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  • GASB document Image
  • GASB proposes implementation guide

    Jul 25, 2017

    The GASB has issued proposed Implementation Guide No. 201X-Z, “Accounting and Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting).”

  • EITF meeting Image
  • EITF discusses cloud computing arrangements at July meeting

    Jul 21, 2017

    At its July 20, 2017, meeting, the EITF discussed Issue No. 17-A, “Customer's Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement That Is Considered a Service Contract.”

  • FASB meeting Image
  • FASB discusses disclosure framework

    Jul 21, 2017

    At its July 19, 2017, meeting, the FASB discussed its project on the disclosure framework, including its proposed Concepts Statement “Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements.”

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  • GASB proposes guidance to improve certain debt disclosures

    Jul 13, 2017

    The GASB has issued an exposure draft (ED), “Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements,” which aims to “improve consistency in the information that is disclosed in the notes to government financial statements related to debt, including direct borrowings and direct placements, and to provide financial statement users with additional essential information about debt.”

  • FASB document Image
  • FASB amends guidance on accounting for financial instruments with characteristics of liabilities and equity

    Jul 13, 2017

    The FASB has issued a two-part Accounting Standards Update (ASU) No. 2017-11, “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” The guidance in the new standard is based on recommendations from the Private Company Council and is intended to simplify current accounting.

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  • IFRS on Point — June 2017 Image
  • IFRS on Point — June 2017

    published Jul 26, 2017

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

  • Heads Up — FASB makes targeted changes to guidance on accounting for certain financial instruments with down-round features Image
  • Heads Up — FASB makes targeted changes to guidance on accounting for certain financial instruments with down-round features

    published Jul 21, 2017

    This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2017-11, which makes limited changes to the Board’s guidance on classifying certain financial instruments as either liabilities or equity. The ASU is intended to improve (1) the accounting for instruments with “down-round” provisions and (2) the readability of the guidance in ASC 480 on distinguishing liabilities from equity by replacing the indefinite deferral of certain pending content with scope exceptions.

  • EITF Snapshot — July 2017 Image
  • EITF Snapshot — July 2017

    published Jul 21, 2017

    This issue summarizes the topics discussed and conclusions reached at the July 20, 2017, meeting of the Emerging Issues Task Force.

  • Heads Up — Crisis averted Image
  • Heads Up — Crisis averted

    published Jul 20, 2017

    This Heads Up discusses the SEC staff’s announcement at the July 20, 2017 meeting of the Emerging Issues Task Force that the staff would not object to elections by certain public business entities (PBEs) to use the non-PBE effective dates for the sole purpose of adopting the FASB’s new standards on revenue and leases.

  • Audit Committee Brief — July 2017 Image
  • Audit Committee Brief — July 2017

    published Jul 19, 2017

    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 proposes targeted amendments to the related-party guidance for variable interest entities Image
  • Heads Up — FASB proposes targeted amendments to the related-party guidance for variable interest entities

    published Jul 14, 2017

    This Heads Up discusses the FASB’s proposed Accounting Standards Update (ASU), "Targeted Improvements to Related Party Guidance for Variable Interest Entities." The proposed ASU’s three main objectives are (1) to add an elective private-company scope exception to the variable interest entity (VIE) guidance for entities under common control, (2) to remove a sentence in ASC 810-10-55-37D regarding the evaluation of fees paid to decision makers to conform with the amendments in ASU 2016-17 (issued in October 2016), and (3) to make additional changes to the related-party guidance in the VIE primary-beneficiary assessment, including amending the guidance in ASC 810-10-25-44 (frequently referred to as the related-party tiebreaker test).

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