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  • SASB document (green) Image
  • SASB issues provisional standards for consumption industries

    Jul 01, 2015

    The SASB has issued provisional standards for the consumption industries. The standards are the eighth 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.

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image
  • PCAOB requests comments on alternative for disclosing engagement partner and other audit participants

    Jul 01, 2015

    The PCAOB has issued a supplemental request for comment that seeks feedback on its “2013 reproposal to require auditors to disclose in the auditor’s report the name of the engagement partner and information about certain other participants in the audit.” Specifically, the PCAOB is seeking feedback on a proposal under which auditors would disclose such information in a new form, known as Form AP, as an alternative to providing such disclosures in the auditor's report. However, auditors would be permitted to “voluntarily provide the same disclosures in the auditor’s report.”

  • GASB (Governmental Accounting Standards Board) (blue) Image
  • GASB issues four new Statements

    Jun 30, 2015

    The GASB has issued three Statements to improve the accounting for pensions and other postemployment benefits (OPEB) and one Statement to simplify the structure of the GAAP hierarchy for state and local governments.

  • SEC (US Securities and Exchange Commission) (dark gray) Image
  • SEC staff issues guidance on amendments to Regulation A

    Jun 26, 2015

    The SEC staff has guidance (Amendments to Regulation A: A Small Entity Compliance Guide) on its March 2015 amendments to Regulation A. The amendments, which were issued to implement Section 401 of the Jumpstart Our Business Startups Act, exempt certain offerings from registration under the Securities Act of 1933.

  • FASB (US Financial Accounting Standards Board) (blue) Image
    IASB (International Accounting Standards Board) (blue) Image
  • Highlights from the FASB’s and IASB’s June 22 meeting

    Jun 24, 2015

    At their June 22, 2015, joint meeting, the FASB and IASB discussed questions that have arisen regarding the implementation of the principal-versus-agent considerations in ASC 606 and IFRS 15, “Revenue From Contracts With Customers.”

  • EITF meeting (mid blue) Image
  • EITF discusses five issues at June meeting

    Jun 19, 2015

    At its meeting yesterday, the EITF discussed issues related to (1) application of the normal purchases and normal sales scope exception to certain electricity contracts, (2) employee benefit plan simplifications, (3) effect of derivative contract novations on existing hedge accounting relationships, (4) contingent put and call options in debt instruments, and (5) classification of certain cash receipts and cash payments.

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  • Journal entry — SEC issues concept release on audit committee disclosures, and PCAOB issues releases on audit firm transparency and quality indicators

    published Jul 02, 2015

    Yesterday, the SEC published a concept release, “Possible Revisions to Audit Committee Disclosures,” to “seek public comment regarding audit committee reporting requirements, with a focus on the audit committee’s reporting of its responsibilities with respect to its oversight of the independent auditor.” The release is designed to gather constituent feedback about whether the existing audit committee disclosure requirements should be updated or otherwise amended to better enable investors to (1) assess the audit committee’s performance and (2) make more informed investment and voting decisions about issues such as audit committee composition and the ratification of the independent auditor.

  • SEC proposes executive compensation clawback rule Image
  • Journal entry — SEC proposes executive compensation clawback rule

    published Jul 02, 2015

    At its meeting yesterday, the SEC issued a proposed rule, "Listing Standards for Recovery of Erroneously Awarded Compensation," under the Securities Exchange Act of 1934 (the “Exchange Act”) that would require companies to adopt “clawback” policies on executive compensation. Specifically, the proposed rule, which is in response to a mandate in Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), would direct national securities exchanges and associations to establish listing standards that would require listed companies to develop, implement, and enforce policies that, in the event of a material accounting restatement, would result in the recovery or clawback of erroneously paid incentive-based compensation from executive officers.

  • Heads Up — A summary of the June 18 meeting of the PCAOB's Standing Advisory Group Image
  • Heads Up — A summary of the June 18 meeting of the PCAOB's Standing Advisory Group

    published Jul 01, 2015

    This Heads Up summarizes the June 18 meeting of the PCAOB’s Standing Advisory Group (SAG). At the meeting, the PCAOB provided an update on recent developments, including an overview of its current and future standard-setting activities. In addition, the PCAOB and SAG discussed (1) the use of the work of specialists and (2) the status of the PCAOB staff’s project on auditing accounting estimates and fair value measurements.

  • Journal entry — FASB reaches tentative hedge  accounting decisions Image
  • Journal entry — FASB reaches tentative hedge accounting decisions

    published Jun 30, 2015

    Yesterday, the FASB held its first decision-making meeting in connection with its project on targeted improvements to hedge accounting. At the meeting, which followed several educational sessions held earlier in the year, the FASB made a number of tentative decisions that, if ultimately adopted, would significantly modify certain aspects of the existing hedge accounting model. The Board hopes to issue a proposed Accounting Standards Update (ASU) reflecting these tentative conclusions by the end of the year. Specifically, the FASB discussed three “decision packages” proposed by its staff, which covered aspects of (1) the overall hedging model, (2) financial hedging relationships, and (3) the shortcut method.

  • Heads Up — IASB proposes revisions to its conceptual framework Image
  • Heads Up — IASB proposes revisions to its conceptual framework

    published Jun 26, 2015

    This Heads Up discusses the IASB’s exposure draft "Conceptual Framework for Financial Reporting." The purpose of the proposal is to clarify, update, and fill in gaps in the IASB’s existing framework, which addresses a range of fundamental accounting topics, such as determining what is an asset or liability.

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