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FASB proposes guidance on principal-versus-agent considerations

Aug 31, 2015

The FASB has issued a proposed ASU, "Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)."

The amendments, which are being proposed in response to feedback received by the FASB-IASB joint revenue recognition transition resource group, intend to clarify certain guidance related to principal versus agent considerations.

Comments on the proposed ASU are due by October 15, 2015.

The IASB has also issued an ED on this topic; the proposed amendments in the IASB’s ED are the same as those in the FASB’s ASU.

For more information, see Deloitte's Heads Up newsletter as well as the press release and proposed ASU on the FASB’s Web site.

GASB issues authoritative implementation guidance

Aug 28, 2015

The GASB has issued, “Implementation Guide No. 2015-1,” which “clarifies, explains, or elaborates on GASB Statements and Interpretations.”

The implementation guide includes changes made as a result of “feedback received during the year-long public exposure of previously issued implementation guidance,” which culminated in the issuance of GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.

The guide is effective for reporting periods beginning after June 15, 2015. For more information, see the press release and implementation guide on the GASB’s Web site.

Highlights from the FASB's August 26 meeting

Aug 27, 2015

At its August 26, 2015, meeting, the FASB discussed its conceptual framework and disclosure framework projects.

Conceptual framework: measurement

The FASB discussed the types of expenditures and other items that might be included in initial carrying amounts of assets, liabilities, and equity instruments. See the meeting minutes on the FASB's Web site for more information.

Disclosure framework — disclosure review: income taxes

The FASB made several decisions about unrecognized tax benefits. See Deloitte's related journal entry and the meeting minutes on the FASB's Web site for more information.

SEC updates Financial Reporting Manual

Aug 26, 2015

The SEC’s Division of Corporation Finance has published an update to its Financial Reporting Manual (FRM) that contains revisions made as of August 25, 2015.

Two FRM paragraphs containing guidance for delinquent filers were revised. For more in­for­ma­tion, see Deloitte's related journal entry and the FRM on the SEC's Web site.

FASB discusses agenda prioritization

Aug 21, 2015

The FASB held an agenda prioritization meeting on August 19, 2015.

The Board discussed the results of staff research on five potential projects and decided not to add any of the projects to its agenda. The Board also directed its staff to further research potential projects on:

  • “Accounting for notional pooling arrangements in consolidated financial statements — whether the scope of this issue could be expanded to other types of bank overdrafts.”
  • “Clarification of the regular way security scope exception in Topic 815 — evaluate alternative ways the Board might clarify the regular way security scope exception in Topic 815.”

In addition, the Board decided to solicit, during its upcoming agenda consultation process, “shareholder feedback on the relative priority of a potential project to simplify the measurement of asset retirement obligations.”

For more information, see the tentative Board decisions on the FASB’s Web site.

PCAOB and HAASOB enter into cooperative agreement

Aug 19, 2015

The Greek audit regulator, the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB), and the US PCAOB have entered into a cooperative agreement related to “the oversight of audit firms subject to the regulatory jurisdictions of both regulators.”

The agree­ment, which is ef­fec­tive im­me­di­ately, allows the two reg­u­la­tors to ex­change con­fi­den­tial in­for­ma­tion re­gard­ing firms op­er­at­ing in both ju­ris­dic­tions and is in­tended to enhance their su­per­vi­sory over­sight, in­spec­tions, and in­ves­ti­ga­tions of the firms.

The PCAOB and HAASOB also signed a data pro­tec­tion agree­ment to ensure that they comply with na­tional data pro­tec­tion re­quire­ments when trans­fer­ring in­for­ma­tion.

For more information, see the press release and the agreement on the PCAOB’s Web site.

PCAOB issues annual report on interim inspection program for broker-dealers

Aug 19, 2015

The PCAOB has issued an annual report on its interim inspection program for broker-dealers, which addresses audit deficiencies and independence findings the PCAOB discovered in audit firm inspections it conducted during 2014.

The deficiencies noted by the PCAOB primarily concerned “revenue recognition, reliance on records and reports, fair value accounting estimates, financial statement presentation disclosures, and the customer protection rule.”

For more information, see the press release, fact sheet, annual report, and 2015 staff inspection brief on the PCAOB’s Web site.

SEC publishes order related to municipal adviser registration

Aug 19, 2015

The SEC has issued an order that applies to municipal adviser registration.

Specifically, the order directs the Financial Industry Regulatory Authority to “administer professional qualification tests for associated persons of registered municipal advisors who engage in municipal advisory activities or engage in the management, direction or supervision of municipal advisory activities, pursuant to the Commission’s authority.”

The order became effective on August 17, 2015. For more information, see the order on the SEC’s Web site.

FASB issues final ASU clarifying SEC’s position on presentation of debt issuance costs

Aug 18, 2015

The FASB has issued Accounting Standards Update (ASU) No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.”

ASU 2015-15 is being issued to clarify the SEC staff’s position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements given the lack of guidance on this topic in ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The SEC staff has announced that it would “not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement.”

For more in­for­ma­tion, see the ASU on the FASB’s Web site as well as De­loitte’s Heads Up newsletter on ASU 2015-03.

SEC posts draft of EDGAR filer manuals for upcoming EDGAR release

Aug 18, 2015

Last week, the SEC posted to its Web site drafts of Volumes I, II, and III of its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual for upcoming EDGAR Release 15.3.

The new release, which is sched­uled for im­ple­men­ta­tion on September 14, 2015, will in­tro­duce several changes, in­clud­ing the fol­low­ing:

  • New sub­mis­sion form types.
  • New XBRL document types.
  • New ex­hibits on EDGAR­Link Online.
  • Minor, doc­u­men­ta­tion-only cor­rec­tions.
  • Soft­ware updates to address pre­vi­ous EDGAR updates.
  • Schema updates.

This draft has not been ap­proved by the Com­mis­sion and is subject to change. The final version of the EDGAR Filer Manual will be posted on the SEC’s Web site once it has been ap­proved.

For more in­for­ma­tion, see the SEC's Web site:

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