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  • PCAOB and APOA enter into cooperative agreement

    Apr 16, 2015

    The PCAOB and the Auditors' Public Oversight Authority of the Ministry for the National Economy of Hungary (APOA) have entered into a cooperative agreement regarding the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

  • FASB issues ASU to simplify accounting for cloud computing fees paid by customers

    Apr 16, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” as part of its simplification initiative. The ASU amends ASC 350-40 to provide customers with guidance on whether a cloud computing arrangement contains a software license to be accounted for as internal-use software.

  • FASB simplifies guidance on measurement date for plan assets

    Apr 15, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-04, “Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets,” as part of its simplification initiative. The ASU gives an employer whose fiscal year-end does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end.

  • FAF, FASB, and GASB release strategic plan

    Apr 09, 2015

    The FAF board of trustees has approved a final version of the strategic plan for the FAF, FASB, and GASB, which outlines the three organizations’ long-term vision and goals.

  • Highlights from the FASB’s April 7 meeting

    Apr 09, 2015

    At its April 7, 2015, meeting, the FASB discussed its projects on (1) hedging, (2) leases, (3) definition of a business, (4) identifiable tangible assets, (5) goodwill, (6) technical corrections and improvements, and (7) financial statements of not-for-profit entities. The Board also discussed the ratification of EITF consensuses and tentative conclusions.

  • FASB simplifies guidance on presentation of debt issuance costs

    Apr 07, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” as part of its simplification initiative. The ASU changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense.

  • PCAOB approves reorganization of its auditing standards

    Apr 01, 2015

    Yesterday, the PCAOB issued Release No. 2015-002, "Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Standards and Rules," approving the reorganization of its auditing standards. Under the amendments, PCAOB-issued auditing standards will be integrated with PCAOB interim standards by using a topical structure and a uniform four-digit numbering system.

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  • Heads Up — FASB issues ASU on customers' accounting for cloud computing costs

    published Apr 17, 2015

    This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2015-05, "Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." Released as part of the Board’s simplification initiative, the ASU amends ASC 350-40 to provide customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software.

  • Heads Up — FASB permits use of practical expedient for retirement benefit plan measurement

    published Apr 17, 2015

    This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. The ASU gives an entity with a fiscal year-end that does not coincide with a calendar month-end (e.g., an entity that has a 52- or 53-week fiscal year) the ability, as a practical expedient, to measure its defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end.

  • IFRS on point — March 2015

    published Apr 16, 2015

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

  • Heads Up — FASB simplifies guidance on presentation of debt issuance costs

    published Apr 07, 2015

    This Heads Up discusses FASB Accounting Standards Update No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense.

  • A roadmap to accounting for share-based payment awards

    published Apr 07, 2015

    This Roadmap combines the share-based payment accounting rules from ASC 718 (for employee awards), ASC 505 (for nonemployee awards), and other topics (such as ASC 740 and ASC 805) with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format.

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