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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
Fee
International• IVSCIssuesDiscussionPaperonValuationofLiabilities
Appendix A: Significant Adoption Dates and Deadlines
Appendix B: Industry Publications
Appendix C: Glossary of Standards
Appendix D: Abbreviations
Dbriefs for Financial ExecutivesWeinviteyoutoparticipateinDbriefs,Deloitte’swebcastseriesthatprovidesvaluableinsightsonimportantdevelopmentsaffectingyourbusiness.Gainaccesstoinnovativeideasandcriticalinformationduringthesemonthlywebcasts.
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Formoreinformation,pleaseseeourcompleteDbriefs programguideorclickalinkbelowformoreinformationaboutanyoftheseupcomingDbriefswebcasts(allwebcastsbeginat2:00p.m.(EDT)unlessotherwisenoted):
• Wednesday,March13:BalancingAct:Insourcingvs.OutsourcingofLegalDiscoveryTechnology.
• Tuesday,March19:EITFRoundup:HighlightsFromtheMarchMeeting.
• Wednesday,March20,3:00p.m.(EDT):FinanceOrganizations:BecomingaMoreEffectivePartnerintheBusiness.
• Wednesday,March27:QuarterlyAccountingRoundup.
• Thursday,March28:InternationalCorporateGovernanceTrends:WhatMayBeHeadingtotheU.S.?
Don’tmissout—registerforthesewebcaststoday.
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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.
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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.
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• 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.•
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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.•
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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. •
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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.
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Next Steps:Theboardsareexpectedtoissuetheirfinalstandardonrevenuerecognitioninthesecondquarterof2013.
Other Resources:Formoreinformationabouttheboards’decisionsontherevenuerecognitionprojecttodate,seeDeloitte’sMarch5,2013,HeadsUp.Formoreinformationabouttheboards’discussionatthejointmeeting,seetheobservernotesonDeloitte’sIASPlus Web site. •
XBRL
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
AICPA Issues TPAs
Affects: Allentitiesandtheirauditors.
Summary: InFebruary,theAICPAissuedthefollowingneworrevisedTPAs(nonauthoritativetechnicalQ&Asthataddressselectedpracticeissues):
• TISSection6910.34,“ApplicationoftheNotionofValueMaximizationforMeasuringFairValueofDebtandControllingEquityPositions.”
• TISSection6910.35,“AssessingControlWhenMeasuringFairValue.”
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• 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
GASB
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
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.•
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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.
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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.
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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.
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ProposedASU,InclusionoftheFedFundsEffectiveSwapRate(orOvernightIndexSwapRate)asaBenchmarkInterestRateforHedgeAccountingPurposes—aconsensusoftheFASBEmergingIssuesTaskForce (issuedFebruary21,2013)
Public and nonpublic entities that elect toapplyhedgeaccountingforthebenchmarkinterestrateunderASC815.
CommentsdueApril22,2013.
ProposedASU,PresentationofanUnrecognizedTaxBenefitWhenaNetOperatingLossCarryforwardorTaxCreditCarryforwardExists —aconsensusoftheFASBEmergingIssuesTaskForce(issuedFebruary21,2013)
Entitiesthathaveunrecognizedtaxbenefitswhenanetoperatinglosscarryforwardorataxcreditcarryforwardexists.
CommentsdueApril22,2013.
ProposedASU,FinancialInstruments—CreditLosses (issuedDecember20,2012)
Entitiesthatholdfinancialassetsthatarenotaccountedforatfairvaluethroughnetincomeandareexposedtopotentialcreditrisk.
CommentsdueApril30,2013.
ProposedASU,RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities(issuedFebruary14,2013)
Entitiesthatholdfinancialassetsorowefinancialliabilities.Theextentoftheeffectonanindividualentitywoulddependonthesignificanceoffinancialinstrumentstotheentity’soperationsandfinancialposition.Forexample,traditionalbanking-typeinstitutionsandinsurancecompanieswouldbeaffectedtovaryingdegreesdependingontheirassetmixandthebusinessmodelswithinwhichtheymanagetheirfinancialassets.Theeffectmostlikelywouldbelesssignificantformanycommercialandindustrialentitiesandmanynot-for-profitentities.
CommentsdueMay15,2013.
AICPA Affects Status
Significant Adoption Dates
SAS127,OmnibusStatementonAuditingStandards—2013(issuedJanuary7,2013)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.
SAS126,TheAuditor’sConsiderationofanEntity’sAbilitytoContinueasaGoingConcern(Redrafted)(issuedJune29,2012)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.
SAS125,AlertThatRestrictstheUseoftheAuditor’sWrittenCommunication(issuedDecember2011)
Auditors. Effectivefortheauditor’swrittencommunicationsrelatedtoauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.ForallotherengagementsconductedinaccordancewithGAAS,effectivefortheauditor’swrittencommunicationsissuedonorafterDecember15,2012.
SAS124,FinancialStatementsPreparedinAccordanceWithaFinancialReportingFrameworkGenerallyAcceptedinAnotherCountry (issuedOctober2011)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.
SAS123,OmnibusStatementonAuditingStandards—2011(issuedOctober2011)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.
SAS122,StatementsonAuditingStandards:ClarificationandRecodification(issuedOctober2011)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterDecember15,2012.
SQCS8,AFirm’sSystemofQualityControl(Redrafted)(issuedNovember2010)
Auditors. EffectiveforauditsoffinancialstatementsforperiodsendingonorafterJanuary1,2012.
Project in Request-for-Comment Stage
ProposedSSARS,ReviewofFinancialStatements—SpecialConsiderations(issuedNovember15,2012)
Professionalswhoperformaccountingandreviewservices.
CommentsdueApril26,2013.
SEC Affects Status
Significant Adoption Dates
FinalRule,LostSecurityholdersandUnresponsivePayees(34-68668)(issuedJanuary16,2013)
SECregistrants. EffectiveMarch25,2013;compliancedateisJanuary23,2014.
FinalRule,AdoptionofUpdatedEDGARFilerManual(33-9382)(issuedJanuary14,2013)
SECregistrants. EffectiveJanuary23,2013.
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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)
SECregistrants. EffectiveOctober12,2012.
FinalRule,ConsolidatedAuditTrail(34-67457)(issuedJuly18,2012)
SECregistrants. EffectiveOctober1,2012.
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)
SECregistrants. EffectiveJuly23,2012.
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)
SECregistrants. EffectiveMarch28,2012.
FinalRule,RulesofOrganization;ConductandEthics;andInformationandRequests(34-66502)(issuedMarch7,2012)
SECregistrants. EffectiveMarch7,2012.
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.
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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)
SECregistrants. EffectiveJuly20,2012.
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
Significant Adoption Dates
AuditingStandard16,CommunicationsWithAuditCommittees(issuedAugust15,2012)
Auditorsofpublicentities. EffectiveforauditsoffiscalyearsbeginningonorafterDecember15,2012.
GASB Affects Status
Significant Adoption Dates
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
Significant Adoption Dates
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)
U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2014.Earlyapplicationisencouraged.
Statement41,DeferraloftheEffectiveDateofSFFAS38,AccountingforFederalOilandGasResources(issuedJuly6,2011)
U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2012.Earlyapplicationisencouraged.
16
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)
U.S.federalgovernmententities. EffectiveforperiodsbeginningafterSeptember30,2013.Earlyapplicationisencouraged.
IASB/IFRIC Affects Status
Significant Adoption Dates
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)
EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IFRSforSMEsQ&A2012/04,RecyclingofCumulativeExchangeDifferencesonDisposalofaSubsidiary(issuedApril27,2012)
SMEsreportingunderIFRSs. Effectiveuponissuance(April27,2012).
IFRSforSMEsQ&A2012/03,FallbacktoIFRS9FinancialInstruments(issuedApril27,2012)
SMEsreportingunderIFRSs. Effectiveuponissuance(April27,2012).
IFRSforSMEsQ&A2012/02,JurisdictionRequiresFallbacktoFullIFRSs(issuedApril10,2012)
SMEsreportingunderIFRSs. Effectiveuponissuance(April10,2012).
IFRSforSMEsQ&A2012/01,Applicationof“UndueCostorEffort”(issuedApril10,2012)
SMEsreportingunderIFRSs. Effectiveuponissuance(April10,2012).
GovernmentLoans—amendmentstoIFRS1(issuedMarch13,2012)
EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
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)
EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IAS28,InvestmentsinAssociatesandJointVentures(Revised2011)(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IAS27,SeparateFinancialStatements(Revised2011)(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
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IFRS13,FairValueMeasurement(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.ThedisclosurerequirementsdonotneedtobeappliedtocomparativeinformationprovidedforperiodsbeforeinitialapplicationofthisIFRS.
IFRS12,DisclosureofInterestsinOtherEntities(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IFRS11,JointArrangements(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IFRS10,ConsolidatedFinancialStatements(issuedMay12,2011)
EntitiesreportingunderIFRSs. EffectiveprospectivelyforannualperiodsbeginningonorafterJanuary1,2013.Earlyapplicationispermitted.
IFRS9,FinancialInstruments(issuedOctober28,2010)
EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2015.Earlyapplicationispermitted.
IFRS9,FinancialInstruments(issuedNovember9,2009)
EntitiesreportingunderIFRSs. EffectiveforannualperiodsbeginningonorafterJanuary1,2015.Earlyapplicationispermitted.
Projects in Request-for-Comment Stage
IASBExposureDraftIFRSTaxonomy2013,AccompanyingDocumentationtotheProposedIFRSTaxonomy2013(issuedJanuary18,2013)
EntitiesreportingunderIFRSs. CommentsdueMarch18,2013.
IASBExposureDraftED/2013/1,RecoverableAmountDisclosuresforNon-financialAssets— proposedamendmentstoIAS36(issuedJanuary18,2013)
EntitiesreportingunderIFRSs. CommentsdueMarch19,2013.
IASBExposureDraftED/2012/3,EquityMethod:ShareofOtherNetAssetChanges— proposed amendmentstoIAS28(issuedNovember22,2012)
EntitiesreportingunderIFRSs. CommentsdueMarch22,2013.
IASBExposureDraftED/2012/4,ClassificationandMeasurement:LimitedAmendmentstoIFRS9—proposedamendmentstoIFRS9(2010)(issuedNovember28,2012)
EntitiesreportingunderIFRSs. CommentsdueMarch28,2013.
IASBExposureDraftED/2013/2,NovationofDerivativesandContinuationofHedgeAccounting—proposedamendmentstoIAS39andIFRS9(issuedFebruary28,2013)
EntitiesreportingunderIFRSs. CommentsdueApril2,2013.
IASBExposureDraftED/2012/5,ClarificationofAcceptableMethodsofDepreciationandAmortisation—proposedamendmentstoIAS16andIAS38
EntitiesreportingunderIFRSs. CommentsdueApril2,2013.
IFRSProposal,ED/2012/6,SaleorContributionofAssetsBetweenanInvestorandItsAssociateorJointVenture—proposedamendmentstoIFRS10andIAS28(issuedDecember13,2012)
EntitiesreportingunderIFRSs. CommentsdueApril23,2013.
IFRSProposal,ED/2012/7,AcquisitionofanInterestinaJointOperation — proposed amendmenttoIFRS11(issuedDecember13,2012)
EntitiesreportingunderIFRSs. CommentsdueApril23,2013.
18
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.
19
Industry Accounting, Financial Reporting, and Tax Updates.
FinancialServices,issuedDecember2012,infourseparatevolumes:
• AssetManagement.
• Banking&Securities.
• Insurance.
• RealEstate.
LifeSciences,issuedMarch2012.
Power&Utilities,issuedJanuary2013.
20
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
21
IAS39,FinancialInstruments:RecognitionandMeasurement
IAS37,Provisions,ContingentLiabilitiesandContingentAssets
IAS34,InterimFinancialReporting
IAS17,Leases
IASBExposureDraft,NovationofDerivativesandContinuationofHedgeAccounting—proposedamendmentstoIAS39and IFRS9
IASBExposureDraft,RevenueFromContractsWithCustomers
IES1(Revised),EntryRequirementstoProfessionalAccountingEducationPrograms
IVSCDiscussionPaper,ValuationofLiabilities
22
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.
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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.
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