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July 23, 2015

FASB simplifies inventory measurement guidance

The Financial Accounting Standards Board has issued amendments designed to make the subsequent measurement of inventory less complex.

July 22, 2015

IASB votes to delay effective date of revenue recognition standard

The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.

July 9, 2015

FASB delays revenue recognition effective date by one year

Citing challenges for financial statement preparers, FASB voted to delay the effective date of the new revenue recognition standard by one year, with early adoption permitted as of the original effective date.

July 1, 2015

SEC considers updating audit committee disclosure requirements

The SEC is evaluating whether audit committee disclosure requirements provide investors with the information they are seeking.

July 1, 2015

SEC proposal would require payback of incentive compensation awarded erroneously

New rules proposed by the SEC would require executives to repay incentive-based compensation that a subsequent accounting restatement shows was not earned.

July 1, 2015

SEC proposes linking executive compensation with performance

Disclosures would include a total shareholder return metric.

July 1, 2015

Not-for-profit financial reporting headed for a change

FASB is proposing changes to the fundamental model for not-for-profit financial reporting in an effort to provide better information to users of financial statements.

July 1, 2015

PCC diving into preferability

Analysis is sought on increasing access to private company GAAP alternatives.

July 1, 2015

FASB formally proposes revenue recognition changes

Guidance related to identifying performance obligations and licensing would be amended.

July 1, 2015

New FASB standards keep focus on simplification

Rules apply to reporting of certain retirement obligations and assets and accounting for cloud-computing vendor fees.

July 1, 2015

AICPA seeks continued commitment to private companies

Letter to FAF says PCC’s work on existing GAAP is not finished.

July 1, 2015

Direct-method transition would require prompt attention

Public colleges and universities encountered challenges after making the switch with GASB Statement 34.

July 1, 2015

FASB proposal addresses prepaid card breakage

If approved, a narrow-scope exception to liabilities guidance would be provided.

June 30, 2015

GASB establishes new GAAP hierarchy for governmental accounting

The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.

June 22, 2015

FASB, IASB to propose clarifications to principal vs. agent considerations

FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.

June 19, 2015

Key report shows EU companies, investors support IFRS

IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.

June 18, 2015

IASB proposes narrow amendments to pension accounting standards

The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.

June 17, 2015

SEC upgrades EDGAR, drops 2013 GAAP taxonomy support for XBRL

The SEC released a new version of EDGAR that no longer supports the 2013 taxonomy for the tagging of financial report data using extensible business reporting language.

June 17, 2015