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2016

PCC holds December 2016 meeting

Dec 13, 2016

At today’s meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) financial instruments — hedge accounting, (2) consolidation reorganization and improvements, (3) the private-company decision-making framework, (4) the invitation to comment on the Board’s agenda consultation, and (5) the definition of a public business entity.

The next PCC meeting is scheduled for April 4, 2017. For more information, see the meeting recap and meeting minutes on the FASB’s Web site.

SEC updates EDGAR filer manual and technical specifications

Dec 13, 2016

The SEC has issued a final rule implementing Release 16.4 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

Updates made by the final rule include:

  • New and updated submission form types.
  • Increased number of owners for certain submissions.
  • Updated schema and duplicated submissions for ABS-EE.
  • Ability to provide typed dimensions in XBRL submissions.

For more information, see the final rule and press release on the SEC’s Web site.

IASB issues amendments and new IFRIC interpretation

Dec 09, 2016

The IASB has issued “Transfers of Investment Property (Amendments to IAS 40)”; “Annual Improvements to IFRS Standards 2014–2016 Cycle”; and IFRIC Interpretation 22, “Foreign Currency Transactions and Advance Consideration.”

Amendments to IAS 40

The revisions to IAS 40 would clarify the standard’s guidance on transfers of property to or from investment property. The amendments are effective for periods beginning on or after January 1, 2018. Early application is permitted.

Annual improvements to IFRSs

The IASB amended three IFRSs as part of its annual improvements project: IFRS 1, First-time Adoption of International Financial Reporting Standards; IFRS 12, Disclosure of Interest in Other Entities; and IAS 28, Investments in Associates.

IFRIC 22

IFRIC 22 would clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The new guidance is effective for annual reporting periods beginning on or after January 1, 2018. Early application is permitted.

For more information, see the press release on the IASB’s Web site.

SEC staff publishes C&DIs on Securities Act rules and Exchange Act rules

Dec 09, 2016

The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs) related to various aspects of the Securities Act rules and Exchange Act rules.

Topics addressed by the updates included the following:

  • Securities Act rules.
    • F-series forms generally (Section 102).
    • Private resales of securities to institutions (Section 138, Rule 144A).
    • Definition of terms (Section 203, Rule 405).
    • Definitions (Section 276, Rule 902).
    • Offers or sales of securities by the issuer, a distributor, any of their respective affiliates, or any person acting on behalf of any of the foregoing; conditions related to specific securities (Section 277, Rule 903).
  • Exchange Act rules.
    • Definitions: Rules 3a11-1 to 3b-19 (Sections 110 to 119).
    • Rule 12g-3 (Section 150).
    • Rule 12h-6 (Section 155).

For more in­for­ma­tion, see the Securities Act rules and Exchange Act rules C&DI pages on the SEC’s Web site.

SEC announces two departures

Dec 08, 2016

The SEC has announced that Keith F. Higgins, director of the Division of Corporation Finance, and Andrew J. Ceresney, director of the Enforcement Division, will be leaving the Commission.

Mr. Higgins will be leaving in early January and will be replaced by Shelley Parratt, who is currently deputy director of the Division of Corporation Finance. Mr. Ceresney will be leaving by the end of the year and will be replaced by Stephanie Avakian, who is currently the deputy director of the Enforcement Division.

For more information, see the press releases on the Mr. Higgins and Mr. Ceresney departures on the SEC’s Web site.

SEC staff publishes C&DIs for foreign private issuers

Dec 08, 2016

The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs) related to Form 20-F filing considerations for foreign private issuers.

For more in­for­ma­tion, see Ques­tions 110.03–.07 of the Exchange Act form C&DIs on the SEC’s Web site.

GASB issues guidance on certain asset retirement obligations

Dec 07, 2016

The GASB has issued Statement No. 83, “Certain Asset Retirement Obligations.”

State­ment 83 “establishes criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for AROs” and “requires that recognition occur when the liability is both incurred and reasonably estimable.”

State­ment 83 applies to all state and local gov­ern­ments and is ef­fec­tive for re­port­ing periods be­gin­ning after June 15, 2018. Early ap­pli­ca­tion is en­cour­aged.

For more in­for­ma­tion, see the press release and State­ment 83 on the GASB’s Web site.

FASB proposes targeted changes to guidance on liabilities and equity

Dec 07, 2016

The FASB has issued a two-part proposed ASU, “I. Accounting for Certain Financial Instruments With Down Round Features and 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 proposed ASU’s objective is to improve (1) the accounting for instruments with “down-round” provisions and (2) the readability of ASC 480-10 by replacing the indefinite deferral of certain pending content with scope exceptions.

Com­ments on the pro­posed ASU are due by February 6, 2017. For more in­for­ma­tion, see Deloitte's related Heads Up newsletter as well as the pro­posed ASU on the FASB’s Web site.

Speeches from the annual AICPA conference are now available

Dec 07, 2016

The 2016 AICPA Conference on Current SEC and PCAOB Developments is being held in Washington, D.C., from December 5 to 7. The conference features speeches by — as well as panel discussions and question-and-answer sessions with — members of the SEC, PCAOB, FASB, IASB, and professionals from various industries.

Prepared remarks by the following speakers are now available:

SEC

  • Wesley R. Bricker, chief accountant, Office of the Chief Accountant.
  • Jonathan Wiggins, associate chief accountant, Office of the Chief Accountant.
  • Julie A. Erhardt, deputy chief accountant, Office of the Chief Accountant.
  • Marc Panucci, deputy chief accountant, Office of the Chief Accountant.
  • Jenifer Minke-Girard, assistant deputy chief accountant, Office of the Chief Accountant.
  • Sylvia E. Alicea, professional accounting fellow, Office of the Chief Accountant.
  • Sean May, professional accounting fellow, Office of the Chief Accountant.
  • Brian Staniszewski, professional accounting fellow, Office of the Chief Accountant.
  • Jennifer L. Todling, professional accounting fellow, Office of the Chief Accountant.
  • Ruth Uejio, professional accounting fellow, Office of the Chief Accountant.

FASB

PCAOB

CAQ

IASB

Also see Deloitte’s Heads Up newsletter for highlights from the conference.

CAQ issues publication on non-GAAP measures

Dec 06, 2016

The Center for Audit Quality (CAQ) has released a publication, “Non-GAAP Financial Measures: Continuing the Conversation.”

The purpose of the publication is to “explore the issue of non-GAAP information, providing context on its definition and use, pertinent regulatory developments, and the current level of auditor involvement.” The publication includes questions for stakeholder groups to consider as they prepare or use non-GAAP financial measures.

For more information, see the press release and publication on the CAQ’s Web site.

Correction list for hyphenation

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