOB’s Web site.

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