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  • FASB (US Financial Accounting Standards Board) Image
  • FASB and ASBJ hold biannual meeting

    Jan 19, 2017

    On January18–19, 2017, the FASB met with the Accounting Standards Board of Japan (ASBJ) in Tokyo, Japan. The meeting is the 21st in a series of biannual meetings the two standard setters hold to further their “cooperative efforts to develop high-quality global accounting standards.”

  • FASB document Image
  • FASB amends consolidation guidance for not-for-profit entities

    Jan 12, 2017

    The FASB has issued ASU 2017-02, “Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity,” which amends the consolidation guidance for not-for-profit entities in ASC 958-810.

  • SEC speeches (green) Image
  • SEC chair discusses global accounting

    Jan 06, 2017

    SEC Chair Mary Jo White has issued a public statement, “A U.S. Imperative: High-Quality, Globally Accepted Accounting Standards,” urging the next SEC chair to continue to pursue global accounting standards to protect investors and the strength of the U.S. market.

  • AICPA (American Institute of CPAs) Image
  • AICPA issues additional revenue working drafts

    Jan 06, 2017

    The AICPA’s Revenue Recognition Task Force has released for public comment four working drafts on accounting issues associated with the implementation of the new revenue standard for the following industries: aerospace and defense, telecommunications, and time shares.

  • FASB (US Financial Accounting Standards Board) Image
  • FASB clarifies the definition of a business

    Jan 05, 2017

    The FASB has issued ASU 2017-01, “Clarifying the Definition of a Business,” which provides guidance on evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.

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  • Insurance — Accounting and Financial Reporting Update (2016)  Image
  • Insurance — Accounting and Financial Reporting Update (2016)

    published Jan 19, 2017

    The ninth edition of our annual update highlights selected accounting and reporting developments that may be of interest to insurance entities. Among other topics, the publication discusses (1) proposed improvements to the accounting for long-duration insurance contracts, (2) the new guidance on short-duration insurance contract disclosures, and (3) the SEC’s continued focus on rulemaking, particularly in connection with its efforts to complete mandated actions under the Dodd-Frank Act.

  • Audit Committee Brief — January 2017 Image
  • Audit Committee Brief — January 2017

    published Jan 17, 2017

    This edition highlights recent news items, publications, articles, and other topics of interest to audit committee members, with links for further information.

  • Heads Up — FASB clarifies the definition of a business Image
  • Heads Up — FASB clarifies the definition of a business

    published Jan 13, 2017

    This Heads Up discusses the FASB’s recently issued ASU 2017-01, "Clarifying the Definition of a Business," which introduces amendments that are intended to make the guidance in ASC 805 on the definition of a business more consistent and cost-efficient.

  • Heads Up — FASB proposes updates to inventory disclosures Image
  • Heads Up — FASB proposes updates to inventory disclosures

    published Jan 12, 2017

    This Heads Up discusses the FASB’s recently issued proposed Accounting Standards Update (ASU) "Disclosure Framework — Changes to the Disclosure Requirements for Inventory," which would modify or eliminate certain disclosure requirements related to inventory as well as establish new requirements.

  • Power & Utilities — Accounting, Financial Reporting, and Tax Update (2017) Image
  • Power and Utilities — Accounting, Financial Reporting, and Tax Update (2017)

    published Jan 10, 2017

    This annual publication discusses accounting, tax, and regulatory matters that are of interest to P&U entities, including updates to SEC, FASB, and tax guidance, and focuses on specialized industry accounting topics that frequently affect P&U companies, including rate-regulated entities. Several sections of the publication have been expanded this year to concentrate on accounting and reporting considerations related to the new leases and new revenue standards, including specific industry matters that remain outstanding with the AICPA’s Power and Utility Entities Revenue Recognition Task Force.

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