Jan 24, 2024
The SEC's new rule seeks to enhance investor protection in SPACs (blank check companies) and their mergers with private companies. It mandates clear disclosures on conflicts of interest, sponsor compensation, potential dilution, and other investor-critical information throughout the entire process. Additionally, companies must reveal more details about the target company, empowering investors to make informed decisions when voting or investing. This rule aims to address transparency concerns surrounding SPACs and enhance overall investor confidence.
Jan 19, 2024
This guide summarises the provisions of all International Public Sector Accounting Standards (IPSAS), recommended practice guidelines and the conceptual framework, effective for financial statements for annual periods beginning on or after January 1, 2024.
Jan 18, 2024
This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid.
Dec 31, 2023
This iGAAP in Focus outlines the proposed amendments to IAS 32 Financial Instruments: Presentation, IFRS 7 Financial Instruments: Disclosures and IAS 1 Presentation of Financial Statements set out in Exposure Draft (ED) Financial Instruments with Characteristics of Equity, published by the IASB in November 2023.
Dec 20, 2023
This Heads Up has been updated to reflect discussion from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the “AICPA Conference”).1 Specifically, the SEC indicated that when a single reportable segment entity is managed on a consolidated basis, the entity would be expected to conclude that consolidated net income is the measure of segment profit or loss that is most consistent with U.S. GAAP. Further, the SEC encouraged registrants that choose to early adopt ASU 2023-07, and that include an additional measure or measures of segment profit or loss that are not determined in accordance with GAAP, to reach out to the SEC to discuss their plans.
Dec 19, 2023
This edition of the Quarterly Accounting Roundup: Year in Review — 2023 grapples with a year marked by economic anxieties and a burgeoning focus on sustainability. Challenges like bank failures, capital constraints, and restructuring highlight the uncertain times, while rising international sustainability pressure manifests in Californian legislation and landmark disclosure standards from the ISSB and FASB. Notably, the FASB has issued various updates on topics ranging from reportable segments to crypto assets, while the SEC has ramped up regulations on cybersecurity and money market funds.
Dec 15, 2023
In this iGAAP in Focus - Closing Out (last updated December 31, 2023), we set out financial and sustainability reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlight areas of regulatory focus and recent changes in accounting standards.
Dec 15, 2023
This Heads Up addresses the FASB’s recently issued Accounting Standards Update (ASU) No. 2023-08, Accounting for and Disclosure of Crypto Assets. The ASU requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in net income in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets.
Dec 10, 2023
This Heads Up summarizes insights from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments. The conference brings together key stakeholders to discuss developments, emerging issues, and trends in accounting, financial reporting, and auditing, as well as other related matters. Topics discussed at this year’s conference included communication to investors; new SEC reporting requirements, including clawback checkboxes; new guidance on segment reporting; the statement of cash flows; and PCAOB inspection trends and audit quality.
Dec 01, 2023
This Roadmap provides Deloitte’s insights into and interpretations of the guidance in ASC 606 on revenue from contracts with customers, the cost guidance in ASC 340-40, and the guidance in ASC 610-20 on gains and losses on transfers of nonfinancial and in-substance nonfinancial assets to noncustomers. The 2023 edition includes updated and expanded discussions as well as new sections and illustrative examples. Appendix F of the Roadmap highlights substantive revisions to previous content.
Oct 12, 2023
This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for SEC registrants.
Oct 06, 2023
The Accounting Standards Board (“AcSB”) issued amendments to Section 3840, Related Party Transactions and Section 3856, Financial Instruments in September 2023. The amendments are relevant to entities applying the standards in Part II of the CPA Canada Handbook, Accounting Standards for Private Enterprises, and addresses certain application challenges encountered by entities applying the standards. More critically, the amendments reduce reporting burden for entities accounting for common control combinations, in particular, in cases where the combination has no commercial substance and is accounted for at carrying values (for example, an internal reorganization where the changes in ownership interest is not-substantive).
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