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  • FASB meeting (blue) Image
  • Highlights from the FASB’s November 23 meeting

    Nov 24, 2015

    At its November 23, 2015, meeting, the FASB discussed (1) its proposal on improvements to the accounting for share-based payment, (2) its 2012 proposal on impairment, and (3) clarifications to the definition of a business.

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  • FASB proposes to clarify the definition of a business

    Nov 23, 2015

    The FASB has issued a proposed Accounting Standards Update, “Clarifying the Definition of a Business,” which is intended to help entities evaluate whether to account for transactions as acquisitions (or disposals) of assets or as businesses. As stated in the FASB’s press release, the proposal would provide a “more robust framework for determining when a set of assets and activities is a business. The framework would provide more consistency in the application of the guidance, reduce the costs of its application, and make the definition of a business more operable.”

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  • FASB issues ASU simplifying balance sheet classification of deferred taxes

    Nov 20, 2015

    The FASB has issued Accounting Standards Update (ASU) No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” as part of its simplification initiative (i.e., the Board’s effort to reduce the cost and complexity of certain aspects of U.S. GAAP). Under the ASU, organizations that present a classified balance sheet are required to classify all deferred taxes as noncurrent assets or noncurrent liabilities.

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  • FASB publishes new issue of "FASB Outlook"

    Nov 20, 2015

    The FASB has published the latest issue of its quarterly e-newsletter, "FASB Outlook," which contains high-level information about the Board’s projects and key activities.

  • FAF (US Financial Accounting Foundation) (lt blue) Image
  • FAF trustees announce new and reappointed FASAC and GASAC members

    Nov 20, 2015

    The FAF trustees have appointed 16 new members to the Financial Accounting Standards Advisory Council (FASAC) and 3 new members to the Governmental Accounting Standards Advisory Council (GASAC). The trustees have also announced the reappointments of 12 GASAC members.

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  • IASB proposes amendments to IFRSs as part of annual improvements project

    Nov 19, 2015

    The IASB has published an exposure draft (ED), “Annual Improvements to IFRSs 2014–2016 Cycle,” which would amend three IFRSs as part of the IASB’s annual improvements project (i.e., a project to make necessary, but nonurgent, amendments to IFRSs that will not be made in another major project).

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  • SEC commissioner discusses option of using IFRSs in United States

    Nov 18, 2015

    In a speech at the 34th Annual Current Financial Reporting Issues Conference in New York, SEC Commissioner Michael S. Piwowar commented on the potential option of allowing domestic issuers in the United States to provide IFRS-based information as a supplement to U.S. GAAP financial statements without requiring reconciliation.

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  • Power & Utilities Spotlight — Risk at the core of key strategic decision making Image
  • Power & Utilities Spotlight — Risk at the core of key strategic decision making

    published Nov 24, 2015

    This publication, which is part of a series on Deloitte’s P&U enterprise risk management (ERM) roundtables, discusses the roundtable held in October 2015 at Sempra Energy in San Diego. The primary goals of the series are to discuss leading practices, identify trends, promote innovative solutions, perform benchmarking/studies, and facilitate networking within the industry.

  • FASB to issue final standard on simplifying the equity method of accounting Image
  • Journal entry — FASB to issue final standard on simplifying the equity method of accounting

    published Nov 20, 2015

    At its meeting yesterday, the FASB discussed the feedback received on its proposed Accounting Standards Update (ASU) on simplifying the equity method of accounting. The Board directed its staff to draft a final ASU that will eliminate the requirement that an entity retrospectively adopt the equity method if an investment qualifies for the equity method as a result of an increase in the level of ownership interest.

  • Heads Up — FASB proposes ASU to increase transparency of accounting for government assistance arrangements Image
  • Heads Up — FASB proposes ASU to increase transparency of accounting for government assistance arrangements

    published Nov 20, 2015

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) Disclosures by Business Entities About Government Assistance. The proposed ASU would increase transparency in financial reporting by requiring specific disclosures in the annual financial statements about government assistance received by businesses. Such disclosures would include (1) information about the nature of the government assistance received, (2) the line items of the balance sheet and income statement that are affected by government assistance, (3) significant terms and conditions of the government assistance agreement, and (4) unless impracticable, the amount of government assistance received but not recognized in the financial statements.

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