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This Heads Up discusses the critical audit matters (CAMs) that were communicated in auditors’ reports for all large accelerated filers with fiscal years ending June 30, 2019. The CAMs most often identified were related to goodwill and intangible assets, revenue, and income taxes.
This Clearly IFRS addresses the proposed amendments to IFRS 17 'Insurance Contracts' set out in Exposure Draft ED/2019/4 'Amendments to IFRS 17' (the ‘ED’) that has been published by the International Accounting Standards Board (IASB) in June 2019.
We are pleased to present the second edition of A Roadmap to Initial Public Offerings. This Roadmap addresses financial reporting, accounting, and auditing considerations to help companies navigate challenges related to preparing an IPO registration statement and ultimately going public.
This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) that would simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The proposed ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP.
This Heads Up discusses the SEC staff’s recently issued statement on the expected discontinuation of the use of the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate in contracts such as derivatives and how the transition from LIBOR may significantly affect financial markets and market participants (including public companies, investment companies and advisers, and broker-dealers).
This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under the new revenue standard as codified in ASC 606, ASC 340-40, and ASC 610-20. The 2019 edition contains new interpretations and guidance that reflect developments in practice and activities of the FASB, SEC, and AICPA since publication of the 2018 edition.
In its latest economic outlook, More than meets the eye, Deloitte Economic Advisory examines the latest market trends, political tensions, and risks that are affecting sentiment and global growth forecasts. While anxiety is present due to the escalation of downside risks and unpredictable trade and political disputes, the negative market sentiment appears excessive and does not fully agree with economic data.
This IFRS in Focus addresses the proposed amendments to IAS 12, Income Taxes set out in Exposure Draft ED/2019/5 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12)” that has been published by the International Accounting Standards Board (IASB) in July 2019.
This edition of Clearly IFRS outlines the proposals set out in the recent Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018–2020 (the ‘ED’), which was published by the IASB in May 2019 for public comment.
This Clearly IFRS addresses the proposed amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement set out in Exposure Draft ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39) (the ‘ED’) that has been published by the International Accounting Standards Board (IASB) in May 2019.
This Heads Up discusses the SEC’s recently issued proposed rule "Amendments to Financial Disclosures About Acquired and Disposed Businesses," which would amend the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. These changes are intended to improve the information investors receive regarding acquired or disposed businesses, reduce complexity and costs of preparing the required disclosures, and facilitate timely access to capital.
This Heads Up offers an overview of the feedback the SEC has provided to registrants about their implementation of the FASB’s new revenue standard, ASC 606, "Revenue From Contracts With Customers." The newsletter highlights some key themes regarding the application of ASC 606 (related to accounting and disclosure requirements) that we noted in our review of approximately 400 SEC staff comments issued to date and presents examples of those comments.
