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  • AICPA (American Institute of CPAs) Image
  • AICPA revises description of materiality

    Dec 06, 2019

    The AICPA’s Auditing Standards Board has published Statement on Auditing Standards (SAS) No. 138, “Amendments to the Description of the Concept of Materiality,” and Statement on Standards for Attestation Engagements (SSAE) No. 20 by the same name.

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  • GASB issues proposed implementation guide

    Dec 05, 2019

    The GASB has issued a proposed implementation guide, “Implementation Guidance Update — 2020,” which contains Q&As that would “clarify, explain, or elaborate on” certain GASB Statements.

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  • SEC issues proposed rule on the use of derivatives by investment funds

    Nov 27, 2019

    The SEC has issued a proposed rule, “Use of Derivatives by Registered Investment Companies and Business Development Companies; Required Due Diligence by Broker-Dealers and Registered Investment Advisers Regarding Retail Customers’ Transactions in Certain Leveraged/Inverse Investment Vehicles.”

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  • FASB ratifies EITF consensus

    Nov 22, 2019

    At its November 20, 2019, meeting, the FASB ratified the Emerging Issues Task Force (EITF) consensus on Issue 19-A, “Financial Instruments — Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815,” and directed its staff to draft a final Accounting Standards Update (ASU) for a vote by written ballot.

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  • SEC aligns Staff Accounting Bulletin series with ASC 326

    Nov 22, 2019

    The SEC has issued Staff Accounting Bulletin (SAB) No. 119, which aligns certain portions of its interpretive guidance with FASB Accounting Standards Codification (ASC) Topic 326, “Financial Instruments — Credit Losses.”

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  • Insurance — Accounting and Financial Reporting Update (December 2019)

    published Dec 05, 2019

    The latest edition of our annual update highlights selected accounting and reporting developments that may be of interest to insurance entities. The most notable standard-setting development for insurers in 2019 was the FASB’s issuance in November of ASU 2019-09. The amendments in ASU 2019-09 give certain companies a one-year deferral of the effective date of ASU 2018-12, which makes targeted improvements to the accounting for long-duration contracts issued by insurance entities. The FASB also issued an ASU in November 2019 that delays certain effective dates of its major standards on credit losses, derivatives and hedging, and leases.

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  • A Roadmap to Accounting for Current Expected Credit Losses

    published Dec 05, 2019

    This Roadmap combines the requirements in ASC 326 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. In addition, the publication highlights (1) the requirements of ASC 326 that significantly differ from those in existing U.S. GAAP and (2) standard-setting developments addressing questions raised and challenges identified by stakeholders over the past three years.

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  • Real Estate — Accounting and Financial Reporting Update (December 2019)

    published Dec 04, 2019

    The latest edition of our annual update highlights selected accounting and reporting developments that may be of interest to real estate entities. Developments in 2019 include the FASB’s issuance of ASUs related to its new leases standard, such as guidance that clarifies the impairment model for operating lease receivables. This publication also discusses changes to the requirements for the presentation of gains and losses related to the sale of properties by REITs as a result of the SEC’s issuance in 2018 of a final rule on disclosure updates and simplification. In addition, the FASB issued an ASU in November 2019 that delays the effective dates of its major standards on credit losses, derivatives and hedging, and leases.

  • Heads Up — FASB improves guidance on credit losses Image
  • Heads Up — FASB improves guidance on credit losses

    published Dec 02, 2019

    This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments — Credit Losses," which amends certain aspects of the Board’s new standard on credit losses (ASU 2016-13, "Measurement of Credit Losses on Financial Instruments").

  • Audit Committee Brief — November 2019 Image
  • Audit Committee Brief — November 2019

    published Dec 02, 2019

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • A Roadmap to Accounting for Share-Based Payment Awards (November 2019) Image
  • A Roadmap to Accounting for Share-Based Payment Awards (November 2019)

    published Nov 27, 2019

    This Roadmap provides Deloitte’s insights into and interpretations of the guidance on share-based payment arrangements in ASC 718 (employee and nonemployee awards) and ASC 505-50 (nonemployee awards before the adoption of ASU 2018-07) as well as in other literature (e.g., ASC 260 and ASC 805).

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