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  • Highlights from the FASB’s December 16-17 meeting

    Dec 19, 2014

    At its December 16–17, 2014, meeting, the FASB discussed its projects on (1) the conceptual framework, (2) employee share-based payments, (3) the measurement of inventory, (4) the definition of a business, and (5) government assistance disclosures. In addition, the FASB jointly discussed leases with the IASB.

  • SEC proposes revised registration requirements

    Dec 19, 2014

    The SEC has issued a proposal that would revise the rules in Section 12(g) of the Securities Exchange Act of 1934 related to the thresholds for registration, termination of registration, and suspension of reporting.

  • IASB finalizes amendments related to the application of the investment entities exception

    Dec 18, 2014

    The IASB has published "Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)." The amendments address issues that have arisen in the context of applying the consolidation exception for investment entities. They are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted.

  • IASB finalizes amendments to IAS 1 as part of its disclosure initiative

    Dec 18, 2014

    The IASB has published Disclosure Initiative (Amendments to IAS 1). The amendments are intended to clarify IAS 1 to address perceived impediments to the exercise of judgment by preparers in presenting their financial reports. They are effective for annual periods beginning on or after January 1, 2016, with earlier application permitted.

  • SASB issues provisional services standards

    Dec 17, 2014

    The SASB has issued provisional standards for the services sector. The standards are the sixth set in a planned series of industry-related SASB standards on accounting for environmental, social, and governance issues that could be material to a corporation’s performance. The standards focus on material sustainability matters that corporations are already required to disclose in their Form 10-K or 20-F filings with the SEC.

  • SEC updates EDGAR filer manual and technical specifications

    Dec 16, 2014

    The SEC has updated its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) System Filer Manual (Volumes I and II) and has issued Version 14 of the EDGARLink Online XML Technical Specification and Version 5.5.0 of the EDGAR TA-2 Technical Specification.

  • Summary of the December 2014 PCC meeting

    Dec 12, 2014

    At its meeting this week, the Private Company Council (PCC) principally discussed (1) the definition of a public business entity (PBE), (2) partnership accounting, (3) share-based compensation, (4) and select FASB projects.

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  • Journal entry — FASB discusses share-based payment accounting for private companies

    published Dec 19, 2014

    At its meeting this week, the FASB made tentative decisions about several practical expedients that may be extended to private companies to simplify the accounting for share-based payment awards. The FASB’s decisions were related to (1) estimating the expected term of an award, (2) classifying awards with repurchase features, (3) allowing entities to elect to use the intrinsic value method to measure awards classified as liabilities, (4) confirming the scope of the existing and proposed practical expedients, and (5) simplifying the ASC 718 disclosures.

  • Journal entry — Simplifying the subsequent measurement of inventory — FASB discusses comment-letter feedback

    published Dec 17, 2014

    At its meeting today, the FASB discussed comments it received on its proposed Accounting Standards Update, Simplifying the Measurement of Inventory. The discussion focused on entities’ challenges in applying the proposal’s lower-of-cost-and-net-realizable-value measurement concept related to their use of (1) the last-in, first-out (LIFO) inventory measurement method with a lower-of-cost-or-market reserve and (2) the retail inventory method (RIM).

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