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  • FAF trustees seek comments on PCC

    Feb 27, 2015

    The FAF board of trustees has released a request for comment on whether the PCC, which was established in May 2012, is accomplishing its objectives.

  • Highlights from the FASB’s February 18 meeting

    Feb 20, 2015

    At its February 18, 2015, meeting, the FASB discussed its projects on (1) the conceptual framework, (2) cloud computing arrangements, (3) long-duration insurance contracts, (4) fair value measurement disclosures, and (5) debt issuance costs. In addition, the FASB and IASB discussed their joint revenue research projects.

  • IASB and FASB discuss potential clarifications to joint revenue recognition guidance

    Feb 20, 2015

    At their meeting on Wednesday, the IASB and FASB discussed issues that their joint revenue transition resource group (TRG) has identified in connection with implementation of their converged standard, “Revenue From Contracts With Customers” (issued as IFRS 15 by the IASB and as ASU 2014-09 by the FASB). Specifically, the boards addressed whether to clarify certain aspects of the standard that seem to be causing implementation problems for some preparers.

  • FASB updates its consolidations requirements

    Feb 18, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements in ASC 810.

  • iGAAP 2015 now available

    Feb 16, 2015

    Deloitte has released the latest edition of its iGAAP series, “iGAAP 2015,” which provides comprehensive guidance for entities reporting under IFRSs. The new edition (1) focuses on the practical issues faced by reporting entities; (2) clearly explains the requirements of IFRSs; (3) adds interpretation and commentary on topics about which IFRSs are silent, ambiguous, or unclear; and (4) contains many illustrative examples.

  • Summary of the February 2015 PCC meeting

    Feb 13, 2015

    At today’s meeting, the Private Company Council (PCC) discussed (1) the definition of a public business entity, (2) balance sheet classification of debt, (3) effective dates of PCC accounting alternatives, (4) share-based payments, and (5) uncertain tax positions.

  • Highlights from the FASB’s February 11 meeting

    Feb 13, 2015

    At its February 11, 2015, meeting, the FASB discussed its projects on (1) revenue recognition (research projects), (2) impairment, and (3) the income taxes disclosure framework.

  • SEC issues final rules on security-based swaps

    Feb 13, 2015

    The SEC has issued two final rules to increase transparency in the security-based swap market. As indicated in the SEC’s press release, the objective of the rules is “to ensure that [swap data repositories (SDRs)] maintain complete records of security-based swap transactions that can be accessed by regulators.”

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  • Journal entry — Leases — FASB nearing completion of redeliberations

    published Feb 26, 2015

    At its meeting yesterday, the FASB continued to redeliberate its lease accounting guidance. Specifically, the Board discussed (1) reassessment of variable lease payments, (2) lessee and lessor transition, (3) sale-and-leaseback transition, and (4) build-to-suit lease arrangements.

  • Journal entry — FASB affirms proposed guidance on a customer’s accounting for cloud computing costs

    published Feb 20, 2015

    At its meeting this week, the FASB redeliberated its proposed ASU that would add guidance to ASC 350-40 on a customer’s accounting for fees paid in a cloud computing arrangement. The proposed ASU would require a customer to determine whether a cloud computing arrangement contains a software license. If so, the customer would account for the fees related to the software element as an internal-use software intangible under ASC 350-40; if not, the customer would account for the arrangement as a service contract.

  • Heads Up — FASB and IASB tentatively decide to clarify the new revenue standard

    published Feb 19, 2015

    This Heads Up summarizes tentative decisions reached by the IASB and FASB at their joint meeting on February 18, 2015, concerning some implementation issues related to the new revenue standard. Specifically, the boards addressed issues concerning certain aspects of accounting for licenses of intellectual property and the identification of performance obligations.

  • Heads Up — FASB amends its consolidation model

    published Feb 19, 2015

    This Heads Up summarizes the most significant changes to the guidance in U.S. GAAP on consolidation as a result of the FASB’s recently issued Accounting Standards Update (ASU) No. 2015-02, "Amendments to the Consolidation Analysis." Although the ASU is expected to result in the deconsolidation of many entities, reporting entities will need to reevaluate all their previous consolidation conclusions.

  • Journal entry — Insurance project — FASB decides on approach to amortize deferred acquisition costs for long-duration insurance contracts

    published Feb 19, 2015

    At its meeting yesterday, the FASB discussed three alternatives for amortizing deferred acquisition costs (DAC) for long-duration insurance contracts (including retention of current U.S. GAAP) and tentatively decided that DAC “would be amortized over the expected life of a book of contracts in proportion to the amount of insurance in force, or on a straight-line basis (in proportion to the number of contracts outstanding) if the amount of insurance in force is variable and cannot be reliably predicted or is otherwise not readily determinable."

  • Revenue from contracts with customers: A roadmap to applying the guidance in ASU 2014-09

    published Feb 18, 2015

    This addition to Deloitte's Roadmap series summarizes (1) key provisions of the FASB's and IASB's new standard on revenue from contracts with customers, including the specific steps the standard outlines for recognizing revenue; (2) other provisions and impacts of the standard, including implementation guidance; (3) the standard's disclosure requirements; (4) the standard's effective date and transition; and (5) recent developments related to applying and implementing the standard.

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