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2018

FASB releases 2019 U.S. GAAP and SEC taxonomies

Dec 18, 2018

The FASB has released the 2019 U.S. GAAP Financial Reporting Taxonomy and 2019 SEC Reporting Taxonomy.

The 2019 version of the U.S. GAAP tax­on­omy “con­tains updates for ac­count­ing stan­dards and other recommended im­prove­ments.” The 2019 SEC tax­on­omy “contains elements necessary to meet SEC requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities.”

Both tax­on­omies are subject to final SEC ap­proval, which is ex­pected to be granted in early 2019.

For more in­for­ma­tion, see the press release, U.S. GAAP tax­on­omy page, and SEC tax­on­omy page on the FASB’s Web site.

FAF trustees announce new and reappointed FASAC and GASAC members

Dec 18, 2018

The FAF trustees have appointed 11 new members to the Financial Accounting Standards Advisory Council (FASAC) and 11 new members to the Governmental Accounting Standards Advisory Council (GASAC). The trustees have also announced the reappointments of 21 FASAC members and 8 GASAC members, including GASAC Chairman Robert Scott.

For more in­for­ma­tion, see the FASAC and GASAC press re­leases on the FAF’s Web site.

SEC seeks comments on earnings releases and quarterly reports

Dec 18, 2018

The SEC has issued “Request for Comment on Earnings Releases and Quarterly Reports,” which solicits comments on how the SEC “can enhance, or at a minimum maintain, the investor protection attributes of periodic disclosures while reducing administrative and other burdens on reporting companies associated with quarterly reporting.”

For more information, see Deloitte's Heads Up newsletter as well as the press release and request for comment on the SEC’s Web site.

 

AICPA releases working draft case studies for its valuation guide

Dec 18, 2018

The AICPA’s Financial Reporting Executive Committee has released for public comment two working drafts of case studies for its Accounting and Valuation Guide, “Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.”

The working draft case studies are on value fluctuations in a real estate investment financed with debt and investments in nonperforming distressed debt.

Com­ments on the working drafts are due by January 14, 2019. For more in­for­ma­tion, see the press release on the AICPA’s Web site.

SEC updates EDGAR filer manual and technical specifications

Dec 18, 2018

The SEC has implemented Release 18.4 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The release updates volumes I, II, and technical specifications for Form ATS-N XML, Form CFPortal XML, and Form MA XML of the EDGAR Filer Manual.

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

PCAOB names new chief auditor

Dec 14, 2018

The PCAOB has announced that Megan Zietsman has been named as chief auditor and director of professional standards to replace acting chief auditor Barbara Vanich.

Ms. Zietsman, currently a partner in Deloitte & Touche LLP’s professional practice network, is expected to assume her new role at the PCAOB in early 2019.

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

PCC holds December 2018 meeting

Dec 13, 2018

At its December 11, 2018, meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) disclosures by business entities about government assistance, (2) goodwill and certain identifiable intangible assets, (3) distinguishing liabilities from equity, (4) disclosure improvements in response to the SEC final rule on disclosure update and simplification, (5) Codification improvements to share-based consideration payable to a customer, and (6) a practical expedient related to measuring the grant-date fair value of equity-classified share-based payments.

The next PCC meeting is sched­uled for April 2, 2019. For more in­for­ma­tion, see the meeting recap on the FASB’s Web site.

Speeches from the annual AICPA conference are now available

Dec 13, 2018

The 2018 AICPA Conference on Current SEC and PCAOB Developments was held in Washington, D.C., from December 10 to 12. The conference featured speeches by — as well as panel discussions and question-and-answer sessions with — members of the SEC, PCAOB, FASB, and IASB and professionals from various industries.

Pre­pared remarks by the fol­low­ing speak­ers are now avail­able:

SEC

FASB

PCAOB

  • George Botic, director, Division of Registration and Inspections.

CAQ

IASB

Stay tuned for De­loitte’s Heads Up newslet­ter for high­lights from the con­fer­ence.

CAQ issues publication on CAM “dry run” results

Dec 13, 2018

The Center for Audit Quality (CAQ) has released a publication, “Critical Audit Matters: Lessons Learned, Questions to Consider, and an Illustrative Example.”

This pub­li­ca­tion provides early observations from “dry runs” related to the CAM requirements in the PCAOB’s June 2017 standard on the auditor’s report. The publication notes that “[t]hese dry runs entail practicing the identification and drafting of CAMs, as well as engaging with management and audit committees prior to the [June 30, 2019,] effective date.”  

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

IASB publishes proposed amendments to IAS 37 on onerous contracts

Dec 13, 2018

The IASB has published an exposure draft, “Onerous Contracts — Cost of Fulfilling a Contract,” which would clarify IAS 37 by specifying which costs should be included in the assessment of whether a contract will be loss-making.

The proposed amendments would:

  • “[S]pecify that the costs of fulfilling a contract include both incremental costs, such as the costs of materials, and an allocation of other costs directly related to the contract, such as the depreciation charge for equipment the company uses to fulfil contracts.”
  • Give examples of costs that are — and are not — directly related to a contract providing goods or services.

Comments on the exposure draft are due by April 15, 2019. For more information, see the press release, exposure draft, and In Brief publication on the IASB’s Web site. 

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