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October 1, 2015

FASB simplifies inventory measurement guidance

Changes apply to entities using last-in, first-out or retail methods.

October 1, 2015

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

An upcoming, broader review may include more substantial simplifications.

October 1, 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.

September 30, 2015

GASB proposes Q&As to elaborate on recent pronouncements

GASB has issued a proposed implementation guide that contains questions and answers that are designed to clarify, explain, or elaborate on recently issued standards for state and local government financial reporting.

September 30, 2015

FASB proposes narrow changes to revenue recognition standard

FASB intends to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

September 25, 2015

FASB moves to simplify business combination accounting

FASB issued new rules that are intended to simplify accounting for adjustments made to provisional amounts recognized in a business combination.

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.

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