Timely, high-level overviews of significant business, regulatory, financial reporting, accounting and auditing matters
In brief In brief: SEC issues final rules to reform money market funds 7/25/14 | Assurance services New SEC rules mandate floating NAV for institutional prime money market funds.
In brief In brief: IASB issues IFRS 9 - Financial instruments 7/25/14 | Assurance services The final version of IFRS 9 has been published introducing a new model on classification and measurement and impairment.
In brief In brief: FASB amends repo accounting and enhances disclosures (No. US2014-12) 6/17/14 | Assurance services FASB amends accounting for repos-to-maturity and repurchase financings. New disclosures required for many transactions.
In brief In brief: PCAOB adopts final standard on related parties and related amendments (No. US2014-11) 6/13/14 | Assurance services The new standard and amendments are intended to strengthen auditor performance requirements in three critical areas.
In brief In brief: Development stage entity concept eliminated by the FASB 6/12/14 | Assurance services The FASB eliminates incremental reporting requirements for DSEs and also amends the current consolidation guidance
In brief In brief: Revenue recognition - The future is here 5/28/14 | Assurance services The FASB and IASB have issued their long-awaited converged revenue standard. Some change is expected for most entities.
In brief In brief: Consolidation - changes may affect all industries 5/9/14 | Assurance services The FASB's consolidation project nears completion with more decisions made at this week's meeting.
In brief In brief: SEC issues guidance on conflict minerals disclosures 4/30/14 | Assurance services The SEC has reduced some of the conflict mineral disclosures, but the filing deadline remains June 2, 2014.
In brief In brief: IASB issues discussion paper on macro hedging 4/18/14 | Assurance services The IASB issued a discussion paper on accounting for dynamic risk management strategies on open portfolios.
In brief In brief: FASB issues final standard redefining discontinued operations 4/11/14 | Assurance services The FASB revised the threshold for reporting a discontinued operation and changed many disclosures about disposals.
In brief In brief: Leasing project deliberations settle some issues, but differences remain 3/20/14 | Assurance services The boards redeliberated but could not reach consensus on certain key issues with respect to the joint leasing project.
In brief In brief: FASB issues exposure draft of the Conceptual Framework for Financial Reporting: Notes to Financial Statements 3/6/14 | Assurance services PwC summarizes key elements of the FASB's new exposure draft of the Conceptual Framework for Financial Reporting: Notes to Financial Statements.
In brief In brief: FASB narrows insurance contracts project scope—Convergence unlikely 2/25/14 | Assurance services FASB dramatically changes direction on its insurance project—a relief for some, bad news for global convergence.
In brief In brief: FASB issues final private company accounting alternatives for goodwill and certain interest rate swaps 1/16/14 | Assurance services On January 16, the FASB issued final standards for goodwill and interest rate swaps, providing private companies with accounting alternatives to simplify existing GAAP.
In brief In brief: FASB reaches final conclusions on repurchase agreement project (No. 2013-51) 12/23/13 | Assurance services Final conclusions on repo project, Repos-to-maturity on balance sheet, Change in accounting for repurchase financings, New repo disclosures.
In brief In brief: FASB financial instruments project - Convergence no longer likely (No. 2013-50) 12/23/13 | Assurance services The FASB has made important decisions related to the classification and measurement, and impairment projects that increase divergence from the IASB.
In brief In brief: PCAOB reproposes amendments to disclose name of engagement partner and certain other participants in audits (No. 2013-49) 12/9/13 | Assurance services The PCAOB reproposal would require disclosure in the auditor's report of the name of the engagement partner and information about certain other participants in the audit.
In brief In brief: FASB endorses final private company accounting alternatives on goodwill and certain interest rate swaps (No. 2013-48) 11/26/13 | Assurance services On November 25, the FASB endorsed the first two accounting alternatives previously approved by the PCC, which address the accounting for goodwill and interest rate swaps.
In brief In brief: Hedging: IASB issues final standard (No. 2013-47) 11/21/13 | Assurance services IASB issues final standard which aligns hedge accounting with risk management.
In brief In brief: Discontinued operations – FASB to issue final standard (No. 2013-46) 11/15/13 | Assurance services The FASB completed redeliberations and voted to issue a final standard that will change criteria for determining which disposals are presented as discontinued operations.
In brief In brief: Revenue recognition – Boards wrap up redeliberations (No. 2013-45) 11/1/13 | Assurance services The boards address outstanding issues related to the revenue recognition project, including the constraint on variable consideration, collectibility and licenses.
In brief In brief: Most money market funds to be scoped out of consolidation (No. 2013-44) 10/25/13 | Assurance services FASB tentatively decides to exclude registered and "similar" unregistered money market funds from the scope of consolidation.
In brief In brief: FASB changes course on repurchase agreement project (No. 2013-43) 10/4/13 | Assurance services The FASB decided to retain some aspects of the accounting model for repo agreements in its January 2013 exposure draft -- a significant change from its prior decisions.
In brief In brief: SEC proposes rule requiring disclosure of CEO-to-employee pay ratio (No. 2013-42) 9/19/13 | Assurance services On September 18, 2013, the SEC voted 3 to 2 to propose a rule that would require public companies to calculate and disclose its CEO compensation as a multiple of the median employee’s pay. This In brief article provides an overview of the key provisions of the proposed rule.
In brief In brief: PCAOB proposes new auditing standard on other information (No. 2013-41) 8/16/13 | Assurance services The proposal would require the auditor to perform additional procedures with respect to other information, and to communicate certain information in the auditor’s report.
In brief In brief: PCAOB proposes significant changes to the auditor's report (No. 2013-40) 8/16/13 | Assurance services The PCAOB proposal would require the auditor to disclose additional information in the auditor’s report, including critical audit matters specific to the audit.
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