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News

FASB document Image

FASB enhances the accounting for episodic television series

Mar 06, 2019

The FASB has issued an Accounting Standards Update (ASU), “Improvements to Accounting for Costs of Films and License Agreements for Program Materials.”

The ASU, which is being released in response to an EITF consensus, aligns “the ac­count­ing for pro­duc­tion costs of an episodic tele­vi­sion series with the ac­count­ing for pro­duc­tion costs of films by re­mov­ing the content dis­tinc­tion for cap­i­tal­iza­tion.” Further, the ASU requires en­ti­ties to “re­assess es­ti­mates of the use of a film for a film in a film group and account for any changes prospec­tively.”

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

FASB document Image

FASB updates FAQ on U.S. GAAP Financial Reporting Taxonomy and issues final taxonomy implementation guide on debt securities

Mar 06, 2019

The FASB staff has updated its FAQ document on the U.S. GAAP Financial Reporting Taxonomy to address the deprecation of the “Report Date [Axis]” element. In addition, the staff has issued a taxonomy implementation guide, “Financial Instruments — Debt Securities.”

For more information, see the FAQ document and taxonomy implementation guide on the FASB’s Web site.

FASB document Image

FASB issues guidance to address lessor implementation issues

Mar 05, 2019

The FASB has issued an Accounting Standards Update (ASU), “Leases (Topic 842): Codification Improvements.”

The ASU “addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new leases standard.”

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

FASB document Image

FASB proposes improvements to the accounting for share-based payments to customers

Mar 04, 2019

The FASB has issued a proposed Accounting Standards Update (ASU), “Codification Improvements — Share-Based Consideration Payable to a Customer.”

The pro­posed ASU would clarify the accounting for share-based payments issued as sales incentives to customers. Entities would be required, among other things, to apply the guidance in ASC 718 when measuring and classifying share-based payments to a customer. Com­ments on the pro­posed ASU are due by April 4, 2019.

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

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Highlights of the FASB’s February 27 meeting

Mar 01, 2019

At its February 27, 2019, meeting, the FASB discussed its projects on (1) disclosures by business entities about government assistance, (2) Codification improvements related to financial instruments, (3) the conceptual framework, and (4) income tax disclosures.

Disclosures by business entities about government assistance

The Board continued redeliberating its proposed Accounting Standards Update (ASU) Disclosures by Business Entities About Government Assistance and directed its staff to obtain more information about the potential costs and benefits of a final ASU on this topic.

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

Codification improvements — financial instruments

The Board dis­cussed feedback on its proposed ASU Codification Improvements — Financial Instruments.

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

Conceptual framework — elements

The Board discussed its working definition of a liability and decided that “all present obligations to transfer assets and obligations to deliver shares sufficient in number to satisfy a determinable or defined obligation should meet the definition of a liability.”

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

Disclosure framework: disclosure review — income taxes

The Board continued redeliberating its July 2016 proposed ASU Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes and made tentative decisions related to disaggregation of “income tax expense and income taxes paid between domestic amounts and foreign amounts.” In addition, the Board decided to issue a revised proposed ASU that would contain all amendments on which decisions have been reached since the issuance of the previous proposal.

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

GASB document Image

GASB issues proposed implementation guide

Mar 01, 2019

The GASB has issued a proposed implementation guide, “Leases,” which contains Q&As related to GASB Statement 87.

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

  • Scope and applicability of Statement 87.
  • Lease term.
  • Short-term leases.
  • Contracts that transfer ownership.
  • Lessee recognition and measurement for leases other than short-term leases and contracts that transfer ownership.
  • Notes to financial statements — lessees.
  • Lessor recognition and measurement for leases other than short-term leases and contracts that transfer ownership.
  • Notes to financial statements — lessors.
  • Lease incentives.
  • Contracts with multiple components.
  • Contract combinations.
  • Lease modifications and terminations.
  • Sale-leaseback transactions.
  • Lease-leaseback transactions.
  • Intra-entity leases.

Com­ments on the pro­posed im­ple­men­ta­tion guide are due by April 30, 2019. For more in­for­ma­tion, see the press release and the pro­posed guide on the GASB’s Web site.

SEC document Image

SEC updates timing requirements for Form N-PORT

Feb 28, 2019

The SEC has issued an interim final rule, “Amendments to the Timing Requirements for Filing Reports on Form N-PORT.”

The final rule changes the timing of filing nonpublic monthly reports from within 30 days after each month-end to 60 days after the end of each fiscal quarter. In addition, “non-public monthly reports on Form N-PORT for the first and second months of the fiscal quarter will remain non-public and the monthly report for the third month will become publicly available upon filing (with the exception of certain specific data items), rather than being filed non-publicly no later than 30 days after the end of the fiscal quarter and being made public 60 days after the end of the fiscal quarter.”

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

FAF (US Financial Accounting Foundation)  Image

FAF trustees reappoint GASB member

Feb 28, 2019

The FAF board of trustees has reappointed Brian W. Caputo to serve his second term as a GASB member.

Mr. Caputo’s second term will begin on July 1, 2019, and end on June 30, 2025. For more in­for­ma­tion, see the press release on the FAF’s Web site.

FAF (US Financial Accounting Foundation)  Image

New members appointed to FASAC and IAC

Feb 25, 2019

The FAF trustees and the FASB have appointed new members to the Financial Accounting Standards Advisory Council (FASAC) and the Investor Advisory Committee (IAC), respectively.

Specifically, the trustees have appointed Karen J. Garnett to the FASAC and the FASB has appointed Nichole Burnap and Mark Hamel to the IAC.

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

SEC document Image

SEC proposes to expand “test-the-waters” modernization reform

Feb 19, 2019

The SEC has issued a proposed rule, “Solicitations of Interest Prior to a Registered Public Offering.”

The pro­posal would allow all potential issuers, not just emerging growth companies, “to engage in test-the-waters communications with certain institutional investors regarding a contemplated registered securities offering prior to, or following, the filing of a registration statement related to such offering.”

Com­ments on the pro­posed rule are due 60 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

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