We hosted our US GAAP focused breakfast session for clients and friends applying or interested in applying US GAAP in their organizations.
The purpose of our ongoing US GAAP focused series is to address issues of interest to companies, like FASB, SEC and Canadian Securities Commission developments relevant to US GAAP filers.
Closing the GAAP: New US GAAP Pronouncements
This document summarizes US GAAP pronouncements that must be applied, if applicable, for the first time by a calendar year-end entity that prepares financial statements in accordance with US GAAP.
Dataline: Joint and several liability arrangements – FASB issues new guidance to achieve consistency (No. 2013-20)
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, which addresses the diversity in practice related to accounting for joint and several liability arrangements. The standard addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date.
Dataline: Balance sheet offsetting – Questions and interpretive responses about the new disclosure requirements (No. 2013-06)
In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (the "ASU"). The ASU limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement.
Dataline: FASB issues guidance on the reporting of amounts reclassified from accumulated other comprehensive income (No. 2013-03)
The FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, on February 5, 2013. The standard is effective for public entities for annual periods, and interim periods within those periods, beginning after December 15, 2012. Non-public companies will adopt the standard one year later, but would be exempt from certain interim disclosure requirements.