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Accounting Roundup: Second quarter in review — 2017

Published on: 06 Jul 2017

In the second quarter of 2017, the FASB issued ASUs that (1) address diversity in practice related to service concession arrangements and (2) amend the scope of modification accounting for share-based payment arrangements. The Board also released proposed ASUs that would (1) make targeted improvements to its consolidation guidance for VIEs and (2) eliminate certain outdated guidance as part of its ongoing technical corrections project.

Other notable developments this quarter include the PCAOB’s issuance of:

  • A final standard that significantly modifies the auditor’s reporting model.
  • A proposed standard on auditing accounting estimates.
  • A proposal on using the work of specialists.

Further, the SEC announced that it is expanding to all companies certain benefits related to the confidential review process for draft initial registration statements under the JOBS Act.

In addition, the U.S. District Court for the District of Columbia released its final judgment in the litigation related to the SEC’s final rule on conflict minerals and remanded the case to the Commission. After the April 3, 2017, ruling by the district court, the SEC announced that it is suspending enforcement of some requirements in the conflict minerals rule.

The biggest news on the international front was the IASB’s issuance of IFRS 17, which supersedes IFRS 4 and establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. The IASB also released an IFRIC interpretation on uncertainty regarding income tax treatments as well as EDs that would make (1) narrow-scope amendments intended to reduce the diversity in the application of the guidance in IAS 16 on PP&E and (2) minor amendments to the guidance on certain prepayable assets in IFRS 9.

Note that in this quarterly edition, an asterisk in the article title denotes events that occurred in June or that were not addressed in the April or May issue of Accounting Roundup, including updates to previously reported topics. Events without asterisks were covered in those monthly issues.

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