Accounting Roundup3 Next Steps: Comments on each proposal are due by April 22, 2013. Other...

Accounting Roundup.

February 2013

by Magnus Orrell and Jiaojiao Tian-Lee, Deloitte & Touche LLP

ContentsAccounting Developments

Disclosure Framework• FASBMeetstoDiscussFeedbackonDisclosureFramework

Discussion Paper

EITF• FASBIssuesTwoProposedASUsinResponsetoEITF

Consensuses

FAF• FAFtoConductPost-ImplementationReviewofGuidanceon

IncomeTaxes• FAFDecidestoChangeFASB’sandGASB’sAgenda-Setting

Process

Financial Instruments: Classification and Measurement• FASBIssuesProposedASUonClassifyingandMeasuring

FinancialInstruments

Foreign Currency• FASBIssuesASUonForeign-CurrencyMatters

Insurance Contracts• FASBContinuesDiscussingInsuranceContracts

Leases• BoardsMakeTentativeDecisionsonTransitionforLease

Proposal

Liabilities• FASBIssuesASUonJoint-and-SeveralObligations

Liquidation Basis of Accounting• FASBCompletesDeliberationsofProjectonLiquidationBasisof

Accounting

Nonpublic Entities• FASBIssuesASUExemptingNonpublicEntitiesFromDisclosure

RequirementRelatedtoFairValueHierarchy• PrivateCompanyCouncilAddsThreeProjectstoItsAgenda

Presentation of Comprehensive Income• FASBIssuesASUContainingNewDisclosureRequirementsfor

ReclassificationAdjustmentsOutofAOCI

Revenue• FASBandIASBEssentiallyCompleteRedeliberationsof

ExposureDraftonRevenueRecognition

XBRL• FASBIssuesXBRLImplementationGuidance

International• IASBProposesAmendmentstoIAS39

Auditing Developments

AICPA• AICPAIssuesTPAs

International• IAESBRevisesEntryRequirementsforProfessionalAccounting

EducationPrograms

Governmental Accounting and Auditing Developments

GASB• FAFProposesRevisionstoGASB’sAgenda-SettingProcess• FAFApprovesPost-ImplementationReportsandAnnounces

NewReviews

Regulatory and Compliance Developments

SEC• SECApproves2013PCAOBBudgetandAccountingSupport

International• IVSCIssuesDiscussionPaperonValuationofLiabilities

Appendix A: Significant Adoption Dates and Deadlines

Appendix B: Industry Publications

Appendix C: Glossary of Standards

Appendix D: Abbreviations

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Accounting Developments

Disclosure Framework

FASB Meets to Discuss Feedback on Disclosure Framework Discussion Paper

Affects:Allentities.

Summary:AtitsFebruary13,2013,meeting,theFASBdiscussedcommentletterfeedbackonitsJuly2012DP on thedisclosureframework.Nodecisionsweremadeatthemeeting.

Next Steps:TheBoardinstructedthestafftodraftaprojectplan,afterwhichtheBoardwillmeetagaintodiscusstheproposedplananddecideonnextsteps.

Other Resources:Formoreinformation,seetheproject pageontheFASB’sWebsite.•EITF

FASB Issues Two Proposed ASUs in Response to EITF Consensuses

Affects:Allentities.

Summary:OnFebruary21,2013,theFASBpublishedthefollowingtwoproposedASUsforpubliccommentinresponsetoconsensuses-for-exposurereachedattheEITF’sJanuary2013meeting:

• InclusionoftheFedFundsEffectiveSwapRate(orOvernightIndexSwapRate)asaBenchmarkInterestRateforHedgeAccountingPurposes—ThisproposedASUwouldpermitinclusionoftheFedFundsEffectiveSwapRate(OIS),inadditiontoU.S.GovernmentTreasuryratesandLIBOR,asaU.S.benchmarkinterestrateforhedgeaccountingpurposesunderASC815.Nonewdisclosureswouldberequired.

• PresentationofanUnrecognizedTaxBenefitWhenaNetOperatingLossCarryforwardorTaxCreditCarryforwardExists—Inaccordancewiththisproposal,anentitywouldpresentanunrecognizedtaxbenefitorportionthereof“inthestatementoffinancialpositionasareductiontoadeferredtaxassetforanetoperatinglosscarryforwardorataxcreditcarryforward,”exceptwhen“anetoperatinglosscarryforwardortaxcreditcarryforwardatthereportingdateisnotavailableunderthetaxlawoftheapplicablejurisdictiontosettleanyadditionalincometaxesthatwouldresultfromthedisallowanceofataxposition,”inwhichcase“theunrecognizedtaxbenefitwouldbepresentedinthestatementoffinancialpositionasaliability.”

Deloitte PublicationsPublication Title Affects

March 5, 2013, Heads Up Boards Preparing to Issue Final Standard on Revenue Recognition

All entities.

February 14, 2013, Heads Up FASB Issues Proposed ASU on Classifying and Measuring Financial Instruments

All entities.

February 8, 2013, Heads Up FASB Clarifies the Applicability of a Fair Value Hierarchy Disclosure for Nonpublic Entities

Nonpublic entities.

February 6, 2013, Heads Up FASB Finalizes New Disclosure Requirements for Reclassification Adjustments Out of AOCI

Entities that report items of OCI.

February 5, 2013, Heads Up FASB Clarifies Scope of Offsetting Disclosure Requirements

All entities.

Leadership ChangesFASB:OnFebruary26,2013,MarcA.SiegelwasappointedasaFASBmemberforasecondfive-yeartermthatbeginson July1,2013.

IASB:OnFebruary21,2013,GaryKabureckwasappointedasanIASBmemberforaninitialtermthatbeginsinApril2013;endsonJune30,2017;andisrenewableforanadditionalthreeyears.

IFRS Advisory Council:OnFebruary15,2013,RogerBest,DanielMcMahon,andMarkusGrundwereappointedasnewAdvisoryCouncilmemberstoreplaceCarlsonTong,BenoitOnana,andRichardThorpe.

Next Steps:CommentsoneachproposalareduebyApril22,2013.

Other Resources:Formoreinformation,seeDeloitte’sJanuary2013EITFSnapshot. •FAF

FAF to Conduct Post-Implementation Review of Guidance on Income Taxes

Summary:OnFebruary4,2013,theFAFannouncedthatitwillconductapost-implementationreviewoftheincometaxaccountingguidanceinFASBStatement109(codifiedinASC740).AsnotedbyFAFPresidentandCEOTeresaS.Polley,“FAS109waschosenforreviewbecauseitmeetsseveralofourpost-implementationreviewcriteria.Whenitwasissued,itrepresentedasignificantchangeintheaccountingforincometaxesandaffectedawiderangeoforganizations.”

Next Steps:StakeholdersinterestedinparticipatingintheFAF’spost-implementationreviewsurveysareinvitedtoregister online.

Other Resources:Formoreinformation,seethepress releaseontheFAF’sWebsite.•FAF Decides to Change FASB’s and GASB’s Agenda-Setting Process

Summary:OnFebruary26,2013,theFAF’sboardoftrusteesvotedtochangetheFASB’sandGASB’sagenda-settingprocesssothatkeydecisionsregardingthetwostandardsetters’projectsandagendaswouldbemadebyamajorityvoteoftheboardmembersratherthanbythechairmenalone.AccordingtoFAFPresidentandCEOTeresaS.Polley,aprimarypurposeofthetrustees’decisionistoimprovethetransparencyofthestandard-setting process.

Other Resource: Formoreinformation,seethepress releaseontheFAF’sWebsite.•Financial Instruments: Classification and Measurement

FASB Issues Proposed ASU on Classifying and Measuring Financial Instruments

Affects:Entitiesthatholdfinancialassetsorowefinancialliabilities.

Summary:OnFebruary14,2013,theFASBreleasedforpubliccommentaproposedASU on the recognition, classification,measurement,andpresentationoffinancialinstruments.Theproposalrequiresentitiestoclassifyfinancialassets,atinitialrecognition,intooneofthreecategories:(1)fairvaluethroughnetincome(FV-NI),(2)fairvaluethroughothercomprehensiveincome(FV-OCI),or(3)amortizedcost.Classificationoffinancialassetswouldbebasedontwofactors:(1)thecashflowcharacteristicsofthefinancialinstrumentand(2)thebusinessmodelwithinwhichtheentitymanagestheinstrument.Nonderivativefinancialliabilitieswouldbeclassifiedasamortizedcostunless(1)theliabilityisashortsaleor(2)theentitywillsubsequentlytransactatfairvalue.MoresignificantchangestocurrentGAAPincludethefollowing:

• InvestmentsinequitysecuritiesmustbeaccountedforatFV-NIunless(1)theentity’sinvestmentqualifiesfortheequitymethodofaccountingor(2)theentityelects,atinitialrecognition,touseapracticabilityexception.

• EquityinvestmentsthatotherwisequalifyfortheequitymethodofaccountingmustbeaccountedforatFV-NIorbyusingapracticabilityexceptioniftheyareheldforsale.EquitymethodinvestmentsthatarenotaccountedforatFV-NIareevaluatedforimpairmentunderasingle-stepapproach,therebyeliminatingtheother-than-temporaryimpairmentrecognitionthreshold.

• Entitiesarepermittedtomeasurenonmarketableequityinvestmentsbyusinganewmeasurementapproachunderwhichthecostbasisisadjustedforobservablepricechangesandanyimpairments.

• Theclassificationofdebt-instrumentfinancialassets(e.g.,loans,receivables,andinvestmentsindebtsecurities)isbasedonanentity’sassessmentofthecashflowcharacteristicsoftheinstrumentanditsbusinessmodelformanaginginstrumentsratherthanonmanagement’sintentionswithrespecttoaspecificinstrument(e.g.,totradeortoholdanindividualinstrumentuntilitsmaturity)andthelegalformoftheinstrument(e.g.,asecurity).

• FV-OCIisnolongeradefaultmeasurementcategory.Instead,FV-NIisa“residual”category,applicabletoinvestmentsindebt-instrumentfinancialassetsthatarenotheldwithinabusinessmodelconsistentwithamortizedcostorFV-OCIclassification.

• LoansthatareheldforsalecannotbemeasuredatthelowerofcostormarketbutwillgenerallybeaccountedforatFV-NI.

• Reclassificationsbetweencategoriesoccuronlywhentherehasbeenachangeinbusinessmodelandareexpectedtoberare.

• Embeddedderivativesarenotbifurcatedfromhybridfinancialassethosts.

• Foreign-currencygainsandlossesondebtinstrumentsclassifiedasFV-OCIarerecognizedinnetincome.

• Thefairvalueoptionisavailableonlywhenspecificeligibilitycriteriaaremet.

Next Steps:CommentsontheproposedASUareduebyMay15,2013.

Other Resources:Formoreinformation,seeDeloitte’sFebruary14,2013,HeadsUp and Deloitte Dashaswellastheproject pageontheFASB’sWebsite.•

Foreign Currency

FASB Issues ASU on Foreign-Currency Matters

Affects:Entitieswithforeignsubsidiariesorforeigninvestments.

Summary:OnMarch4,2013,theFASBissuedASU2013-05,whichindicatesthatacumulativetranslationadjustment(CTA)isattachedtotheparent’sinvestmentinaforeignentityandshouldbereleasedinamannerconsistentwiththederecognitionguidanceoninvestmentsinentities.Thus,theentireamountoftheCTAassociatedwiththeforeignentitywouldbereleasedwhentherehasbeena:

• Saleofasubsidiaryorgroupofnetassetswithinaforeignentityandthesalerepresentsthesubstantiallycompleteliquidationoftheinvestmentintheforeignentity.

• Lossofacontrollingfinancialinterestinaninvestmentinaforeignentity(i.e.,theforeignentityisdeconsolidated).

• Stepacquisitionforaforeignentity(i.e.,whenanentityhaschangedfromapplyingtheequitymethodforaninvestmentinaforeignentitytoconsolidatingtheforeignentity).

TheASUdoesnotchangetherequirementtoreleaseaprorataportionoftheCTAoftheforeignentityintoearningsforapartialsaleofanequitymethodinvestmentinaforeignentity.

Next Steps:Forpublicentities,theASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterDecember15,2013.Fornonpublicentities,theASUiseffectiveforthefirstannualperiodbeginningonorafterDecember15,2014,andinterimandannualperiodsthereafter.Earlyadoptionwillbepermittedforbothpublicandnonpublicentities.TheASUshouldbeappliedprospectivelyfromthebeginningofthefiscalyearofadoption.•

Insurance Contracts

FASB Continues Discussing Insurance Contracts

Affects:Entitiesthatissueinsurancecontracts.

Summary:AtitsmeetingsinFebruary2013,theFASBcontinuedtodiscussitsforthcomingproposalontheaccountingforinsurancecontracts,includingitsscope,transition,andeffectivedate.

Next Steps:TheFASBexpectstoissueanEDoninsurancecontractsinthesecondquarterof2013.

Other Resources:Formoreinformation,seetheproject pageontheFASB’sWebsite.•

Leases

Boards Make Tentative Decisions on Transition for Lease Proposal

Affects:Entitieswithleases.

Summary:AttheirFebruary20,2013,jointmeeting,theFASBandIASBdiscussedtransitionrequirementsundertheproposedleasesmodelandtentativelydecidedthatlesseesandlessorsthatcurrentlyaccountforaleaseasacapital/financeleasewouldcontinuetoapplyexistingguidance(i.e.,ASC840orIAS17)forrecognitionandmeasurementpurposes.However,leaseagreementsthataremodifiedaftertheadoptionoftheproposedguidancewouldnolongerqualifyforgrandfatheringunderthecurrentrecognitionandmeasurementrequirements.Further,theFASBreconfirmeditspreviousdecisionthattherewouldbenotransitionreliefforleasesthatarecurrentlyaccountedforasleveragedleases.

Next Steps:TheboardsexpecttoissuearevisedEDonleasesduringthefirsthalfof2013.

Other Resources:Formoreinformation,seetheproject pageontheFASB’sWebsite.•Liabilities

FASB Issues ASU on Joint-and-Several Obligations

Affects:Entitiesthatarejointlyandseverallyliablewithotherentities.

Summary:OnFebruary28,2013,theFASBissuedASU2013-04,whichisbasedonaconsensusreachedbytheEITF.TheASUrequiresentitiesto“measureobligationsresultingfromjointandseveralliabilityarrangementsforwhichthetotalamountoftheobligationwithinthescopeofthisguidanceisfixedatthereportingdate,asthesumofthefollowing:

a. Theamountthereportingentityagreedtopayonthebasisofitsarrangementamongitsco-obligors

b. Anyadditionalamountthereportingentityexpectstopayonbehalfofitsco-obligors.”

Requireddisclosuresincludeadescriptionofthejoint-and-severalarrangementandthetotaloutstandingamountoftheobligationforalljointparties.TheASUpermitsentitiestoaggregatedisclosures(asopposedtoprovidingseparatedisclosuresforeachjoint-and-severalobligation).Thesedisclosurerequirementsareincrementaltotheexistingrelated-partydisclosurerequirementsinASC850.

Next Steps:TheASUiseffectiveforpublicentitiesforallpriorperiodsinfiscalyearsbeginningonorafterDecember15,2013(andinterimreportingperiodswithinthoseyears).Fornonpublicentities,theASUiseffectiveforthefirstannualperiodendingonorafterDecember15,2014,andinterimandannualperiodsthereafter.TheASUshouldbeappliedretrospectivelytoobligationswithjoint-and-severalliabilitiesexistingatthebeginningofanentity’sfiscalyearofadoption.Entitiesthatelecttousehindsightinmeasuringtheirobligationsduringthecomparativeperiodsmustdisclosethatfact.Earlyadoptionispermitted.•

Liquidation Basis of Accounting

FASB Completes Deliberations of Project on Liquidation Basis of Accounting

Affects:AllentitiesexceptinvestmentcompaniesregulatedundertheSEC’sInvestmentCompanyActof1940.

Summary:OnFebruary13,2013,theFASBfinisheddeliberatingitsprojectontheliquidationbasisofaccounting.

Next Steps:ThefinalstandardisexpectedtobeissuedinlateMarchorearlyAprilandwillbeeffectiveforentitiesthatenterliquidationduringreportingperiodsbeginningafterDecember15,2013.Earlyadoptionwillbepermitted.

Other Resources:Formoreinformation,seetheproject pageontheFASB’sWebsite.•

Nonpublic Entities

FASB Issues ASU Exempting Nonpublic Entities From Disclosure Requirement Related to Fair Value Hierarchy

Affects:Nonpublicentities.

Summary:OnFebruary7,2013,theFASBissuedASU2013-03,whichexemptsnonpublicentitiesfromtherequirementinASC825(amendedbyASU2011-04)todisclosethefairvaluehierarchylevel(i.e.,Level1,2,or3)forfairvaluemeasurementsoffinancialassetsandfinancialliabilitiesthataredisclosedinthefootnotestothefinancialstatementsbutnotreportedatfairvalueinthestatementoffinancialposition.TheASUdoesnotchangeanyotherfairvaluedisclosurerequirementsinASC820orASC825.

TheamendmentsinASU2013-03becameeffectiveuponissuance.

Other Resources:Deloitte’sFebruary8,2013,HeadsUp. •Private Company Council Adds Three Projects to Its Agenda

Affects: Nonpublicentities.

Summary:OnFebruary12,2013,thePCCvotedtoaddthreeprojectstoitsagenda:(1)consolidationofvariableinterestentities,(2)accountingfor“plainvanilla”interestrateswapswithsinglecounterparties,and(3)recognizingandmeasuringvariousidentifiableintangibleassetsacquiredinabusinesscombination.TheFASBandPCCalsodecidedtoseekadditionalpublicinputontheirJuly2012DPonaframeworkfordecisionmakingbyprivatecompanies.

Nest Steps:TheFASBandPCCareexpectedtoreexposetheDPinMarchfora90-daycommentperiod.

Other Resources: Formoreinformation,seethepress releaseontheFASB’sWebsite.•Presentation of Comprehensive Income

FASB Issues ASU Containing New Disclosure Requirements for Reclassification Adjustments Out of AOCI

Affects:EntitiesthatreportitemsofOCI.

Summary:OnFebruary5,2013,theFASBissuedASU2013-02,whichrequiresentitiestodisclosethefollowingadditionalinformationaboutitemsreclassifiedoutofaccumulatedothercomprehensiveincome(AOCI):

• ChangesinAOCIbalancesbycomponent(e.g.,unrealizedgainsorlossesonavailable-for-salesecuritiesorforeign-currencyitems).Bothbefore-taxandnet-of-taxpresentationsoftheinformationareacceptableaslongasanentitypresentstheincometaxbenefitorexpenseattributedtoeachcomponentofOCIandreclassificationadjustmentsineitherthefinancialstatementsorthenotestothefinancialstatements.

• SignificantitemsreclassifiedoutofAOCIbycomponenteitheronthefaceoftheincomestatementorasaseparatefootnotetothefinancialstatements.

TheASUdoesnotchangethecurrentU.S.GAAPrequirements,foreitherpublicornonpublicentities,forinterimfinancialstatementreportingofcomprehensiveincome.Thatis,atotalforcomprehensiveincomemustbereportedincondensedinterimfinancialstatementsineither(1)asinglecontinuousstatementor(2)twoseparatebutconsecutivestatements.However,publicentitieswouldalsoneedtoincludeinformationabout(1)changesinAOCIbalancesbycomponentand(2)significantitemsreclassifiedoutofAOCIintheirinterimreportingperiods.NonpublicentitiesarenotrequiredtodiscloseinformationaboutsignificantitemsreclassifiedoutofAOCIbutmustcomplywiththeotherdisclosurerequirementsforinterimfinancialreporting.

Next Steps:Forpublicentities,theASUiseffectiveforfiscalyears,andinterimperiodswithinthoseyears,beginningafterDecember15,2012;fornonpublicentities,theASUiseffectiveforfiscalyearsbeginningafterDecember15,2013,andinterimandannualperiodsthereafter.Earlyadoptionispermitted.TheamendmentsintheASUshouldbeappliedprospectively.

Other Resources:Formoreinformation,seeDeloitte’sFebruary6,2013,HeadsUp. •

Revenue

FASB and IASB Essentially Complete Redeliberations of Exposure Draft on Revenue Recognition

Affects: Allentities.

Summary: AttheirFebruary20,2013,jointmeeting,theFASBandIASBessentiallycompletedredeliberatingtheirNovember2011EDonrevenuerecognition.Duringthemeeting,theboardsmadetentativedecisionson(1)requireddisclosuresand(2)transitionandeffectivedate.

Entitiesarerequiredtodisclose:

• Disaggregatedrevenueinformationbycategoriesthatdepicthowthenature,amount,timing,anduncertaintyofrevenueandcashflowsareaffectedbyeconomicfactors.Entitiesshouldconsiderhowmanagementanalyzesrevenueindeterminingdisaggregatedcategories.

• Certaininformationincontractbalances,including(1)openingandclosingbalancesforanentity’scontractassetsandliabilities,(2)anexplanationofunusualornonrecurringchangesinsuchassetsandliabilities,and(3)theamountofrevenuerecognizedfrompreviouscontractliabilities.

• Forcontractsthatextendbeyondoneyear,theamountofthetransactionpriceallocatedtoremainingperformanceobligationsandanexplanationofwhentherevenueisexpectedtoberecognized.Contractrenewal(otherthanamaterialoption)isexcludedfromthisdisclosurerequirement.Thetransactionpriceinsuchdisclosurewouldbethetransactionpriceaftertheapplicationofconstraints.Lastly,itwouldbeacceptableforanentitytoincludecontractsthatlastless than one year.

• Informationaboutassetsrecognizedascoststoobtainorfulfillacontract,includingtheclosingbalance,current-periodamortization,andamortizationmethodused.

• Certaininformationaboutperformanceobligations(e.g.,typesofgoodsorservices,significantpaymentterms,typicaltimingofsatisfyingobligations,andotherprovisions).

• Adescriptionofthesignificantjudgments,andchangesinthosejudgments,thataffecttheamountandtimingofrevenuerecognition.

• Informationaboutthepolicydecisionsmadebytheentityregardingthetimevalueofmoneyandcoststoobtainorfulfillacontract(i.e.,whethertheentityusedthepracticalexpedientsallowedunderthemodel).

• Informationaboutthemethods,inputs,andassumptionsusedtodeterminethetransactionpriceandtoallocateamountstoperformanceobligations.Further,adescriptionof“howtheentitydeterminedtheminimumamountofrevenuethatwouldnotbesubjecttoasignificantrevenuereversalandwasthereforerecognised.”

TheFASBtentativelydecidedthatonaninterimbasis,entitieswouldberequiredtodisclosethefollowinginadditiontotheinformationrequiredbyASC270:(1)disaggregationofrevenue,(2)contractassetandcontractliabilitybalancesandanexplanationofsignificantchangesinthosebalancessincethepreviousperiod-end,and(3)analysisoftheremainingperformanceobligations.TheIASB,however,tentativelydecidedthatentitieswouldberequiredtodiscloseonlythedisaggregationofrevenueinadditiontotheinformationrequiredbyIAS34.

Fortransition,theboardstentativelydecidedthatinapplyingtheproposedmodel,entitieswouldhavetheoptionofeitherretrospectivetransition(withcertainpracticalexpedients)oramodifiedapproach.Underthemodifiedapproach,anentitywouldrecognize“thecumulativeeffectofinitiallyapplyingtherevenuestandardasanadjustmenttotheopeningbalanceofretainedearningsforthecurrentyear”(i.e.,theyearofadoption).Thenewrevenuestandardwouldapplytonewcontractscreatedonoraftertheeffectivedateandtoexistingcontractsasoftheeffectivedate.(Thenewrevenuestandardwouldnotapplytocontractsthatwerecompletedbeforetheeffectivedate.)Intheyearofadoption,entitieswouldalsoberequiredtodisclosedifferencesintheirfinancialstatementlineitemsthatresultedfromtheirapplicationofthenewstandardratherthanthesupersededguidance.

TheboardsdecidedthatthefinalstandardwillbeeffectiveforannualreportingperiodsbeginningonorafterJanuary1,2017,forpublicentities.Earlyapplicationwillnotbepermitted.

Theboardswilldiscusstheeffectivedateandrequireddisclosuresfornonpublicentitiesatafuturemeeting.

Next Steps:Theboardsareexpectedtoissuetheirfinalstandardonrevenuerecognitioninthesecondquarterof2013.

Other Resources:Formoreinformationabouttheboards’decisionsontherevenuerecognitionprojecttodate,seeDeloitte’sMarch5,2013,HeadsUp.Formoreinformationabouttheboards’discussionatthejointmeeting,seetheobservernotesonDeloitte’sIASPlus Web site. •

FASB Issues XBRL Implementation Guidance

Affects: SECregistrants.

Summary: OnFebruary11,2013,theFASBissueditsfirstXBRLimplementationguideinaseriesthatis“designedtohelpTaxonomyusersunderstandhowcertaindisclosuresarestructuredwithinthe[U.S.GAAPXBRL]Taxonomy.”Theguide’sobjectiveisto“demonstratethemodelingfordisclosuresrequiredabouteventsoccurringsubsequenttotheendofapubliccompany’sreportingperiod.”Theguidegivesexamplesillustratinghowfourcommonsubsequent-eventdisclosureswouldbestructuredunderthetaxonomy.Allmodelingisperformedatthedetailed-taggedlevel,andnoattemptismadetomodelallpossibleconfigurations.

Inaddition,onFebruary1,2013,theFASBissueditsfirsttaxonomystyleguide,whichservesasadditionalreferencematerialundertheU.S.GAAPXBRLtaxonomy.

Next Steps:TheFASBexpectstoissueadditionalXBRLimplementationguidesbuthasnotannouncedanydatesforfuturereleases.

Other Resources: Formoreinformation,seethepress releaseontheFASB’sWebsite.•International

IASB Proposes Amendments to IAS 39

Affects:EntitiesreportingunderIFRSs.

Summary:OnFebruary28,2013,theIASBpublishedanEDthatwouldamendtheguidanceinIAS39onrecognitionandmeasurementoffinancialinstruments.TheEDwould“requireanentitytocontinuehedgeaccountinginacircumstanceinwhichaderivative,whichhasbeendesignatedasahedginginstrument,isnovatedfromonecounterpartytoacentralcounterpartyasaconsequenceoflawsorregulations.”

Inaddition,theEDwould“introduceanexceptiontotherequirementsforthediscontinuationofhedgeaccountinginIAS39.TheIASBproposesthattherequirementsforthediscontinuationofhedgeaccountinginIAS39wouldnotapplytothehedginginstrument,ifspecificconditionsaremet.”

SimilarrequirementshavebeenproposedfortheupcominghedgeaccountingchapterinIFRS9.

Next Steps:CommentsontheEDareduebyApril2,2013.

Other Resources:Formoreinformation,seethepress releaseontheIASB’sWebsite.•Auditing Developments

AICPA Issues TPAs

Affects: Allentitiesandtheirauditors.

Summary: InFebruary,theAICPAissuedthefollowingneworrevisedTPAs(nonauthoritativetechnicalQ&Asthataddressselectedpracticeissues):

• TISSection6910.34,“ApplicationoftheNotionofValueMaximizationforMeasuringFairValueofDebtandControllingEquityPositions.”

• TISSection6910.35,“AssessingControlWhenMeasuringFairValue.”

• TISSections8810.01–.39,“AuditsofGroupFinancialStatementsandWorkofOthers.”

• TISSection9100.07,“NamingtheCityandStateWheretheAuditorPractices.” •International

IAESB Revises Entry Requirements for Professional Accounting Education Programs

Affects:IFACmemberbodies.

Summary:OnFebruary7,2013,theIAESBpublishedarevisedversionofIES1,which“prescribestheprinciplestobeusedwhensettingandcommunicatingeducationalrequirementsforentrytoprofessionalaccountingeducationprograms.”

Other Resources:Formoreinformation,seethepress releaseonIFAC’sWebsite.•Governmental Accounting and Auditing Developments

FAF Proposes Revisions to GASB’s Agenda-Setting Process

Summary: OnFebruary26,2013,theFAFissuedaproposalthatrequestscommentsonpossiblerevisionstotheGASB’sagenda-settingprocess.TheproposalisbeingissuedinresponsetotheresultsofarecentstudyindicatingalackofconsensusabouttheproperscopeoftheGASB’sactivities.

Next Steps:CommentsontheproposalareduebyApril30,2013.

Other Resources:Formoreinformation,seethepress releaseontheFAF’sWebsite.•

FAF Approves Post-Implementation Reports and Announces New Reviews

Summary:OnFebruary26,2013,theFAFapprovedpost-implementationreviewreportsonGASBStatements3and40;bothreportsconcludedthatthestandards“arefunctioningasintended.”TheFAFalsoannouncedtwoupcomingreviewsofGASBStatements10and30.

Other Resources:Formoreinformation,seethepress releaseontheFAF’sWebsite.•Regulatory and Compliance Developments

SEC Approves 2013 PCAOB Budget and Accounting Support Fee

Summary:OnFebruary13,2013,theSECapprovedthePCAOB’s2013budgetof$245.6million,whichislargelyfundedbya$234millionaccountingsupportfee.TheSECoverseesthePCAOB’sbudgettoensurethatithassufficientfinancialresourcesandusesitsfundseffectively.

Other Resources:Formoreinformation,seethepress releaseontheSEC’sWebsite.•International

IVSC Issues Discussion Paper on Valuation of Liabilities

Affects: Professionalvaluersandusersofvaluations.

Summary: OnFebruary5,2013,theIVSCissuedaDPonvaluationofliabilities.ThepaperdiscussesanumberofissuesidentifiedinfeedbackontheproposedamendmentstoIAS37andinvitescommentsonpotentialsolutionstotheissuesidentified.

Next Steps: CommentsontheDPareduebyApril30,2013.

Other Resources:Formoreinformation,seethepress releaseontheIVSC’sWebsite.•

Appendix A: Significant Adoption Dates and Deadlines

ThechartbelowillustratessignificantadoptiondatesanddeadlinedatesforFASB/EITF,AICPA,SEC,PCAOB,GASB,FASAB,andIASB/IFRICstandards.Contentrecentlyaddedorrevisedishighlightedingreen.

FASB/EITF Affects Status

Significant Adoption Dates

ASU2013-05,Parent’sAccountingfortheCumulativeTranslationAdjustmentUponDerecognitionofCertainSubsidiariesorGroupsofAssetsWithinaForeignEntityorofanInvestmentinaForeignEntity—aconsensusoftheFASBEmergingIssuesTaskForce(issuedMarch4,2013)

Entitieswithforeignsubsidiariesorforeigninvestments.

Forpublicentities,theASUiseffectiveforfiscalyears(andinterimperiodswithinthosefiscalyears)beginningonorafterDecember15,2013.Fornonpublicentities,theASUiseffectiveforthefirstannualperiodbeginningonorafterDecember15,2014,andinterimandannualperiodsthereafter.Earlyadoptionwillbepermittedforbothpublicandnonpublicentities.TheASUshouldbeappliedprospectivelyfromthebeginningofthefiscalyearofadoption.

ASU2013-04,ObligationsResultingFromJointandSeveralLiabilityArrangementsforWhichtheTotalAmountoftheObligationIsFixedattheReportingDate—aconsensusoftheFASBEmergingIssuesTaskForce(issuedFebruary28,2013)

Entitiesthatarejointlyandseverallyliablewithotherentities.

Forpublicentities,theASUiseffectiveforallpriorperiodsinfiscalyearsbeginningonorafterDecember15,2013(andinterimreportingperiodswithinthoseyears).Fornonpublicentities,theASUiseffectiveforthefirstannualperiodendingonorafterDecember15,2014,andinterimandannualperiodsthereafter.TheASUshouldbeappliedretrospectivelytoobligationswithjoint-and-severalliabilitiesexistingatthebeginningofanentity’sfiscalyearofadoption.Entitiesthatelecttousehindsightinmeasuringtheirobligationsduringthecomparativeperiodsmustdisclosethatfact.Earlyadoptionispermitted.

ASU2013-03,ClarifyingtheScopeandApplicabilityofaParticularDisclosuretoNonpublicEntities(issuedFebruary7,2013)

Nonpublicentitiesthathavetotalassetsof$100millionormoreorthathaveoneormorederivativeinstruments.

Effectiveuponissuance.

ASU2013-02,ReportingofAmountsReclassifiedOutofAccumulatedOtherComprehensiveIncome(issuedFebruary5,2013)

EntitiesthatissuefinancialstatementsinaccordancewithU.S.GAAPandthatreportitemsofOCI.Publiccompaniesmustcomplywiththeseamendmentsforall reporting periods presented, including interimperiods,whilenonpublicentitiesmustcomplywiththeamendmentsforannualreportingperiods.Forinterimreporting periods, nonpublic entities arenotrequiredtoreporttheeffectsofreclassificationsonnetincomebutmustreportinformationabouttheamountsreclassifiedoutofAOCIbycomponentforeachreportingperiod.Not-for-profitentitiessubjecttotherequirementsofASC958-205areoutsidethescopeoftheseamendments.

Forpublicentities,theamendmentsareeffectiveprospectivelyforreportingperiodsbeginningafterDecember15,2012.Fornonpublicentities,theamendmentsareeffectiveprospectivelyforreportingperiodsbeginningafterDecember15,2013.Earlyadoptionispermitted.

ASU2013-01,ClarifyingtheScopeofDisclosuresAboutOffsettingAssetsandLiabilities(issuedJanuary31,2013)

Allentities. EffectiveforfiscalyearsbeginningonorafterJanuary1,2013,andinterimperiodswithinthoseyears.ThedisclosuresrequiredbytheASUmustbeprovidedretrospectivelyforallcomparativeperiodspresented.

ASU2012-07,AccountingforFairValueInformationThatArisesAftertheMeasurementDateandItsInclusionintheImpairmentAnalysisofUnamortizedFilmCosts—aconsensusoftheFASBEmergingIssuesTaskForce(issuedOctober24,2012)

Entitiesthatperformimpairmentassessmentsofunamortizedfilmcosts.

ForSECfilers,effectiveforimpairmentassessmentsperformedonorafterDecember15,2012.Forallotherentities,effectiveforimpairmentassessmentsperformedonorafterDecember15,2013.TheamendmentsresultingfromthisIssueshouldbeappliedprospectively.Earlyapplicationispermitted,includingforimpairmentassessmentsperformedasofadatebeforeOctober24,2012,if,forSECfilers,theentity’sfinancialstatementsforthemostrecentannualorinterimperiodhavenotyetbeenissuedor,forallotherentities,havenotyetbeenmadeavailableforissuance.

ASU2012-06,SubsequentAccountingforanIndemnificationAssetRecognizedattheAcquisitionDateasaResultofaGovernment-AssistedAcquisitionofaFinancialInstitution— a consensusoftheFASBEmergingIssuesTaskForce(issuedOctober23,2012)

Entitiesthatrecognizeanindemnificationassetasaresultofagovernment-assistedacquisitionofafinancialinstitution.

Effectiveforfiscalyears,andinterimperiodswithinthoseyears,beginningonorafterDecember15,2012.Earlyadoptionispermitted.EntitiesshouldapplytheASUprospectivelytoanynewindemnificationassetsacquiredaftertheadoptiondateandtoindemnificationassetsexistingasoftheadoptiondatethatarisefromagovernment-assistedacquisitionofafinancialinstitution.

ASU2012-05,Not-for-ProfitEntities:ClassificationoftheSaleProceedsofDonatedFinancialAssetsintheStatementofCashFlows — a consensus oftheFASBEmergingIssuesTaskForce(issuedOctober22,2012)

EntitieswithinthescopeofASC958thatacceptdonatedfinancialassets.

Effectiveprospectivelyforfiscalyears,andinterimperiodswithinthoseyears,beginningafterJune15,2013.Retrospectiveapplicationtoallpriorperiodspresenteduponthedateofadoptionispermitted.Earlyadoptionfromthebeginningofthefiscalyearofadoptionispermitted.ForfiscalyearsbeginningbeforeOctober22,2012,earlyadoptionispermittedonlyifanot-for-profitentity’sfinancialstatementsforthosefiscalyearsandinterimperiodswithinthoseyearshavenotyetbeenmadeavailableforissuance.

ASU2012-04,Technical Corrections and Improvements(issuedOctober1,2012)

Allentities. Effectiveuponissuance,exceptforamendmentsthataresubjecttotransitionguidance,whichwillbeeffectiveforfiscalperiodsbeginningafterDecember15,2012,forpublicentitiesandfiscalperiodsbeginningafterDecember15,2013,fornonpublic entities.

ASU2012-03,TechnicalAmendmentsandCorrectionstoSECSections(issuedAugust27,2012)

Allentities. Effectiveuponissuance.

ASU2012-02,TestingIndefinite-LivedIntangibleAssetsforImpairment(issuedJuly27,2012)

Entities,bothpublicandnonpublic,thathaveindefinite-livedintangibleassets,otherthangoodwill,reportedintheirfinancialstatements.

EffectiveforannualandinterimimpairmenttestsperformedforfiscalyearsbeginningafterSeptember15,2012.Earlyadoptionispermitted,includingforannualandinterimimpairmenttestsperformedasofadatebeforeJuly27,2012,ifapublicentity’sfinancialstatementsforthemostrecentannualorinterimperiodhavenotyetbeenissuedor,fornonpublicentities,havenotyetbeenmadeavailableforissuance.

ASU2012-01,ContinuingCareRetirementCommunities—RefundableAdvanceFees(issuedJuly24,2012)

Continuingcareretirementcommunitiesthathaveresidentcontractsthatprovideforapaymentofarefundableadvancefeeuponreoccupancyofthatunitbyasubsequentresident.

Public entities—EffectiveforfiscalperiodsbeginningafterDecember15,2012.Nonpublicentities—EffectiveforfiscalperiodsbeginningafterDecember15,2013.Forbothpublicandnonpublicentities,earlyadoptionispermitted.Theamendmentsshouldbeappliedretrospectivelybyrecordingacumulative-effectadjustmenttoopeningretainedearnings(orunrestrictednetassets)asofthebeginningoftheearliestperiodpresented.

ASU2011-12,DeferraloftheEffectiveDateforAmendmentstothePresentationofReclassificationsofItemsOutofAccumulatedOtherComprehensiveIncomeinAccountingStandardsUpdateNo.2011-05(issuedDecember23,2011)

Entitiesthatreportitemsofothercomprehensiveincome.

Public entities —Effectiveforfiscalyears,andinterimperiodswithinthoseyears,beginningafterDecember15,2011.Nonpublicentities—EffectiveforfiscalyearsendingafterDecember15,2012,andinterimandannualperiodsthereafter.Forbothpublicandnonpublicentities,earlyadoptionispermittedandtransitiondisclosuresarenotrequired.Inaddition,theASUmustbeappliedretrospectivelytoallperiodspresented.

ASU2011-11,DisclosuresAboutOffsettingAssetsand Liabilities (issuedDecember16,2011)

EntitiesthathavefinancialinstrumentsandderivativesaccountedforinaccordancewithASC815,includingbifurcatedembeddedderivatives,repurchaseagreements,andreverserepurchaseagreements,andsecuritiesborrowingandsecuritieslendingtransactionsthatareeitheroffsetinaccordancewithASC210-20-45orASC815-10-45orsubjecttoanenforceablemasternettingarrangementorsimilaragreement.

AnentityisrequiredtoapplytheamendmentsforannualreportingperiodsbeginningonorafterJanuary1,2013,andinterimperiodswithinthoseannualperiods.Anentityshouldprovidethedisclosuresrequiredbythoseamendmentsretrospectivelyforallcomparativeperiodspresented.

ASU2011-10,DerecognitionofinSubstanceRealEstate—aScopeClarification— a consensus oftheFASBEmergingIssuesTaskForce(issuedDecember14,2011)

Entitiesthatceasetohaveacontrollingfinancialinterest(asdescribedinASC810-10)inasubsidiarythatisin-substancerealestateasaresultofdefaultonthesubsidiary’snonrecoursedebt.

Public entities—Effectiveforfiscalyears,andinterimperiodswithinthoseyears,beginningonorafterJune15,2012.Nonpublicentities—EffectiveforfiscalyearsendingafterDecember15,2013,andinterimandannualperiodsthereafter.Earlyadoptionispermitted.

ASU2011-09,DisclosuresAboutanEmployer’sParticipationinaMultiemployerPlan(issuedSeptember21,2011)

Nongovernmentalreportingentitiesthatparticipateinmultiemployerplans.WhilethemajorityoftheamendmentsinthisASUapplyonlytomultiemployerpensionplans,therealsoareamendmentsthatrequirechangesindisclosuresformultiemployerplansthatprovidepostretirementbenefitsotherthanpensionsasdefinedintheMasterGlossaryoftheFASBAccountingStandardsCodification.

Public entities —EffectiveforannualperiodsforfiscalyearsendingafterDecember15,2011,withearlyadoptionpermitted.Nonpublicentities—EffectiveforannualperiodsforfiscalyearsendingafterDecember15,2012,withearlyadoptionpermitted.Theamendmentsshouldbeappliedretrospectivelyforallpriorperiods presented.

ASU2011-07,PresentationandDisclosureofPatientServiceRevenue,ProvisionforBadDebts,andtheAllowanceforDoubtfulAccountsforCertainHealthCareEntities—aconsensusoftheFASBEmergingIssuesTaskForce(issuedJuly25,2011)

Healthcareorganizations. Public entities —Effectiveforfiscalyears,andinterimperiodswithinthosefiscalyears,beginningafterDecember15,2011,withearlyadoptionpermitted.Nonpublicentities—EffectiveforthefirstannualperiodendingafterDecember15,2012,andinterimandannualperiodsthereafter,withearlyadoptionpermitted.Theamendmentstothepresentationoftheprovisionforbaddebtsrelatedtopatientservicerevenueinthestatementofoperationsshouldbeappliedretrospectivelytoallpriorperiodspresented.ThedisclosuresrequiredbythisASUshouldbeprovidedfortheperiodofadoptionandsubsequentreportingperiods.

ASU2011-06,FeesPaidtotheFederalGovernmentbyHealthInsurers—aconsensusoftheFASBEmergingIssuesTaskForce(issuedJuly21,2011)

ReportingentitiesthataresubjecttothefeeimposedonhealthinsurersmandatedbythePatientProtectionandAffordableCareAct,asamendedbytheHealthCareandEducationReconciliationAct.

EffectiveforcalendaryearsbeginningafterDecember31,2013,whenthefeeinitiallybecomeseffective.

ASU2011-05,PresentationofComprehensiveIncome(issuedJune16,2011)

Entitiesthatreportitemsofothercomprehensiveincome.

AmendmentsmadebyASU2011-05toASC220-10-45-17and45-18,ASC220-10-55-7and55-8,ASC220-10-55-9,andASC220-10-55-18areamendedbyASU2011-12.Public entities —Effectiveforfiscalyears,andinterimperiodswithinthoseyears,beginningafterDecember15,2011.Nonpublicentities—EffectiveforfiscalyearsendingafterDecember15,2012,andinterimandannualperiodsthereafter.Forbothpublicandnonpublicentities,earlyadoptionispermittedandtransitiondisclosuresarenotrequired.Inaddition,theASUmustbeappliedretrospectivelytoallperiodspresented.

ASU2011-02,ACreditor’sDeterminationofWhetheraRestructuringIsaTroubledDebtRestructuring(issuedApril5,2011)

Allentities. Public entities—Fortroubleddebtrestructuringidentificationanddisclosurepurposes,theguidanceiseffectiveforthefirstinterimorannualperiodbeginningonorafterJune15,2011,andmustbeappliedretrospectivelytomodificationsoccurringatorafterthebeginningoftheannualperiodofadoption.Nonpublicentities—EffectiveforannualperiodsendingonorafterDecember15,2012,includinginterimperiodswithinthoseannualperiods.Earlyadoptionispermittedforanyinterimperiodinthefiscalyearofadoption;however,nonpublicentities that elect early adoption should apply theguidanceretrospectivelytomodificationsoccurringatorafterthebeginningoftheannualperiodofadoption.

Projects in Request-for-Comment Stage

ProposedASU,EffectiveControlforTransfersWithForwardAgreementstoRepurchaseAssetsandAccountingforRepurchaseFinancings(issuedJanuary15,2013)

Public and nonpublic entities that enter intoagreementstotransferfinancialassets that both entitle and obligate the transferortorepurchaseorredeemthefinancialassets.

CommentsdueMarch29,2013.

ProposedASU,InclusionoftheFedFundsEffectiveSwapRate(orOvernightIndexSwapRate)asaBenchmarkInterestRateforHedgeAccountingPurposes—aconsensusoftheFASBEmergingIssuesTaskForce (issuedFebruary21,2013)

Public and nonpublic entities that elect toapplyhedgeaccountingforthebenchmarkinterestrateunderASC815.

CommentsdueApril22,2013.

ProposedASU,PresentationofanUnrecognizedTaxBenefitWhenaNetOperatingLossCarryforwardorTaxCreditCarryforwardExists —aconsensusoftheFASBEmergingIssuesTaskForce(issuedFebruary21,2013)

Entitiesthathaveunrecognizedtaxbenefitswhenanetoperatinglosscarryforwardorataxcreditcarryforwardexists.

ProposedASU,FinancialInstruments—CreditLosses (issuedDecember20,2012)

Entitiesthatholdfinancialassetsthatarenotaccountedforatfairvaluethroughnetincomeandareexposedtopotentialcreditrisk.

ProposedASU,RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities(issuedFebruary14,2013)

Entitiesthatholdfinancialassetsorowefinancialliabilities.Theextentoftheeffectonanindividualentitywoulddependonthesignificanceoffinancialinstrumentstotheentity’soperationsandfinancialposition.Forexample,traditionalbanking-typeinstitutionsandinsurancecompanieswouldbeaffectedtovaryingdegreesdependingontheirassetmixandthebusinessmodelswithinwhichtheymanagetheirfinancialassets.Theeffectmostlikelywouldbelesssignificantformanycommercialandindustrialentitiesandmanynot-for-profitentities.

CommentsdueMay15,2013.

AICPA Affects Status

SAS127,OmnibusStatementonAuditingStandards—2013(issuedJanuary7,2013)

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.

SAS126,TheAuditor’sConsiderationofanEntity’sAbilitytoContinueasaGoingConcern(Redrafted)(issuedJune29,2012)

SAS125,AlertThatRestrictstheUseoftheAuditor’sWrittenCommunication(issuedDecember2011)

Auditors. Effectivefortheauditor’swrittencommunicationsrelatedtoauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.ForallotherengagementsconductedinaccordancewithGAAS,effectivefortheauditor’swrittencommunicationsissuedonorafterDecember15,2012.

SAS124,FinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry (issuedOctober2011)

SAS123,OmnibusStatementonAuditingStandards—2011(issuedOctober2011)

SAS122,StatementsonAuditingStandards:ClarificationandRecodification(issuedOctober2011)

SQCS8,AFirm’sSystemofQualityControl(Redrafted)(issuedNovember2010)

Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterJanuary1,2012.

Project in Request-for-Comment Stage

ProposedSSARS,ReviewofFinancialStatements—SpecialConsiderations(issuedNovember15,2012)

Professionalswhoperformaccountingandreviewservices.

SEC Affects Status

FinalRule,LostSecurityholdersandUnresponsivePayees(34-68668)(issuedJanuary16,2013)

SECregistrants. EffectiveMarch25,2013;compliancedateisJanuary23,2014.

FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9382)(issuedJanuary14,2013)

SECregistrants. EffectiveJanuary23,2013.

FinalRule,ExtensionofDatesforCertainRequirementsofRule19b-4(n)(1)andRule19b-4(o)(2)andAmendmentofForm19b-4 (34-68357)(issuedDecember5,2012)

SECregistrants. EffectiveDecember10,2012.

FinalRule,ClearingAgencyStandards(34-68080) (issuedOctober22,2012)

SECregistrants. EffectiveJanuary2,2013.

FinalRule,AdoptionofUpdatedEDGARFilerManual (33-9364)(issuedOctober4,2012)

SECregistrants. EffectiveOctober15,2012.

FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9353)(issuedAugust30,2012)

SECregistrants. EffectiveSeptember6,2012.

FinalRule,DisclosureofPaymentsbyResourceExtractionIssuers(34-67717)(issuedAugust22,2012)

SECregistrants. EffectiveNovember13,2012.

FinalRule,ConflictMinerals(34-67716)(issuedAugust22,2012)

SECregistrants. EffectiveNovember13,2012.

FinalRule,FurtherDefinitionof“Swap,”“Security-BasedSwap,”and“Security-BasedSwapAgreement”;MixedSwaps;Security-BasedSwapAgreementRecordkeeping(33-9338)(issuedJuly18,2012)

FinalRule,ConsolidatedAuditTrail(34-67457)(issuedJuly18,2012)

FinalRule,ProcessforSubmissionsforReviewofSecurity-BasedSwapsforMandatoryClearingandNoticeFilingRequirementsforClearingAgencies;TechnicalAmendmentstoRule19b-4andForm19b-4ApplicabletoAllSelf-RegulatoryOrganizations(34-67286)(issuedJune28,2012)

SECregistrants. EffectiveAugust13,2012,forSections240.3Ca-1,240.3Ca-2,andtheamendmentsto240.19b-4;December10,2012,forallamendmentstoSection249.819andForm19b-4.

FinalRule,ListingStandardsforCompensationCommittees(33-9330)(issuedJune20,2012)

SECregistrants. EffectiveJuly27,2012.

FinalRule,Political Contributions by Certain InvestmentAdvisers:BanonThird-PartySolicitation;ExtensionofComplianceDate (IA-3418)(issuedJune8,2012)

SECregistrants. EffectiveJune11,2012.

FinalRule,TechnicalAmendmenttoRule206(4)-5:PoliticalContributionsbyCertainInvestmentAdvisers(IA-3403)(issuedMay9,2012)

SECregistrants. EffectiveMay15,2012.

FinalRule,FurtherDefinitionof"SwapDealer,""Security-BasedSwapDealer,""MajorSwapParticipant,""MajorSecurity-BasedSwapParticipant,"and"EligibleContractParticipant" (34-66868)(issuedApril27,2012)

FinalRule,ExemptionsforSecurity-BasedSwapsIssuedbyCertainClearingAgencies(33-9308)(issuedMarch30,2012)

SECregistrants. EffectiveApril16,2012.

FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9303)(issuedMarch26,2012)

SECregistrants. EffectiveMarch30,2012.

FinalRule,NetWorthStandardforAccreditedInvestors(33-9287A)(issuedMarch23,2012)

FinalRule,RulesofOrganization;ConductandEthics;andInformationandRequests(34-66502)(issuedMarch7,2012)

FinalRule,InvestmentAdviserPerformanceCompensation(IA-3372)(issuedFebruary15,2012)

SECregistrants. EffectiveMay22,2012.

FinalRule,ReportingbyInvestmentAdviserstoPrivateFundsandCertainCommodityPoolOperatorsandCommodityTradingAdvisorsonFormPF(IA-3308)(issuedOctober31,2011)

Certainregisteredinvestmentadvisers. EffectiveMarch31,2012.

FinalRule,SecurityRatings(33-9245)(issuedJuly27,2011)

SECregistrants. EffectiveSeptember2,2011,exceptforcertainamendmentsthatwillbecomeeffectiveonDecember31,2012.

FinalRule,TemporaryRuleRegardingPrincipalTradesWithCertainAdvisoryClients(IA-3522)(issuedDecember21,2012)

SECregistrants. EffectiveDecember28,2012,andtheexpirationdatefor17CFR275.206(3)-3TisextendedtoDecember31,2014.

FinalRule,TemporaryRuleRegardingPrincipalTradesWithCertainAdvisoryClients(IA-3128)(issuedDecember28,2010)

InvestmentadvisersregisteredwiththeSECasbroker-dealerstomeettherequirementsofSection206(3)oftheInvestmentAdvisersActwhentheyactinaprincipalcapacityintransactionswithcertainoftheiradvisoryclients.

EffectiveDecember30,2010.Expirationdatefor17CFR275.206(3)-3TisextendedtoDecember31,2012.

InterpretiveRelease,CommissionGuidanceRegardingDefinitionsofMortgageRelatedSecurityandSmallBusinessRelatedSecurity(34-67448)(issuedJuly17,2012)

InterimFinalTemporaryRule,ExtensionofTemporaryRegistrationofMunicipalAdvisors (34-67901)(issuedSeptember21,2012)

Municipaladvisors. EffectiveSeptember30,2012.ThisrulewillextendthedateonwhichtemporaryregistrationsfiledinaccordancewithRule15Ba2-6TwillexpirefromSeptember30,2012,toSeptember30,2013.

InterimFinalTemporaryRule,ExtensionofInterimFinalTemporaryRuleonRetailForeignExchangeTransactions(34-67405)(issuedJuly11,2012)

Broker-dealersregisteredwiththeSEC. EffectiveJuly16,2012.

PCAOB Affects Status

AuditingStandard16,CommunicationsWithAuditCommittees(issuedAugust15,2012)

Auditorsofpublicentities. EffectiveforauditsoffiscalyearsbeginningonorafterDecember15,2012.

GASB Affects Status

Statement69,GovernmentCombinationsandDisposalsofGovernmentOperations(issuedJanuary2013)

Governmentalentities. EffectiveforgovernmentcombinationsanddisposalsofgovernmentoperationsoccurringinfinancialreportingperiodsbeginningafterDecember15,2013,andshouldbeappliedprospectively.Earlyapplicationisencouraged.

Statement68,AccountingandFinancialReportingforPensions—anamendmentofGASBStatementNo.27(issuedJune2012)

Governmentalentities. EffectiveforfinancialstatementsforfiscalyearsbeginningafterJune15,2014.Earlyapplicationis encouraged.

Statement67,FinancialReportingforPensionPlans—anamendmentofGASBStatementNo.25(issuedJune2012)

Governmentalentities. EffectiveforfinancialstatementsforfiscalyearsbeginningafterJune15,2013.Earlyapplicationis encouraged.

Statement66,TechnicalCorrections—2012 — anamendmentofGASBStatementsNo.10andNo.62(issuedMarch2012)

Governmentalentities. EffectiveforfinancialstatementperiodsbeginningafterDecember15,2012.Earlyapplication is encouraged.

Statement65,ItemsPreviouslyReportedasAssetsand Liabilities (issuedMarch2012)

Governmentalentities. EffectiveforfinancialstatementperiodsbeginningafterDecember15,2012.Earlyapplication is encouraged.

Statement61,TheFinancialReportingEntity:Omnibus—anamendmentofGASBStatementsNo.14andNo.34(issuedNovember2010)

Governmentalentities. EffectiveforfinancialstatementsforperiodsbeginningafterJune15,2012.Earlyapplicationis encouraged.

FASAB Affects Status

Statement44,AccountingforImpairmentofGeneralProperty,Plant,andEquipmentRemaininginUse(issuedJanuary3,2013)

U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2014.Earlyapplicationisencouraged.

Statement43,FundsFromDedicatedCollections:AmendingStatementofFederalFinancialAccountingStandards27,IdentifyingandReportingEarmarkedFunds(issuedJune1,2012)

U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2012.Earlyapplicationisnotpermitted.

Statement42,DeferredMaintenanceandRepairs —AmendingStatementsofFederalFinancialAccountingStandards6,14,19,and32(issuedApril25,2012)

Statement41,DeferraloftheEffectiveDateofSFFAS38,AccountingforFederalOilandGasResources(issuedJuly6,2011)

Statement36,ReportingComprehensiveLong-TermFiscalProjectionsfortheU.S.Government(issuedSeptember28,2009)

U.S.federalgovernmententities. ThisStatementprovidesforaphased-inimplementation,butearlyimplementationisencouraged.Allinformationwillbereportedasrequiredsupplementaryinformationforthefirstthreeyearsofimplementation(fiscalyears2010,2011,and2012).Beginninginfiscalyear2013,therequiredinformationwillbepresentedasabasicfinancialstatement,disclosures,andrequiredsupplementaryinformationasdesignatedwithinthestandard.

TechnicalBulletin2011-1,AccountingforFederalNaturalResourcesOtherThanOilandGas(issuedJuly6,2011)

IASB/IFRIC Affects Status

InvestmentEntities—amendmentstoIFRS10,IFRS12andIAS27(issuedOctober31,2012)

EntitiesreportingunderIFRSs. EffectiveforreportingperiodsbeginningonorafterJanuary1,2014.Earlyapplicationispermitted.

ConsolidatedFinancialStatements,JointArrangementsandDisclosureofInterestsinOtherEntities:TransitionGuidance—amendmentstoIFRS10,IFRS11andIFRS12(issuedJune28,2012)

EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.

AnnualImprovementstoIFRSs:2009–2011Cycle (issuedMay17,2012)

IFRSforSMEsQ&A2012/04,RecyclingofCumulativeExchangeDifferencesonDisposalofaSubsidiary(issuedApril27,2012)

SMEsreportingunderIFRSs. Effectiveuponissuance(April27,2012).

IFRSforSMEsQ&A2012/03,FallbacktoIFRS9FinancialInstruments(issuedApril27,2012)

IFRSforSMEsQ&A2012/02,JurisdictionRequiresFallbacktoFullIFRSs(issuedApril10,2012)

IFRSforSMEsQ&A2012/01,Applicationof“UndueCostorEffort”(issuedApril10,2012)

GovernmentLoans—amendmentstoIFRS1(issuedMarch13,2012)

OffsettingFinancialAssetsandFinancialLiabilities—amendmentstoIAS32(issuedDecember16,2011)

EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2014.Anentitymustapplytheamendmentsretrospectively.Earlyapplicationispermitted.

Disclosures—OffsettingFinancialAssetsandFinancialLiabilities—amendmentstoIFRS7(issuedDecember16,2011)

EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013,andinterimperiodswithinthoseannualperiods.Anentitymustprovidethedisclosuresrequiredbytheamendmentsretrospectively.

MandatoryEffectiveDateandTransitionDisclosures—amendmentstoIFRS9andIFRS7(issuedDecember16,2011)

EntitiesreportingunderIFRSs. AmendedtheeffectivedateofIFRS9(2009)andIFRS9(2010)sothatIFRS9isrequiredtobeappliedforannualperiodsbeginningonorafterJanuary1,2015.Earlyapplicationispermitted.

IFRICInterpretation20,StrippingCostsintheProductionPhaseofaSurfaceMine(issuedOctober19,2011)

EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013,withearlyadoptionpermitted.

PresentationofItemsofOtherComprehensiveIncome—amendmentstoIAS1(issuedJune16,2011)

EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJuly1,2012.Earlyapplicationispermitted.

IAS19,EmployeeBenefits(Revised2011)(issuedJune16,2011)

IAS28,InvestmentsinAssociatesandJointVentures(Revised2011)(issuedMay12,2011)

EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.

IAS27,SeparateFinancialStatements(Revised2011)(issuedMay12,2011)

IFRS13,FairValueMeasurement(issuedMay12,2011)

EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.ThedisclosurerequirementsdonotneedtobeappliedtocomparativeinformationprovidedforperiodsbeforeinitialapplicationofthisIFRS.

IFRS12,DisclosureofInterestsinOtherEntities(issuedMay12,2011)

IFRS11,JointArrangements(issuedMay12,2011)

IFRS10,ConsolidatedFinancialStatements(issuedMay12,2011)

IFRS9,FinancialInstruments(issuedOctober28,2010)

IFRS9,FinancialInstruments(issuedNovember9,2009)

Projects in Request-for-Comment Stage

IASBExposureDraftIFRSTaxonomy2013,AccompanyingDocumentationtotheProposedIFRSTaxonomy2013(issuedJanuary18,2013)

EntitiesreportingunderIFRSs. CommentsdueMarch18,2013.

IASBExposureDraftED/2013/1,RecoverableAmountDisclosuresforNon-financialAssets— proposedamendmentstoIAS36(issuedJanuary18,2013)

IASBExposureDraftED/2012/3,EquityMethod:ShareofOtherNetAssetChanges— proposed amendmentstoIAS28(issuedNovember22,2012)

IASBExposureDraftED/2012/4,ClassificationandMeasurement:LimitedAmendmentstoIFRS9—proposedamendmentstoIFRS9(2010)(issuedNovember28,2012)

IASBExposureDraftED/2013/2,NovationofDerivativesandContinuationofHedgeAccounting—proposedamendmentstoIAS39andIFRS9(issuedFebruary28,2013)

EntitiesreportingunderIFRSs. CommentsdueApril2,2013.

IASBExposureDraftED/2012/5,ClarificationofAcceptableMethodsofDepreciationandAmortisation—proposedamendmentstoIAS16andIAS38

IFRSProposal,ED/2012/6,SaleorContributionofAssetsBetweenanInvestorandItsAssociateorJointVenture—proposedamendmentstoIFRS10andIAS28(issuedDecember13,2012)

IFRSProposal,ED/2012/7,AcquisitionofanInterestinaJointOperation — proposed amendmenttoIFRS11(issuedDecember13,2012)

Appendix B: Industry PublicationsThisappendixcontainslinkstotheIndustrySpotlightseriesaswellasothercriticalindustrypublicationspublishedbyDeloitteoverthe past year.Thesedocumentsprovideindustryperspectivesonrecentdevelopmentsinaccountingandfinancialreporting.

Industry Spotlight Series

Asset Management

• Issue2,December2012:IASBIssuesGuidanceonInvestmentEntities.

• Issue1,April2012:ConstituentsShareViewsonThreeFASBProposals.

Consumer Products

• Issue2,April2012:HowtheConvergedRevenueRecognitionModelMayAffectSalesTargets.

Financial Services

• Issue1,July2012:FinancialServicesIndustrySpotlight—ASU2011-04:AFewGoodDisclosures.

Health Care Providers

• Issue3,June2012:ImminentTransitiontoICD-10LeadstoQuestionsAboutAccountingforIncurredCosts.

Insurance

• Issue6,December2012:Transition—IstheFinishLineinSight?

• Issue5,August2012:TheSunSetsonDirect-ResponseAdvertising.

• Issue4,April2012:IntersectionAheadintheRevenueRecognitionandInsuranceContractsProjects.

Life Sciences

• Issue4,March2012:EffectivelyTreatingtheImpactsoftheConvergedRevenueRecognitionModel.

Media & Entertainment

• Issue1,April2012:QuestionsRemainRegardingtheConvergedRevenueRecognitionModel’sRedCarpetAppearance.

Power & Utilities

• Issue2,October2012:ASU2011-04:FullDisclosures—ALookatWhatCompaniesAreDoing.

• Issue1,September2012:CSAPRVacatedbyCourtofAppeals.

Process & Industrial Products

• Issue1,March2012:TheNutsandBoltsoftheConvergedRevenueRecognitionModel.

Real Estate

• Issue3,October2012:E&CEntitiesAnticipatetheCompletionoftheConvergedRevenueModel.

• Issue2,April2012:UpdateontheFASB’sInvestmentPropertyEntityandInvestmentCompanyProjects.

Retail & Distribution

• Issue2,April2012:HowtheConvergedRevenueRecognitionModelMayAffectSalesTargets.

Technology

• Issue3,October2012:AccountingforCostsAssociatedWithCloudComputing.

Travel, Hospitality, and Leisure

• Issue2,December2012:ElectingQualitativeAssessmentsforGoodwillandIndefinite-LivedIntangibleAssets.

Industry Accounting, Financial Reporting, and Tax Updates.

FinancialServices,issuedDecember2012,infourseparatevolumes:

• AssetManagement.

• Banking&Securities.

• Insurance.

• RealEstate.

LifeSciences,issuedMarch2012.

Power&Utilities,issuedJanuary2013.

Appendix C: Glossary of Standards

FASBAccountingStandardsCodificationTopic850,RelatedPartyDisclosures

FASBAccountingStandardsCodificationTopic840,Leases

FASBAccountingStandardsCodificationTopic825,FinancialInstruments

FASBAccountingStandardsCodificationTopic820,FairValueMeasurement

FASBAccountingStandardsCodificationTopic815,DerivativesandHedging

FASBAccountingStandardsCodificationTopic740,IncomeTaxes

FASBAccountingStandardsCodificationTopic270,InterimReporting

FASBAccountingStandardsUpdateNo.2013-05,Parent’sAccountingfortheCumulativeTranslationAdjustmentUponDerecognitionofCertainSubsidiariesorGroupsofAssetsWithinaForeignEntityorofanInvestmentinaForeignEntity — a consensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2013-04,ObligationsResultingFromJointandSeveralLiabilityArrangementsforWhichtheTotalAmountoftheObligationIsFixedattheReportingDate—aconsensusoftheFASBEmergingIssuesTaskForce

FASBAccountingStandardsUpdateNo.2013-03,ClarifyingtheScopeandApplicabilityofaParticularDisclosuretoNonpublicEntities

FASBAccountingStandardsUpdateNo.2013-02,ReportingofAmountsReclassifiedOutofAccumulatedOtherComprehensiveIncome

FASBAccountingStandardsUpdateNo.2011-04,AmendmentstoAchieveCommonFairValueMeasurementDisclosureRequirementsinU.S.GAAPandIFRSs

FASBProposedAccountingStandardsUpdate,RevenueFromContractsWithCustomers

FASBProposedAccountingStandardsUpdate,RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities

FASBProposedAccountingStandardsUpdate,InclusionoftheFedFundsEffectiveSwapRate(orOvernightIndexSwapRate)asaBenchmarkInterestRateforHedgeAccountingPurposes—aconsensusoftheFASBEmergingIssuesTaskForce

FASBProposedAccountingStandardsUpdate,PresentationofanUnrecognizedTaxBenefitWhenaNetOperatingLossCarryforwardorTaxCreditCarryforwardExists—aconsensusoftheFASBEmergingIssuesTaskForce

FASBDiscussionPaper,InvitationtoComment—DisclosureFramework

FASBU.S.GAAPFinancialReportingTaxonomyImplementationGuide,SubsequentEvents

FASBU.S.GAAPFinancialReportingTaxonomyStyleGuide,DefinitionComponents&Structure

FASBStatementNo.109,AccountingforIncomeTaxes

FAFRequestforComment,GASB’sScopeofAuthority:ProposedChangestoAgenda-SettingProcess

AICPATechnicalPracticeAids,TISSection9100.07,“NamingtheCityandStateWheretheAuditorPractices”

AICPATechnicalPracticeAids,TISSections8810.01–.39,“AuditsofGroupFinancialStatementsandWorkofOthers”

AICPATechnicalPracticeAids,TISSection6910.35,“AssessingControlWhenMeasuringFairValue”

AICPATechnicalPracticeAids,TISSection6910.34,“ApplicationoftheNotionofValueMaximizationforMeasuringFairValueofDebtandControllingEquityPositions”

GASBStatementNo.40,DepositandInvestmentRiskDisclosures—anamendmentofGASBStatementNo.3

GASBStatementNo.30,RiskFinancingOmnibus—anamendmentofGASBStatementNo.10

GASBStatementNo.10,AccountingandFinancialReportingforRiskFinancingandRelatedInsuranceIssues

GASBStatementNo.3,DepositsWithFinancialInstitutions,Investments(IncludingRepurchaseAgreements),andReverseRepurchaseAgreements

IFRS9,FinancialInstruments

IAS39,FinancialInstruments:RecognitionandMeasurement

IAS37,Provisions,ContingentLiabilitiesandContingentAssets

IAS34,InterimFinancialReporting

IAS17,Leases

IASBExposureDraft,NovationofDerivativesandContinuationofHedgeAccounting—proposedamendmentstoIAS39and IFRS9

IASBExposureDraft,RevenueFromContractsWithCustomers

IES1(Revised),EntryRequirementstoProfessionalAccountingEducationPrograms

IVSCDiscussionPaper,ValuationofLiabilities

AICPA AmericanInstituteofCertifiedPublicAccountants

AOCI accumulatedothercomprehensiveincome

ASC FASBAccountingStandardsCodification

ASU FASBAccountingStandardsUpdate

CEO chiefexecutiveofficer

CFO chieffinancialofficer

CPE continuingprofessionaleducation

CTA cumulativetranslationadjustment

DP discussion paper

ED exposuredraft

EDT EasternDaylightTime

EITF EmergingIssuesTaskForce

FAF FinancialAccountingFoundation

FASAB FederalAccountingStandardsAdvisoryBoard

FASB FinancialAccountingStandardsBoard

FV-NI fairvaluethroughnetincome

FV-OCI fairvaluethroughothercomprehensiveincome

GAAP generally accepted accounting principles

GASB GovernmentalAccountingStandardsBoard

IAESB InternationalAccountingEducationStandardsBoard

IAS InternationalAccountingStandard

IASB InternationalAccountingStandardsBoard

IES InternationalEducationStandard

IFAC InternationalFederationofAccountants

IFRIC InternationalFinancialReportingInterpretationsCommittee

IFRS InternationalFinancialReportingStandard

IVSC InternationalValuationStandardsCouncil

LIBOR LondonInterbankOfferedRate

OCI othercomprehensiveincome

OIS overnightindexedswap

PCAOB PrivateCompanyCouncil

Q&As questionsandanswers

SAS StatementonAuditingStandards

SEC SecuritiesandExchangeCommission

SMEs smallandmedium-sizedentities

SQCS StatementonQualityControlStandards

SSARS StatementonStandardsforAccountingandReviewServices

TIS TechnicalInquiryService

TPA TechnicalPracticeAid

XBRL eXtensibleBusinessReportingLanguage

Appendix D: Abbreviations

Asusedinthisdocument,"Deloitte"meansDeloitte&ToucheLLP,asubsidiaryofDeloitteLLP.Pleaseseewww.deloitte.com/us/aboutforadetaileddescriptionofthelegalstructureofDeloitteLLPanditssubsidiaries.Certainservicesmaynotbeavailabletoattestclientsundertherulesandregulationsofpublicaccounting.

SubscriptionsIfyouwishtoreceiveAccountingRoundupandotheraccountingpublicationsissuedbyDeloitte’sAccountingStandardsandCommunicationsGroup,pleaseregisteratwww.deloitte.com/us/subscriptions.

Technical Library: The Deloitte Accounting Research ToolDeloittemakesavailable,onasubscriptionbasis,accesstoitsonlinelibraryofaccountingandfinancialdisclosureliterature. CalledTechnicalLibrary:TheDeloitteAccountingResearchTool,thelibraryincludesmaterialfromtheFASB,theEITF,theAICPA,thePCAOB,theIASB,andtheSEC,inadditiontoDeloitte’sownaccountingandSECmanualsandotherinterpretiveaccountingandSECguidance.

Updatedeverybusinessday,TechnicalLibraryhasanintuitivedesignandnavigationsystemthat,togetherwithitspowerfulsearchfeatures,enableuserstoquicklylocateinformationanytime,fromanycomputer.TechnicalLibrarysubscribersalsoreceiveTechnicallySpeaking,theweeklypublicationthathighlightsrecentadditionstothelibrary.

Inaddition,TechnicalLibrarysubscribershaveaccesstoDeloitteAccountingJournalentries,whichbrieflysummarizethenewestdevelopmentsinaccountingstandardsetting.

Formoreinformation,includingsubscriptiondetailsandanonlinedemonstration,visitwww.deloitte.com/us/techlibrary.

ConclusionsoftheFASB,GASB,IASB,andIFRSInterpretationsCommitteearesubjecttochangeatfuturemeetingsandgenerallydonotaffectcurrentaccountingrequirementsuntilanofficialposition(e.g.,AccountingStandardsUpdateorIFRS)isissued.Officialpositionsaredeterminedonlyafterextensivedeliberationanddueprocess,includingaformalvote.

FurtherinformationaboutthestandardsetterscanbefoundontheirrespectiveWebsitesasfollows:www.fasb.org(FASB);www.fasb.org/eitf/agenda.shtml(EITF);www.aicpa.org (AICPA);www.sec.gov(SEC);www.pcaob.org(PCAOB);www.fasab.gov(FASAB);www.gasb.org(GASB);andwww.ifrs.org — or on www.iasplus.com/en(IASBandIFRSInterpretationsCommittee).

AccountingRoundupispreparedbytheNationalOfficeAccountingStandardsandCommunicationsGroupofDeloitte.Thepurposeofthispublicationistobrieflydescribekeyregulatoryandprofessionaldevelopmentsthathaverecentlyoccurredinthefieldofaccountingandtoprovidelinkstolocationswhereadditionalinformationcanbefoundoneachtopic.Readersseekingadditionalinformationaboutatopicshouldreviewtheinformationreferredtointhehyperlinksandnotrelysolelyonthedescriptionsincludedinthiscommunication.

ThispublicationcontainsgeneralinformationonlyandDeloitteisnot,bymeansofthispublication,renderingaccounting,business,financial,investment,legal,tax,orotherprofessionaladviceorservices.Thispublicationisnotasubstituteforsuchprofessionaladviceorservices,norshoulditbeusedasabasisforanydecisionoractionthatmayaffectyourbusiness.Beforemakinganydecisionortakinganyactionthatmayaffectyourbusiness,youshouldconsultaqualifiedprofessionaladvisor.Deloitte,itsaffiliates,andrelatedentitiesshallnotberesponsibleforanylosssustainedbyanypersonwhoreliesonthispublication.

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