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  • GASB document Image
  • 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.

  • PCC meeting Image
  • PCC holds July 2017 meeting

    Jul 11, 2017

    At its July 11, 2017, meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) targeted improvements to the related-party guidance for variable interest entities, (2) targeted improvements to the guidance on financial instruments with characteristics of liabilities and equity, (3) cloud computing, (4) nonemployee share-based payments, (5) balance sheet classification of debt, and (6) agenda consultation.

  • SEC document Image
  • SEC adopts updates to EDGAR filer manual

    Jul 07, 2017

    The SEC has issued a final rule adopting updates to Volume I and Volume II of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

  • AICPA (American Institute of CPAs) Image
  • AICPA issues four revenue working drafts

    Jul 06, 2017

    The AICPA’s revenue recognition task forces have released for public comment four working drafts on accounting issues associated with the implementation of the new revenue standard for airlines, gaming, health care, and telecommunications industries.

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  • 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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