This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Heads Up

Heads Up newsletters are published as warranted, analyse important accounting developments, such as new FASB and IASB pronouncements or exposure drafts. Concise examples and answers to frequently asked questions assist readers in understanding and implementing the critical guidance.

Related Publications

  • Heads Up — Boards Issue Exposure Drafts on Leases

    May 17, 2013

    This Heads Up discusses the revised exposure draft (ED), 'Leases', issued today by the FASB and IASB. The ED proposes a new accounting model under which off-balance-sheet financing arrangements would be eliminated for lessees. If finalized, the proposed ASU would converge most significant aspects of the FASB’s and IASB’s accounting for lease contracts.

  • Heads Up — FASB and PCC update private-company decision-making framework

    Apr 25, 2013

    This Heads Up discusses the recently issued invitation to comment (ITC), 'Private Company Decision-Making Framework — A Guide for Evaluating Financial Accounting and Reporting for Private Companies', which was jointly issued by the FASB and Private Company Council. The ITC contains an updated version of the framework that was initially proposed in a discussion paper issued by the FASB staff in July 2012. Comments on the ITC are due by June 21, 2013.

  • Heads Up — FASB issues guidance on the liquidation basis of accounting

    Apr 23, 2013

    This Heads Up discusses FASB Accounting Standards Update No. 2013-07, 'Liquidation Basis of Accounting'. The standard, which provides guidance on when and how to apply the liquidation basis of accounting, is effective for entities that determine that liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein.

  • Heads Up — FASB proposes consequential amendments related to its proposed ASU on the recognition and measurement of financial instruments

    Apr 16, 2013

    This Heads Up discusses the FASB’s exposure draft, Recognition and Measurement of Financial Assets and Financial Liabilities: Proposed Amendments to the FASB Accounting Standards Codification, which would (1) eliminate the existing options under U.S. GAAP to electively account for financial instruments in the form of guarantees, insurance contracts, warranties, loan commitments, and firm commitments at fair value through net income and (2) amend or supersede various ASC topics related to the classification and measurement of financial instruments. Comments on the exposure draft are due by May 15, 2013.

  • Heads Up — PCAOB proposes new framework for reorganization of PCAOB auditing standards

    Apr 09, 2013

    This Heads Up discusses the PCAOB´s recently issued release that includes a proposed framework for the reorganization of PCAOB auditing standards. Under the proposed framework, PCAOB Auditing Standards 1–16 and PCAOB interim standards would be reorganized into a topical structure (based on the audit process) by using a four-digit sequential numbering scheme. Comments on the release are due by May 28, 2013.

  • Heads Up — FASB proposes to amend guidance on discontinued operations

    Apr 04, 2013

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update 'Presentation of Financial Statements: Reporting Discontinued Operations', which would substantially converge the definition of a discontinued operation under FASB Accounting Standards Codification Subtopic 205-20 'Presentation of Financial Statements: Discontinued Operations', with that under IFRS 5, 'Non-current Assets Held for Sale and Discontinued Operations'. The proposal would also expand the disclosure requirements for disposals, including disclosures about individually material components that do not qualify as discontinued operations.

  • Heads Up — Boards preparing to issue final standard on revenue recognition

    Mar 05, 2013

    This Heads Up discusses the FASB’s and IASB’s proposed revenue recognition model, including decisions made by the boards to date related to the proposed model’s (1) steps, (2) disclosure requirements, and (3) effective date and transition. It also provides insight into some potential income tax and industry-specific implications.

  • Heads Up — FASB Issues Proposed ASU on Classifying and Measuring Financial Instruments

    Feb 15, 2013

    This Heads Up discusses the FASB’s new Proposed Accounting Standards Update Recognition and Measurement of Financial Assets and Financial Liabilities. Under the proposal, which affects all entities that hold financial assets or owe financial liabilities, a mixed measurement attribute approach would be applied to classification and measurement.

  • Heads Up — FASB Clarifies the Applicability of a Fair Value Hierarchy Disclosure for Nonpublic Entities

    Feb 08, 2013

    This issue of Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2013-03, Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities. Under the ASU, all nonpublic entities are exempt from having to disclose the fair value hierarchy level (i.e., Level 1, 2, or 3) for fair value measurements of financial assets and financial liabilities that are disclosed in the footnotes to the financial statements but not reported at fair value in the statement of financial position.

All Related