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  • Journal entry — SEC staff publishes compliance and disclosure interpretations of FAST Act
    of the FAST Act s key provisions see Deloitte s December 8 journal entry Interim Financial Statements In the first C DI the SEC staff addresses a key provision of the FAST Act that simplifies the disclosure requirements for emerging growth companies EGCs Under the FAST Act an EGC may for historical periods required by Regulation S X omit financial information from registration statements on Form S 1 or Form F 1 filed before an initial public offering or confidentially submitted to the SEC for review if the EGC reasonably believes that these historical periods will not be required to be included at the time of the contemplated offering The SEC staff clarifies that interim financial information including financial information for the comparative prior period relates to both the interim period and a component of any longer period interim or annual in which it will be ultimately included Thus interim financial statements would be required in each filing of a registration statement since any such periods will ultimately be included in either year to date interim periods or the annual periods presented in the registration statement as of the effective date The C DI includes an example of a calendar year end EGC that submits or files a registration statement in December 2015 and reasonably expects to commence its offering in April 2016 when annual financial statements for 2015 and 2014 will be required The C DI states that in such a case an EGC may not omit its nine month 2014 and 2015 interim financial statements because those statements include financial information that relates to annual financial statements that will be required at the time of the offering in April 2016 Financial Statements of Other Entities The second C DI discusses financial statements of other entities e g an acquired business under Regulation S X Rule 3 05 2 within the registration statement It indicates that an EGC issuer may omit such financial statements from its filing or submission if the issuer reasonably believes that those financial statements will not be required at the time of the offering The SEC staff explains that this situation could occur when an issuer updates its registration statement to include its 2015 annual financial statements prior to the offering and after that update the acquired business has been part of the issuer s financial statements for a sufficient amount of time to obviate the need for separate financial statements The C DI also includes a reference to paragraph 2030 4 of the Division s Financial Reporting Manual 1 Fixing America s Surface Transportation Act 2 SEC Regulation S X Rule 3 05 Financial Statements of Businesses Acquired or to Be Acquired Download Related Topics Publication series Accounting Journal Entries Resources U S Securities and Exchange Commission SEC Related news SEC staff publishes C DI on EDGAR filings for issuers of asset backed securities Feb 09 2016 SEC updates EDGAR filer manual and technical specifications Feb 02 2016 SEC staff updates interactive data XBRL

    Original URL path: http://www.iasplus.com/en-us/publications/us/aje/2015/1218 (2016-02-10)
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  • Real Estate — Accounting and Financial Reporting Update (2015)
    Update 2015 Published on Jan 15 2016 The eighth annual accounting and financial reporting update discusses topics that may be of particular interest to real estate entities It summarizes notable developments and activities that occurred during 2015 including 1 the issuance of new guidance on the consolidation framework and amendments to the classification and measurement of financial instruments and 2 the continued work of the FASB on accounting for leases and financial instruments the definition of a business and simplification Download Related Topics Publication series Financial services industry Accounting and financial reporting updates 2015 Resources U S Securities and Exchange Commission SEC Standards ASC 320 Investments Debt and Equity Securities ASC 321 Investments Equity Securities ASC 360 Property Plant and Equipment ASC 470 Debt ASC 606 Revenue From Contracts With Customers ASC 805 Business Combinations ASC 810 Consolidation ASC 820 Fair Value Measurements and Disclosures ASC 830 Foreign Currency Matters ASC 835 Interest ASC 840 Leases IAS 17 Leases ASC 205 Presentation of Financial Statements ASC 230 Statement of Cash Flows Other Financial Reporting Quick links Investment Management Accounting and Financial Reporting Update 2015 Banking Securities Accounting and Financial Reporting Update 2015 Real estate publications Other industry publications Related news SEC staff publishes C DI on EDGAR filings for issuers of asset backed securities Feb 09 2016 SEC updates EDGAR filer manual and technical specifications Feb 02 2016 FASB proposes guidance on certain cash flow classification issues Jan 29 2016 SEC staff updates interactive data XBRL interpretations and FAQs Jan 26 2016 SEC adopts rules implementing FAST Act provisions Jan 14 2016 IASB issues new leasing standard Jan 13 2016 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification Feb 04 2016 Oil Gas Accounting Financial Reporting and Tax Update January 2016 Feb 03 2016 Accounting

    Original URL path: http://www.iasplus.com/en-us/publications/us/industry/re/upd/fsi2015re (2016-02-10)
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  • Power & Utilities — Accounting, Financial Reporting, and Tax Update
    Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Projects Resources My US GAAP Plus Topics Communications Toggle navigation Search site Publication Directory U S publications Accounting Journal Entries Accounting Roundup Accounting for Income Taxes Audit Committee Brief CFO Insights Dbriefs webcasts EITF Snapshot Financial Reporting Alerts Financial services industry Accounting and financial reporting updates 2015 Heads Up Hot Topics Industry Spotlight Other industry publications Roadmap series SEC comment letter series TRG Snapshot U S comment letters XBRL Global publications Info Power Utilities Accounting Financial Reporting and Tax Update Published on Jan 15 2016 Our industry continues to face changing markets new legislation environmental initiatives regulatory pressures and proposed revisions to the historical compact and emerging businesses and exponential technologies This publication discusses accounting tax and regulatory matters that P U entities will need to consider as a result of these changes including updates to SEC FASB and tax guidance and focuses on specialized industry accounting topics that frequently affect P U companies including rate regulated entities New to this year s publication are sections that concentrate on accounting and reporting considerations related to 1 the new leases standard 2 alternative revenue programs and 3 asset retirement obligations To highlight an industry sector growth area we have also included a section on accounting and reporting concerns specific to renewable energy Download Related Topics Publication series Other industry publications Quick links Power utilities publication Other industry publications Related Publications Oil Gas Accounting Financial Reporting and Tax Update January 2016 Feb 03 2016 Life Sciences Accounting and Financial Reporting Update Mar 09 2015 Technology Alert FASB finalizes guidance on a customer s accounting for cloud computing costs Feb 26 2015 All Related About Contact us Legal Privacy Material on this website

    Original URL path: http://www.iasplus.com/en-us/publications/us/industry/pu/annual_update (2016-02-10)
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  • SEC Commissioner believes it's time to take step forward
    on Current SEC and PCAOB Developments a week later Mr Schnurr and Julie Erhardt Deputy Chief Accountant of the SEC further discussed this possible option Since then little has been heard of the proposal or any other proposal or the progress regarding the rule making process In his speech Commissioner Piwowar has now pointed out an another benefit the proposal might have in addition not taking away anything from investors who currently use and like U S GAAP and lowering the cost of providing IFRS financial reporting for companies want to provide IFRS information It is difficult to gauge investor demand for financial reporting under IFRS by U S domestic issuers How does one predict investor demand for IFRS reporting when it is largely not available in the domestic context For instance twenty years ago it was difficult to predict the demand for smart phones when the product was not available to the general public Our chief accountant has raised an interesting and incremental approach that should provide further insight as to whether there is investor demand for IFRS reporting His idea to allow but not mandate IFRS financial reporting as a supplement without reconciliation to GAAP is worthy of serious consideration It would provide useful data on investor demand for us to analyze Of course the specific details would still need to be worked out but I think eleven months after the idea was first broached that the Commission should take this additional step forward Please click to access the full text of the speech on the SEC website Related Topics Resources Adoption of IFRS by country US Securities and Exchange Commission SEC Jurisdictions United States of America Related news EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016 FASB constituents of

    Original URL path: http://www.iasplus.com/en/news/2015/11/piwowar (2016-02-10)
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  • FASB to issue final standards on leases and classification and measurement
    the fair value of the leased property the 90 percent test In a previous decision the FASB had tentatively agreed that under the new leasing guidance lease classification would be evaluated in accordance with criteria similar to those in IAS 17 Leases which does not include a similar exception The FASB has received feedback indicating that the consequence of not retaining this exception is that leases that begin near the end of an asset s useful life that otherwise should be classified as operating leases may be classified as finance leases In response to this concern the FASB tentatively decided that the final standard will include an exemption from the lease term is for the major part of the remaining economic life of the underlying asset classification criterion for leases that begin near the end of the underlying asset s economic life Effective date For public business entities PBEs the new leases standard would be effective for annual periods beginning after December 15 2018 i e calendar periods beginning on January 1 2019 and interim periods therein For all other entities the standard would be effective for annual periods beginning after December 15 2019 i e calendar periods beginning on January 1 2020 and interim periods thereafter Early adoption would be permitted for all entities Further an entity s ability to early adopt the leases standard would not be linked to its adoption of any of the FASB s other standards For more information see Deloitte s related journal entry as well as the press release and tentative Board decisions on the FASB s website Classification and measurement Effective date For PBEs the new standard would be effective for fiscal years beginning after December 15 2017 including interim periods therein For all other entities including not for profit entities and employee benefit plans within the scope of ASC 960 through ASC 965 on plan accounting the effective date would be in line with the recommendation of the private company decision making framework that is fiscal years beginning one year after the effective date for PBEs i e December 15 2018 and interim reporting periods within fiscal years beginning two years after the PBE effective date i e December 15 2019 Early adoption would be permitted for all entities but only with respect to the following changes made to ASC 825 For financial liabilities measured under the fair value option fair value changes resulting from an entity s own credit would be recognized through other comprehensive income The fair value disclosure requirements for financial instruments not recognized at fair value would be eliminated for non PBEs Non PBEs may elect to early adopt all the provisions of the final standard once the standard becomes effective for PBEs For more information see Deloitte s related journal entry as well as the press release and tentative Board decisions on the FASB s website In addition see Deloitte s February 2 2015 Heads Up which outlines key differences between the FASB s approach and

    Original URL path: http://www.iasplus.com/en/news/2015/11/fasb-leases-cm (2016-02-10)
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  • IFRS 3 — Continuing employment
    an employee are forfeited upon termination is remuneration for post combination services and not part of the consideration for an acquisition or whether this is an indicator but not on its own determinative that the payment is compensation The request arose as a result of the submitter s assertion that IFRS 3 provides conflicting guidance that being that paragraph B55 of IFRS 3 which provides application guidance for determining whether arrangements for contingent payments to employees or selling shareholders are part of the business combination or are separate transactions introduces subparagraphs a to h as indicators However while subparagraphs b to h use inconclusive language such as may indicate or might suggest subparagraph a uses conclusive language in stating A contingent consideration arrangement in which the payments are automatically forfeited if employment terminates is remuneration for post combination services In past meetings the Committee noted that IFRS 3 is part of the joint effort by the IASB and US Financial Accounting Standards Board FASB to promote convergence of IFRS and US GAAP accounting standards Consequently the Committee instructed the staff to consult both the IASB and FASB to determine whether IFRS 3 IFRSs only and Topic 805 Business Combinations US GAAP only should be conclusive in the fact pattern described above At this meeting the Committee was advised that the Post Implementation Review of FASB Statement No 141R Business Combinations now codified in ASC 805 is in progress and that the opportunity to coordinate any work on this issue with FASB would arise after the conclusion of the Post Implementation Review of FASB Statement No 141R As a result the staff recommended that the Committee not add this issue to its agenda for the moment to avoid creating divergence with the wording of US GAAP on a standard that had previously achieved convergence Committee members were in agreement with the staff recommendation However they expressed concerns with the proposed tentative agenda decision wording Specifically the tentative agenda decision wording reflected preliminary views amongst IASB and FASB members which were not subject to full due process Thus they felt reference to preliminary views should be deleted Likewise many Committee members expressed concerns that the proposed tentative agenda decision reflecting only that the Committee would not add this issue to its agenda until the completion of the FASB s Post Implementation Review of FASB Statement No 141R would not resolve the current diversity in practice This led to debate as to whether the tentative agenda decision should reflect a Committee view as to whether paragraph B55 a of IFRS 3 is indicative or conclusive Most Committee members saw the wording as conclusive However a few saw the wording as indicative The Committee Chair noted that the tentative agenda decision should not encourage diversity where it does not currently exist Reflecting on the views of the majority of the Committee he noted that an arrangement in which contingent payments are automatically forfeited if employment terminates is remuneration for post combination services as long

    Original URL path: http://www.iasplus.com/en/meeting-notes/ifrs-ic/2012/september-2012/ifrs-3-continuing-employment (2016-02-10)
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  • Financial instruments – Classification and measurement
    discount or premium at acquisition and it cannot contractually be prepaid or otherwise settled in such a way that the creditor would not recover substantially all of its initial investment Under the charactheristics of the instrument criteria derivatives and equity investments would be measured at FV NI while debt securities loans and trade receivables would typically be eligible for either FV OCI or amortised cost measurement However the FASB has decided to permit an exception for non public entities holding nonmarketable equity investments such that those investments would be held at cost subject to impairment and adjustment for observable price changes The business strategy criterion is based on each of the three measurement categories For amortised cost measurement the business strategy must be to manage through customer financing or lending activities with a primary focus on collection of substantially all contractual cash flows the holder must have the ability to manage credit risk by negotiating any potential adjustment of contractual cash flows in the event of a potential credit loss and not holding the investment for sale For FV OCI measurement the business strategy must be investing either to maximise total return by collecting contractual cash flows or selling or manage interest rate or liquidity risk by holding or selling as well as not holding the investment for sale And finally for FV NI measurement the business strategy would be either holding the investment for sale or actively managing the investment on a fair value basis but that does not qualify for FV OCI category For financial liabilities the default classification category would be amortised cost However derivatives short sales and liabilities held for transfer at inception when the holder has the ability and means to transact at fair value would each be recognised at FV NI Additionally financial liabilities where financial assets are used to settle the liabilities would follow the accounting for the assets i e debt securities in a consolidated securitisation trust would follow the accounting for the assets of the securitisation trust The FASB does not plan to permit a fair value option for financial assets but does plan to permit a conditional fair value option for hybrid financial liabilities if an embedded derivative would otherwise require bifurcation The topics still remaining for discussion include recognition and calculation of fair value changes related to own credit presentation disclosures loan commitments instrument that can only be redeemed for a certain amount scope and effective date and transition The IASB members asked the FASB staff and Board members various questions on the FASB s decisions on financial instrument classification and measurement One IASB member asked if a financial institution was managing interest rate risk by matching locking in a margin between their deposit liabilities and their lending assets would those lending assets qualify for amortised cost or FV OCI classification Some of the FASB members had differing views based on application of the business strategy criteria The FASB chair acknowledged they would need to clarify how the business

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2011/agenda_1106/agenda1693 (2016-02-10)
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  • Investment property
    currently does not contain any similar guidance to that within IAS 40 As part of the Boards leasing project the FASB made the determination that in order to establish the appropriate scope of lessor accounting creating accounting guidance for investment properties would also be required The FASB has taken an entity approach rather than a property approach as under IAS 40 Also rather than including a cost or fair value measurement election the FASB would require fair value accounting for those investment properties held by investment property entities The criteria to qualify as an investment property entity is modelled off the same criteria forthcoming in the investment company definition including the nature of the business activities having an express business purpose having unit ownership requiring pooling of funds and being a reporting entity Entities with only one investor that account for their investments at fair value under US GAAP would not be subject to the unit ownership and pooling of funds criteria these entities may include pension funds endowment funds and investment companies The FASB proposals would not permit a practicability exception to fair value for investment properties under construction as permitted under IAS 40 Also right of use assets relating to investment properties would be measured at fair value The rental revenues earned by investment properties would be recognised on a straight line basis The FASB model would require consolidation of controlling interest in other investment properties but would require fair value accounting for controlling interests in non investment property entities However for non investment property entities who provide services to an investment property entity then consolidation would be applied when a controlling interest is held With regard to financial statement presentation the FASB proposals would require separate presentation on the income statement for rental income and rental expenses and separate presentation on the balance sheet of fair value of investment properties and debt The IASB asked the FASB staff and Board members various questions on their decisions to date The staff mentioned they intend to issue an exposure draft on the proposals for investment property entities concurrent with the exposure draft on investment entities because of the similarities in the scope criteria this would likely be during July 2011 Related Topics Resources Financial Accounting Standards Board FASB Jurisdictions United States of America Projects IASB FASB convergence Standards IAS 40 Investment Property Related news FASB adds four projects to research agenda 08 Feb 2016 FASB constituents of the TRG will continue to meet 02 Feb 2016 FASB and ASBJ hold biannual meeting 15 Jan 2016 FASB issues final standard on classification and measurement of financial instruments 05 Jan 2016 FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 EFRAG draft comment letter on transfers of investment property 11 Dec 2015 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 Oil Gas Accounting Financial Reporting and Tax Update January 2016 03 Feb 2016 Accounting

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2011/agenda_1106/agenda1690 (2016-02-10)
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