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January

EITF discusses accounting for episodic TV series at January meeting

Jan 18, 2019

At its meeting yesterday, the EITF discussed Issue No. 18-B, “Improvements to Accounting for Episodic Television Series.”

The EITF reached a final consensus on the issue at this meeting. FASB ratification is expected at the Board’s January 30, 2019, meeting, after which a final ASU will be issued.

For a detailed summary of the meeting, see Deloitte’s January 2019 EITF Snapshot.

 

FASB issues Q&A document on estimating credit loss reserves

Jan 11, 2019

The FASB has published a Q&A document, “Whether the Weighted-Average Remaining Maturity [WARM] Method Is an Acceptable Method to Estimate Expected Credit Losses.”

In the document, the FASB concludes, among other things, that the WARM method “is one of many methods that could be used to estimate an allowance for credit losses for less complex financial asset pools.”

For more in­for­ma­tion, see the press release and Q&A doc­u­ment on the FASB’s Web site.

AICPA issues revenue working draft for broker-dealers

Jan 10, 2019

The AICPA’s Financial Reporting Executive Committee has released for public comment a working draft for broker-dealers that addresses an illustrative note to financial statements that is associated with the implementation of the new revenue standard.

Topics addressed in the working draft include:

  • Significant judgments.
  • Investment banking.
  • Asset management.
  • Costs of obtaining or fulfilling a contract with a customer.
  • Disaggregated revenue from contracts with customers.

Com­ments on the working draft are due by March 4, 2019. For more in­for­ma­tion, see the revenue recog­ni­tion re­source page on the AICPA’s Web site.

 

CAQ issues publication on audit quality disclosures

Jan 08, 2019

The Center for Audit Quality (CAQ) has released a publication, “The Audit Quality Disclosure Framework.”

The publication “assists firms in their ongoing efforts to develop [audit quality] disclosures, which many accounting firms now provide through annual transparency or audit quality reports.”

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

GASB issues proposed implementation guide

Jan 04, 2019

The GASB has issued a proposed implementation guide, “Fiduciary Activities,” which contains Q&As related to GASB Statement 84 (issued in January 2017).

Topics addressed in the proposed guide’s Q&As include:

  • Identifying fiduciary activities.
  • Reporting fiduciary activities in fiduciary funds.
  • Statement of fiduciary net position.
  • Statement of changes in fiduciary net position.
  • Reporting fiduciary component units.

In addition, the proposed guide would amend certain Q&As from previously issued implementation guides.

Comments on the proposed implementation guide are due by February 28, 2019. For more information, see the proposed guide on the GASB’s Web site.

SEC and other organizations propose guidance to exclude community banks from the Volcker Rule

Jan 03, 2019

The SEC and several other government agencies — including the Federal Reserve Board, CFTC, FDIC, and OCC — have jointly issued a proposed rule, “Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds.”

Issued in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act, the proposed amendments would “exclude from these restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets and amend the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances.”

Comments on the proposed rule are due 30 days after the date of its publication in the Federal Register. For more information, see the press release and proposed rule on the SEC’s Web site.

Correction list for hyphenation

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