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  • IASB proposes updates to its conceptual framework

    May 28, 2015

    The IASB has published two exposure drafts (EDs) related to its conceptual framework. ED/2015/3, “Conceptual Framework for Financial Reporting,” would (1) revise the definitions of the terms “asset” and “liability,” (2) provide guidance on measurement and derecognition, and (3) establish a framework for presentation and disclosure. ED/2015/4, “Updating References to the Conceptual Framework,” would amend references to the conceptual framework in other IASB pronouncements.

  • Former chairmen of IASB and FASB share thoughts on convergence

    May 26, 2015

    On Wednesday April 1, 2015, former IASB Chairman Sir David Tweedie and former FASB Chairman Robert Herz discussed their vision of convergence in a discussion, “Accounting Standards for Global Capital Markets: Past, Present, and Future,” at Baruch College in New York City.

  • SEC proposes new rules for investment companies and investment advisers

    May 22, 2015

    The SEC issued two proposed rules that would “modernize and enhance” the reporting and disclosure requirements for investment companies and investment advisers. The purpose of the proposals is to improve the “quality of information available to investors” and facilitate the Commission’s collection and use of data that such companies and advisers provide.

  • FASB issues ASU on short-duration insurance contract disclosures

    May 22, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-09, “Disclosures About Short-Duration Contracts,” which amends ASC 944 to expand the disclosures that an insurance entity must provide about its short-duration insurance contracts.

  • FAF trustees reappoint FASB members

    May 21, 2015

    The FAF board of trustees has reappointed FASB members Daryl E. Buck and R. Harold Schroeder for a second term that begins on July 1, 2015, and ends on June 30, 2021.

  • IASB amends IFRS for SMEs

    May 21, 2015

    The IASB has published amendments to its “International Financial Reporting Standard for Small and Medium-sized Entities” (the "IFRS for SMEs"). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. Although the changes affect 21 of the standard’s 35 sections (not counting consequential amendments) as well as the glossary, they are generally minor. The amendments are effective for annual periods beginning on or after January 1, 2017, with earlier application permitted.

  • FAF concludes post-implementation review of Statement 160

    May 21, 2015

    The FAF has issued its post-implementation review (PIR) report on FASB Statement No. 160, “Noncontrolling Interests in Consolidated Financial Statements.” Statement 160, which was issued in 2007, was subsequently codified in FASB Accounting Standards Codification Topic 810, “Consolidation.”

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  • IFRS in Focus — IASB issues 2015 Amendments to the IFRS for SMEs

    published May 28, 2015

    This newsletter explains the May 2015 amendments to the IASB's "International Financial Reporting Standard for Small and Medium-sized Entities" (IFRS for SMEs). The amendments are the result of the first comprehensive review of that standard and are effective for annual periods beginning on or after January 1, 2017.

  • Heads Up — FASB amends its consolidation model

    published May 26, 2015

    This Heads Up supersedes our February 19, 2015, Heads Up. Among other changes, it contains updates based on our discussions with the FASB staff to clarify the effects that interests held by related parties will have on a reporting entity´s consolidation analysis. It also includes a new appendix with extensive interpretive guidance.

  • Financial Services Spotlight — Consolidating collateralized financing entities

    published May 26, 2015

    This Financial Services Spotlight supersedes our March 2015 Financial Services Spotlight. It contains updates based on our discussions with the FASB staff to clarify the effects that interests held by a collateral manager´s related parties that are under common control will have on a reporting entity´s consolidation analysis.

  • Heads Up — FASB proposes to simplify the accounting for measurement-period adjustments

    published May 26, 2015

    This Heads Up discusses the FASB´s proposed Accounting Standards Update, Simplifying the Accounting for Measurement-Period Adjustments. The proposal is in response to stakeholder feedback that restating prior periods to reflect "adjustments made to provisional amounts recognized in a business combination adds cost and complexity to financial reporting but does not significantly improve the usefulness of the information provided to users."

  • Audit Committee Brief — May 2015

    published May 15, 2015

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

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