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  • Boards continue leases discussion

    Jan 24, 2015

    At their January 21, 2015, joint meeting, the FASB and IASB discussed feedback received on the lessee disclosure requirements in their 2013 exposure draft.

  • EITF discusses two Issues at January educational meeting

    Jan 23, 2015

    At its educational meeting yesterday, the EITF discussed Issues on the following topics: (1) application of the normal purchases and normal sales (NPNS) scope exception to certain electricity contracts in nodal energy markets (Issue 15-A) and (2) simplifications to the accounting for employee benefit plans, including defined benefit plans, defined contribution plans, and welfare plans (Issue 15-C).

  • FAF appoints two new trustees

    Jan 15, 2015

    The Financial Accounting Foundation (FAF) announced that it has appointed Myra R. Drucker and John Veihmeyer to its board of trustees to replace retiring trustees Luis M. Viceira and Edward E. Nusbaum. The terms of the newly appointed trustees begin immediately and end on December 31, 2019.

  • SEC publishes examination priorities for 2015

    Jan 13, 2015

    The SEC’s Office of Compliance Inspections and Examinations has published its examination priorities for 2015. The priorities focus on “protecting retail investors, especially those saving for or in retirement; assessing market-wide risks; and using data analytics to identify signs of potential illegal activity.”

  • SEC updates Financial Reporting Manual

    Jan 13, 2015

    The SEC’s Division of Corporation Finance has published an update to its Financial Reporting Manual (FRM) that contains revisions made as of January 12, 2015.

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  • Journal entry — Consolidation — FASB discusses timing of final ASU

    published Jan 29, 2015

    At its meeting yesterday, the FASB received an update from its staff on the status of the consolidation project, including the results of the staff’s outreach with various constituents in connection with the Board’s decisions at its December 2014 meeting. The staff indicated that on the basis of its outreach, the rights afforded shareholders (e.g., voting on the asset manager’s compensation, approving the overall investment strategy, and removing the manager) for most series fund structures under the Investment Company Act of 1940 (the “1940 Act”) are at the individual series level rather than the overall trust level. The staff indicated that this is consistent with the example to be included in the FASB’s forthcoming Accounting Standards Update (ASU), in which the holders of equity at risk in a series fund are deemed to have the ability to direct the activities that most significantly affect the series fund’s economic performance (i.e., they meet the “power” criterion). However, the staff also indicated that many funds established in foreign jurisdictions may not meet this criterion.

  • CFO Insights — Effective IR: Lessons from the trenches

    published Jan 29, 2015

    This issue discusses investor relations (IR) excellence in the following areas: working with the C-suite, addressing “value gaps” between management and analysts, communicating strategic changes, disclosing bad news, and dealing with activist shareholders.

  • Oil & Gas Spotlight — Navigating the changing oil and gas landscape

    published Jan 27, 2015

    This Oil & Gas Spotlight gives an overview of the O&G industry’s current status in light of recent activities that have affected the industry and may affect it in the future. Understanding the current landscape of the O&G industry may result in the identification of factors that an O&G company should consider in assessing and accounting for impairment of its O&G assets (under the successful-efforts method, the full-cost method, or the guidance on impairment of long-lived assets in ASC 360-10). In addition, this publication discusses approaches commonly used in the valuation of O&G assets.

  • Journal entry — Leases — FASB and IASB discuss lessee disclosure requirements

    published Jan 23, 2015

    At their joint meeting this week, the FASB and IASB continued redeliberating their revisions to the lease accounting guidance. Specifically, they discussed feedback received on, and the staffs’ analyses of, the disclosure requirements in the boards’ May 2013 exposure draft (ED), Leases, which would require lessees to provide more robust qualitative and quantitative disclosures about their leasing activities.

  • Oil & gas — Accounting, financial reporting, and tax update

    published Jan 14, 2015

    This second annual publication discusses accounting, tax, and regulatory matters that O&G entities will need to consider, including updates to SEC, FASB, IFRS, and tax guidance, and focuses on specialized industry accounting topics that frequently affect O&G entities. New to this year’s publication are sections on accounting and reporting considerations related to (1) the FASB’s and IASB’s new revenue standard and (2) carve-out financial statements. In addition, to help entities understand and address potential challenges in the accounting for and reporting of financial instruments, leases, and other topics on which the FASB has issued proposed standards, this publication discusses these proposals and highlights nuances that could affect our industry.

  • IFRS on point — December 2014

    published Jan 13, 2015

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

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