This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q3 publication and view our new video perspectives.
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q2 publication and view our new video perspectives.
On March 5, 2013 the FASB issued ASU No. 2013-05, which amends ASC 830, Foreign Currency Matters, and ASC 810, Consolidation,to address diversity in practice related to the release of cumulative translation adjustments ("CTA") into earnings upon the occurrence of certain derecognition events. This Dataline provides an overview of the ASU.
This edition of The quarter close highlights current developments in financial reporting, including key standard-setting developments in revenue, financial instruments, and other hot topics, as well as SEC and PCAOB regulatory updates.
On February 8, 2013, the Venezuela government announced that effective February 13, 2013 its currency would be devalued 32% and that the government-regulated rate mechanism referred to as the Transaction System for Foreign Currency Denominated Securities (SITME) market would be eliminated. The Venezuelan government also created a new department referred to as the Superior Body for the Optimization of the Exchange System to oversee foreign currency exchange policies. This In brief article highlights the key financial reporting impacts of these developments.
At its November 2012 meeting with the SEC staff, the Center for Audit Quality’s SEC Regulations Committee’s International Practices Task Force (IPTF) discussed whether South Sudan’s economy should be considered highly inflationary. The SEC staff affirmed that South Sudan’s economy should be treated as highly inflationary for US GAAP purposes no later than the first reporting period (including annual and interim periods) beginning on or after January 1, 2013. This In brief article describes why South Sudan is considered highly inflationary and highlights some of the financial reporting implications.
This edition of The quarter close has the latest updates and timely reminders to help you navigate your year-end reporting process with a number of hot topics, including fair value, asset impairments, pensions, valuation allowances, and more.
The Eurozone debt crisis continues to persist, leading some to believe that the crisis might result in a country exiting the Euro and adopting a new local currency. Many companies that could be affected by a country's exit from the Euro have started to consider how that might affect their operations, financing, and business strategies. Companies should also consider the financial reporting implications of the creation of a new currency.
This publication addresses key considerations in applying U.S. GAAP with respect to foreign currency income tax reporting. It is designed to be a reference guide to explore tax accounting for foreign currency. It begins with the “basics” and relevant areas of focus when applying Accounting Standards Codification (ASC) 830, Foreign Currency Matters, and also discusses the application of ASC 740, Accounting for Income Taxes, to foreign currency.
At the EITF's June 21 meeting, the Task Force discussed the three Issues reaching a consensus-for-exposure on two Issues (12-B and 12-D). Further discussion is expected for one Issue (11-A). This edition of EITF observer provides a synopsis of the meeting.
At the November 3, 2011 EITF meeting, the Task Force discussed two Issues, reaching a final consensus on one Issue (10-E) and consensus-for-exposure on one Issue (11-A). If the final consensus is ratified by the Financial Accounting Standards Board (FASB) at its November 16, 2011 meeting, the related Accounting Standards Update (ASU) will amend the FASB Accounting Standards Codification (ASC) and become final authoritative accounting guidance.
On December 30, 2010, the government of Venezuela announced that it is eliminating the 2.6 BsF/$ preferential exchange rate. On January 14, 2011, the government of Venezuela published a clarification specifying how the announcement on December 30, 2010 will be administered. The elimination of the preferential exchange rate could affect the rate used for re-measurement of bolivar-denominated transactions, and could affect the accounting for certain bonds issued by the Venezuelan government. This Dataline discusses the accounting implications.
Registrants must evaluate the signficance of their equity-method investees to determine whether footnote disclosure under Rule 4-08(g) of Regulation S-X or separate financial statements under Rule 3-09 of Regulation S-X is required for any such investee in the registrant's annual report on Form 10-K. In December 2010, the SEC issued new interpretive guidance for measuring the significance of equity method investees. This new interpretive guidance should be used in measuring the significance of an equity-method investee for all periods presented.
Last week's annual AICPA National Conference on Current SEC and PCAOB Developments focused on restoring public trust and investor confidence in the U.S. capital markets. Presenters called for all members of the financial reporting supply chain, including boards, management and auditors, to play a role in these efforts. This Dataline takes a closer look at the topics discussed at the conference.