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1. FASB’s proposed 2015 GAAP taxonomy available for comment   WebExclusive

BY Ken Tysiac
FASB released its proposed 2015 GAAP Financial Reporting Taxonomy on Friday and asked for public review and comment.The taxonomy is a list of financial reporting labels that are machine-readable and coded in XBRL. Users of financial statements can use the tags to electronically search for and process data so they can be easily accessed and analyzed.Updates for accounting standards and other recommended improvements are included in the proposed taxonomy, which is expected to be finalized by the SEC in early 2015.

2. COSO transition getting a close look from auditors   WebExclusive

BY Ken Tysiac
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been working to implement the new framework to fulfill their internal control over financial reporting requirements under the Sarbanes-Oxley Act (SOX).COSO will consider the 1992 framework to be superseded following a transition period that ends Dec.

3. Clarified, revised SSARS approved for reviews, compilations, and engagements to prepare financial statements   WebExclusive

BY Ken Tysiac
The AICPA Accounting and Review Services Committee (ARSC) voted during its meeting this month to approve clarified and revised standards for reviews, compilations, and engagements to prepare financial statements.The clarified and revised standards for compilations and engagements to prepare financial statements create a bright line between accounting (preparation) services and reporting (compilation) services.

4. FASB defines management’s going-concern responsibilities   WebExclusive

BY Ken Tysiac
FASB issued a new financial reporting standard Wednesday defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures.The standard provides new guidance, as current GAAP does not describe management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern or provide disclosures in the footnotes.Accounting Standards Update No.

5. FASB proposes simpler accounting for fees paid to cloud service providers   WebExclusive

BY Ken Tysiac
FASB on Tuesday issued a proposal designed to simplify the accounting for fees that public and private companies pay as customers in cloud-computing arrangements with third-party service providers.Rules exist under current GAAP addressing the accounting for cloud service providers. But there is no explicit accounting guidance under GAAP about how a customer should account for fees paid to the cloud service provider.This lack of guidance can lead to unnecessary cost and complexity during the evaluation of how to account for those fees, as well as diversity in practice.The proposed Accounting Standards Update, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic

6. PCAOB requests comments on auditing accounting estimates and fair value measurements   WebExclusive

BY Ken Tysiac
The PCAOB is seeking input as it weighs possible standard-setting activities related to auditing accounting estimates and fair value measurements.In a staff consultation paper released Tuesday, the PCAOB Office of the Chief Auditor seeks comments on the potential need for changes to PCAOB standards—and a possible approach to a new auditing standard.“Accounting estimates and fair value measurements can be subjective and complex, yet they can be an important part of a company’s financial statements and critical to investors’ decision-making,” PCAOB Chairman James Doty said in a news release.

7. SEC will scrutinize municipal advisers’ rules compliance   WebExclusive

BY Ken Tysiac
A new SEC examination initiative will scrutinize municipal advisers’ compliance with new rules and regulations that are under implementation.The SEC announced Tuesday that its Office of Compliance Inspections and Examinations (OCIE) will examine a significant percentage of municipal advisers for compliance.“The municipal adviser examination initiative will focus on the areas that are most important to protecting issuers, investors, and municipal taxpayers,” Kevin Goodman, national associate director of the OCIE’s broker-dealer examination program, said in a news release.The SEC also plans to promote compliance through outreach to municipal advisers.SEC rules that took effect July 1 generally require municipal

8. FASB share-based payments standard challenges private companies   WebExclusive

BY Ken Tysiac
Although a review found that FASB’s share-based payments standard achieves its purpose, private company stakeholders told a post-implementation review team that the standard is sometimes difficult for them to understand and costly to apply.After analyzing the results of the Financial Accounting Foundation review of Statement 123(R), Share-Based Payment, released Tuesday, FASB does not plan to perform its own comprehensive review of the standard.But the private company concerns are consistent with feedback FASB received through outreach for its Simplification Initiative and for pre-agenda research performed for the Private Company Council.

9. IASB official: Global accounting standards are “achievable,” “inevitable”   WebExclusive

BY Neil Amato
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa.Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable, achievable, and … inevitable” in a speech in Johannesburg.Although more than 100 countries have adopted IFRS, some large countries, including the United States, remain undecided.

10. Convergence unachieved after IASB publishes financial instruments standard   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB.IFRS 9, Financial Instruments, is the final element of the IASB’s response to the global financial crisis.
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