The quarter close: A look at this quarter’s financial reporting issues

This quarterly publication provides key highlights from the last few months and identifies additional resources that provide more detailed information and guidance

As we approach the year-end reporting season, we have a little something for everyone. What’s on your wish list? Whether it’s the new goodwill impairment standard or the latest from the SEC on IFRS, we’ll help you check that list twice. Here’s a preview of what’s inside:

Front and center. The European debt crisis, a busy FASB and IASB convergence agenda, proposals for mandatory auditor rotation, SEC views on moving to IFRS, the emerging debate on private company standard setting...there’s no shortage of newsworthy topics this quarter. All of these topics—and more—got air time at the recent AICPA National Conference on Current SEC and PCAOB Developments, so our highlights of the conference kick-off this edition.

Accounting hot topics. We revisit some perennial favorites this quarter. Impairment assessments, pension accounting, revenue recognition, tax disclosures…let’s just call them the “gifts that keep on giving.” We’ve sprinkled in some recent “words of wisdom” from the regulators in Washington—so don’t pass this section by.

Hot off the press. The FASB issued final guidance on goodwill impairment and delivered on several proposals, including the revised revenue recognition exposure draft and a trio of proposals on consolidation and investment-related topics. And, an important development on other comprehensive income: the FASB has agreed to defer one controversial element of the new standard.

And lots more. There are more goodies inside, including the latest on the leases and financial instruments projects, new disclosure guidance from the SEC, and an update on proxy access.

The quarter close: Third quarter 2011

In this edition, the "front and center" issues surround regulators and standard setters seeking input on a myriad of proposals ranging from key accounting standards to mandatory audit firm rotation. "Hot off the Press" discusses the FASB’s final decisions on goodwill impairment, and summarizes the FASB’s final decisions on multiemployer pension plan disclosures. Dominating news this quarter, "Accounting hot topics" covers the state of the economy and the recent U.S. debt downgrade, and how that impacts financial reporting. Download The Quarter close-Third quarter 2011 to read the full report.

 

The quarter close: Second quarter 2011

This edition opens with the latest updates on the joint priority standard-setting projects, including late-breaking news on the revenue and balance sheet offsetting projects. We also take a look at the SEC's latest release exploring one possible method to incorporate IFRS into the US financial reporting system. "Hot off the press" summarizes new standards and proposals issued this quarter. Next up, in "Accounting hot topics," we cover a range of topics from issues related to initial public offerings to the accounting implications of natural disasters. Download the Quarter close-Second quarter 2011 to read the full report.
 

The quarter close: First quarter 2011

In the first quarter, the deliberations on the three major standard-setting projects are "Front and center" along with recent changes at the FASB. "Hot off the press" highlights financial asset impairment and other proposals issued so far this quarter. In "Accounting hot topics" we discuss issues that are top of mind, including continuing buzz about pensions and loss contingencies, and timely reminders about topics ranging from business combinations to revenue. Download The quarter close: First quarter 2011 to read the full report.

 

The quarter close: Fourth quarter 2010

This quarter, we have included a section called “Front and center,” where we spotlight key recent developments including yet another change in standard-setting priorities and timetables by the FASB and IASB, followed by highlights from the 2010 AICPA National Conference on Current SEC and PCAOB Developments. In our “Accounting hot topics” and “SEC matters” sections, we discuss year-end and first quarter 2011 reporting matters, including multiple-element revenue guidance, accounting for debt restructurings, and pension plan reminders. Download The quarter close: Fourth quarter 2010 to read the full report.

 

Download The quarter close: Third quarter 2010.

Some of the key Q3 highlights include:
  • Hot off the press - FASB Board changes
  • Exposure drafts on selected projects
  • Accounting hot topics
  • SEC matters
  • IFRS developments
  • On the horizon - EITF issues

Download The quarter close: Second quarter 2010.

Some of the key Q2 highlights include:
  • Accounting hot topics
  • Employee stock compensation trends - 'Clawbacks'
  • Proposed tax legislation - Potential Q2 implications
  • SEC matters
  • XBRL reporting
  • IFRS developments

Download The quarter close: First quarter 2010.

Some of the key Q1 highlights include:
  • Accounting hot topics
  • Embedded credit derivatives — A "mini" step towards (more) fair value accounting
  • Fair value disclosures — New disclosures effective Q1
  • Climate change — SEC "warming" up to new disclosures
  • XBRL reporting
  • IFRS developments — The SEC's path forward

Download The quarter close: Fourth quarter 2009.

This quarterly publication provides the key highlights from the last few months and identifies additional resources that provide more detailed information and guidance. Some of the key Q4 highlights include:
  • Important year-end reporting considerations and insights on a number of accounting hot topics
  • FASB's proposed deferral of the new consolidation guidance for certain investment funds
  • Insights on the adoption of the new revenue recognition guidance for multiple deliverable arrangements
  • Highlights from the 2009 AICPA National Conference on Current SEC and PCAOB Developments

Download The quarter close: Third quarter 2009.

Some of the key Q3 highlights include:
  • Revenue recognition: Key EITF proposals finalized
  • Impairment of debt securities: A few reminders
  • Financial instruments: Update on the where this project stands and timing for release
  • Variable interest entities: Countdown to effective date
  • Fair value: Update on the new guidance on measuring liabilities and sneak peak into the disclosures ED expected out soon

Download The quarter close: Second quarter 2009.

Some of the key Q2 highlights include:
  • Impairments of debt securities: Observations from early adopters
  • Fair value: New guidance for measurement and disclosures
  • The new "net income": Lessons from Q1 (FAS 160)
  • Transfers of financial assets: Say good-bye to QSPEs (FAS 166)
  • Variable interest entities: More consolidations on the horizon (FAS 167)
  • Revenue recognition: Key EITF proposals Other newly effective standards

Download The quarter close: First quarter 2009.

This issue of The quarter close highlights the results of the latest debate on fair value accounting and impairments, and discusses the new standards for business combinations and non-controlling interests, including recent amendments to the guidance on acquired contingencies.