This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

March

SEC updates EDGAR filer manual and technical specifications

Mar 13, 2017

The SEC has implemented Release 17.1 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual. The release updates volume I and II of EDGAR and various technical specifications.

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

FASB issues guidance on presentation of net periodic benefit cost

Mar 10, 2017

The FASB has issued Accounting Standards Update (ASU) No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.”

The ASU requires entities to (1) disaggregate the current-service-cost component from the other components of net benefit cost (the “other components”) and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines.

The ASU’s amendments are effective for public business entities for interim and annual periods beginning after December 15, 2017. For other entities, the amendments are effective for annual periods beginning after December 15, 2018, and interim periods thereafter.

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

Highlights from the FASB’s March 8 meeting

Mar 10, 2017

At its March 8, 2017, meeting, the FASB discussed its projects on (1) hedging, (2) consolidation reorganization and target improvements, and (3) related-party guidance for variable interest entities (VIEs).

Accounting for financial instruments — hedging

The Board tentatively decided to simplify certain aspects of the application of hedge accounting to (1) “sub-benchmark” interest rate risk hedges and (2) fair value hedges of interest rate risk of prepayable financial assets.

For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Consolidation reorganization and targeted improvements

The Board tentatively decided to draft a proposed ASU that would reorganize the consolidation guidance in ASC 810 and clarify the application of the concept “expected” for external review.

For more in­for­ma­tion, see Deloitte's related journal entry as well as the meeting minutes on the FASB’s Web site.

Consolidation: targeted improvements to related-party guidance for VIEs

The Board tentatively decided to (1) provide a private-company alternative that exempts private companies under common control from applying the VIE guidance in ASC 810, (2) remove the private-company alternative for leasing arrangements under common control from the VIE guidance, and (3) make certain amendments to the guidance for related parties under common control. The FASB directed its staff to draft a proposed ASU for external review.

For more information, see Deloitte's related journal entry as well as the meeting minutes on the FASB’s Web site.

SEC approves the 2017 U.S. GAAP Financial Reporting Taxonomy

Mar 10, 2017

The FASB has announced that the SEC has approved the 2017 U.S. GAAP Financial Reporting Taxonomy and has updated its EDGAR system to support the new version.

The 2017 tax­on­omy re­flects ac­count­ing stan­dards issued during the past year as well as other cor­rec­tions and im­prove­ments to the 2016 tax­on­omy. In ad­di­tion, the FASB’s tax­on­omy staff has issued 2016 XBRL im­ple­men­ta­tion guides on the fol­low­ing topics:

  • Dis­posal groups and dis­con­tin­ued op­er­a­tions.
  • In­sur­ance: con­cen­tra­tion of credit risk dis­clo­sures.
  • Liq­ui­da­tion basis of ac­count­ing.
  • Leases under ASC 842.
  • Mea­sure­ment-date prac­ti­cal ex­pe­di­ent for defined benefit plans.
  • No­tional amount dis­clo­sures.
  • Other com­pre­hen­sive income.
  • Re­pur­chase-to-ma­tu­rity trans­ac­tions and re­pur­chase fi­nanc­ings.
  • Retirement benefits — phase 1.
  • Revenue from contracts with customers.
  • Segment reporting.
  • Short-du­ra­tion in­sur­ance con­tracts.
  • Sub­se­quent events.

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

SEC issues notice on recent EDGAR phishing scam

Mar 09, 2017

The SEC has issued a notice related to a phishing campaign in which fraudulent e-mails have been sent to certain EDGAR filers.

The e-mails falsely indicate that the SEC has recently made changes to Form 10-K and may contain malicious attachments that are designed to gain access to the user’s computer or network. The SEC has confirmed that it has sent no such e-mails to EDGAR filers and that recipients should delete the e-mails.

For more information, see the notice on the SEC’s Web site.

IFRS Foundation releases 2017 IFRS taxonomy

Mar 09, 2017

The IFRS Foundation has released its 2017 IFRS taxonomy, which is a translation of IFRSs into XBRL.

The 2017 IFRS taxonomy reflects IFRSs issued by the IASB as of January 1, 2017.

For more information, see the press release and the IFRS taxonomy page on the IASB's Web site.

FASB proposes improvements to nonemployee share-based payment accounting

Mar 07, 2017

The FASB has issued a proposed Accounting Standards Update (ASU), “Improvements to Nonemployee Share-Based Payment Accounting,” as part of its simplification initiative (i.e., the Board’s effort to reduce the cost and complexity of financial reporting).

The proposed ASU will expand the scope of ASC 718, Stock Compensation, to include payments for goods and services to nonemployees. The objective of the proposal is to improve the following aspects of nonemployee share-based payment accounting:

  • Overall measurement objective.
  • Measurement date.
  • Awards with performance conditions.
  • Classification reassessment of certain equity-classified awards.
  • Practical expedient — calculated value.
  • Intrinsic value.

Comments on the proposed ASU are due by June 5, 2017. For more information, see Deloitte's Heads Up newsletter as well as the press release, FASB in Focus newsletter, and proposed ASU on the FASB’s Web site.

FASB appoints two new EITF members

Mar 06, 2017

The FASB has approved the appointment of Kimber Bascom and Lawrence Dodyk to the EITF.

Mr. Bascom will begin his term immediately and re­places current EITF member Robert Malhotra. Mr. Dodyk will begin his term on June 8, 2017, and will be replacing EITF member John Althoff.

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

FASB discusses the definition of readily determinable fair value

Mar 02, 2017

At its March 1, 2017, meeting, the FASB tentatively decided not to add a project to its technical agenda on the definition of readily determinable fair value. Instead, the Board plans to amend the illustrative example in ASC 962-325-55-17 as part of the technical corrections and improvements project.

For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

AICPA issues five revenue working drafts

Mar 02, 2017

The AICPA’s revenue recognition task forces have released for public comment five working drafts on accounting issues associated with the implementation of the new revenue standard for aerospace and defense, broker-dealer, power and utility, and time-share entities.

The working drafts address the fol­low­ing topics:

Com­ments on the working drafts are due by May 1, 2017. For more in­for­ma­tion, see the revenue recog­ni­tion page on the AICPA’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.