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  • GASB updates its technical agenda

    Apr 27, 2015

    At its board meeting last week, the GASB discussed updating its technical plan. Agenda decisions the Board made at the meeting are summarized below.

  • FASB issues two proposals in response to EITF consensuses-for-exposure

    Apr 24, 2015

    The FASB has issued two proposed ASUs in response to the EITF consensuses-for-exposure on Issues 15A, 15C-I, 15C-II, and 15C-III. One of the proposals provides guidance on certain electricity contracts within nodal energy markets, and the other would simplify the accounting and disclosure requirements for employee benefit plans.

  • Highlights from the FASB’s April 22 meeting

    Apr 23, 2015

    At its April 22, 2015, meeting, the FASB discussed its projects on (1) the entity’s decision process phase of its disclosure framework project, (2) impairment, and (3) hedging.

  • FASB proposes ASU to improve not-for-profit financial statements

    Apr 23, 2015

    The FASB has issued a proposed ASU, “Presentation of Financial Statements of Not-for-Profit Entities,” which would change “the current net asset classification requirements and the information presented in financial statements and notes about a not-for-profit entity’s liquidity, financial performance, and cash flows.”

  • IASB to discuss effective date of IFRS 15

    Apr 20, 2015

    The IASB has published an agenda paper for its April meeting, which discusses the effective date of IFRS 15, “Revenue From Contracts With Customers” (converged with the FASB’s ASU 2014-09 by the same name).

  • 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.

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  • Audit Committee Brief — April 2015

    published Apr 20, 2015

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • 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.

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