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September 24, 2015

How should materiality be applied? FASB weighs in

FASB issued two exposure drafts that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements.

September 23, 2015

IASB to propose temporary measures for insurance companies

The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.

September 1, 2015

GASB to take a fundamental look at financial statements

The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.

September 1, 2015

FASB releases proposed 2016 GAAP taxonomy

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

September 1, 2015

SEC considers updating audit committee disclosures

The commission is seeking public comment on information provided to investors.

September 1, 2015

FASB delays revenue recognition effective date

1-year deferral gives financial statement preparers more time for implementation.

September 1, 2015

EDGAR company filings database updated

The 2013 GAAP taxonomy is no longer supported.

September 1, 2015

SEC proposes clawback rules

Executive officers would be required to pay back incentive compensation awarded in error.

August 31, 2015

A principal? Or an agent? FASB proposal aims to clarify

FASB proposed changes to the new revenue recognition standard that are meant to clarify how to determine whether an entity is a principal or an agent in a contract.

August 18, 2015

PCC gets new chair, three new members

Candace Wright, who serves as a director with Louisiana CPA firm Postlethwaite & Netterville, was appointed as chair of the Private Company Council (PCC).

August 12, 2015

AICPA committee gives mixed review, alternatives to not-for-profit proposal

A key AICPA committee has expressed concern that FASB’s proposed changes to not-for-profit accounting standards would lead to a further divergence between the financial reporting models of not-for-profits and for-profit businesses.

August 12, 2015

FASB formally issues revenue recognition delay

FASB published an accounting standards update that formalizes a one-year deferral in the effective date of its new revenue recognition standard.

August 11, 2015

FASB clarifies scope exception for certain electricity contracts

FASB issued guidance designed to clarify when a scope exception to derivatives and hedging guidance can be applied to certain electricity contracts within nodal energy markets.

August 10, 2015

IASB may delay new rules for transactions with associates, joint ventures

The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.

August 7, 2015

FASB exposure drafts propose amended standards for derivatives and hedging

FASB is seeking comments on two Proposed Accounting Standards Updates related to derivatives and hedging.

August 5, 2015

SEC approves CEO pay ratio rule

The SEC approved a new rule requiring U.S. public companies to disclose the ratio between their CEO’s compensation and that of their median employee.

August 5, 2015

Proposed IFRS taxonomy updates released

Taxonomy updates to reflect new reporting standards were proposed by the IFRS Foundation. Comments can be made through Oct. 30.

August 1, 2015

FASB continues pursuit of simplification

Exposure drafts address equity method, share-based payments, and business combinations.

August 1, 2015

What now? Responding to a subsequent discovery of fact

A CPA is required to take action when relevant facts come to light after financial statements or audit reports have been issued. AICPA standards help guide the appropriate response.

August 1, 2015

Review finds FASB’s noncontrolling interests standard achieves purpose

Room for possible improvement is also found in Statement No. 160.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.