archive-com.com » COM » I » IASPLUS.COM

Total: 1447

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • IFRS Foundation Trustees hold January 2016 meeting
    received on the request for views Topics discussed included relevance of IFRS Standards consistent application governance and financing Strategic Plan 2016 The Trustees discussed specific actions and activities for 2016 Working with National Standard Setters and regional bodies The Trustees decided on three goals 1 to maintain effective relationships and communication with NSS and regional bodies 2 promote consistent application of IFRS from NSS and regional bodies and 3 work together with NSS and regional bodies on the Technical Work Programme Other issues Committee reports The Trustees discussed reports from the Audit and Finance Committee Human Capital Committee and the Nominating Committee IASB Chairman s report The Chair of the IASB provided the Trustees with an update on a number of the IASB s technical ac tiv i ties Major projects The IASB chair discussed its recently issued leases standard the end of deliberations in the insurance contracts project and the different effective dates of IFRS 9 and new insurance contracts standard Report of the Due Process Oversight Committee DPOC The Trustees received a report about the DPOC s January 2016 meeting For more in for ma tion see our related news item Investors in financial reporting event The IFRS Foun da tion with the CFA Institute hosted an event Investors in Financial Reporting The full report on the IFRS Foun da tion trustees meeting is available on the IASB s website Related Topics Resources IFRS Foundation Trustees IFRS Foundation Related news IFRS Foundation seeks new SMEIG members 28 Jan 2016 IFRS Foundation translations 27 Jan 2016 IFRS Foundation publishes proposed IFRS Taxonomy update for IFRS 16 Leases 21 Jan 2016 Agenda published for the January 2016 IFRS Foundation Trustees meeting 20 Jan 2016 IFRS Foundation translations 15 Jan 2016 IFRS Foundation responds to ESMA s consultation paper on ESEF

    Original URL path: http://www.iasplus.com/en/news/2016/02/trustees-meeting (2016-02-10)
    Open archived version from archive


  • Due Process Oversight Committee holds January 2016 meeting
    2004 2003 2002 2001 2000 Info Due Process Oversight Committee holds January 2016 meeting 05 Feb 2016 The Due Process Oversight Committee DPOC met in London on 26 January 2016 Meeting ac tiv i ties included the following Updates on technical ac tiv i ties The DPOC was presented with a report that outlined the due process ac tiv i ties for all projects on the IASB s current agenda Specifically the DPOC discussed 1 revenue recognition and the plan not to schedule additional TRG meeting 2 agenda consultation and 3 other projects on the disclosure initiative and dynamic risk management Insurance contracts The DPOC was updated on the progress made to this project and reviewed papers that will be presented in February s IASB meeting Leases Quality control The DPOC was presented with the process from giving permission to ballot the leases standard to finalizing it Review of Con sul ta tive group The DPOC reviewed the activities of various con sul ta tive groups e g the TRG the ITG and the ITCG Cor re spon dence No new cor re spon dence has been received since the DPOC s previous meeting The full report on the DPOC meeting is available on the IASB s website Related Topics Resources Due Process Oversight Committee DPOC Related news IFRS Foundation Trustees hold October 2015 meeting 26 Oct 2015 Due Process Oversight Committee holds October 2015 meeting 26 Oct 2015 IFRS Foundation Trustees hold June 2015 meeting 08 Jul 2015 Due Process Oversight Committee holds June 2015 meeting 08 Jul 2015 IFRS Foundation Trustees hold April 2015 meeting 01 May 2015 Due Process Oversight Committee holds April 2015 meeting 01 May 2015 All Related Related Publications Deloitte comment letter on the IFRS Foundation Due Process Handbook 05 Sep 2012 All Related

    Original URL path: http://www.iasplus.com/en/news/2016/02/dpoc (2016-02-10)
    Open archived version from archive

  • Deloitte comment letter on proposed amendments to IFRS 4
    be available However we have concerns over the methodology for measuring that criterion and also disagree that it should be assessed only at the reporting entity level The proposed expiry date for the deferral approach is appropriate but recommend that the IASB conclude its deliberations on the new insurance contracts standard taking into account the inputs received from comment letters and outreach activities so that the effective date of the new standard is within this timescale In addition we do not believe that a clearly defined insurance business should be excluded from the deferral approach only because it is part of a larger group and recommend the predominance test be permitted at the reporting entity level or each level below the parent entity waterfall approach Further we provided some suggestions on how the predominance test could be modified to ensure that the temporary deferral can be applied by an appropriate population of entities Download the full comment letter below Download Related Topics Publication series Deloitte comment letters IASB IFRIC IFRSF Resources IASB exposure drafts International Accounting Standards Board IASB Projects Different effective dates of IFRS 9 and the new insurance contracts standard Insurance contracts Comprehensive project Standards IAS 39 Financial Instruments Recognition and Measurement IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 All Related Related

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2016/ed-2015-11 (2016-02-10)
    Open archived version from archive

  • Heads Up — FASB proposes guidance on cash flow classification
    as proceeds from the securitization of an entity s financial assets would be disclosed as a noncash activity Subsequent cash receipts of beneficial interests from the securitization of an entity s trade receivables would be classified as cash inflows from investing activities Separately identifiable cash flows and application of the predominance principle The guidance would clarify when an entity would 1 separate cash flows of a single item into more than one class of cash flows or 2 aggregate multiple cash flows into one class of cash flows on the basis of predominance For summaries of the decisions reached by the EITF on these issues see Deloitte s June 2015 September 2015 and November 2015 EITF Snapshot newsletters Editor s Note The FASB s objective in the proposed ASU is to eliminate the diversity in practice related to the classification of certain cash receipts and payments As a result there could be significant changes for some entities under the proposed guidance particularly with respect to the issues discussed below Settlement of Zero Coupon Bonds The lack of guidance on the classification of payments to settle zero coupon bonds in the statement of cash flows has led to diversity in the classification of the cash payment made by a bond issuer at the settlement of a zero coupon bond Some entities bifurcate the settlement payment between the principal the amount initially received by the entity and accreted interest In those situations the portion of the repayment related to principal is classified in financing activities and the portion related to accreted interest is classified in operating activities However other entities do not bifurcate the settlement payment between principal and accreted interest and present the entire repayment as financing activities Under the proposed ASU entities would be required to bifurcate the repayment of zero coupon bonds into principal and accreted interest with the principal portion classified in financing activities and the accreted interest portion classified in operating activities As a result entities that currently classify the entire repayment of zero coupon bonds in financing activities will need to identify the portion of such payments that are related to accreted interest and apply the provisions of the proposed ASU accordingly Distributions Received From Equity Method Investees While ASC 230 distinguishes between returns of investment which should be classified as inflows from investing activities and returns on investment which should be classified as inflows from operating activities there is diversity in practice related to determining whether distributions received from equity method investees EMIs represent a return on or return of investment Some entities make this determination by applying a cumulative earnings approach while others evaluate the nature of each distribution Entities that currently determine the classification of an EMI distribution by using an approach other than one based on cumulative earnings as described in the proposed ASU will need to 1 evaluate whether their previous conclusions are consistent with the results of applying the cumulative earnings approach and 2 apply the provisions of the proposed

    Original URL path: http://www.iasplus.com/en/publications/us/heads-up/2016/issue-4 (2016-02-10)
    Open archived version from archive

  • EFRAG endorsement status report 3 February 2016
    English publications Third party publications Conceptual Framework bulletins EFRAG endorsement status reports Accounting research papers Miscellaneous IFRS e learning Info EFRAG endorsement status report 3 February 2016 Published on 04 Feb 2016 This endorsement status report update reflects that the endorsement of IFRS 9 Financial Instruments for use in the European Union is now expected in the second half of 2016 was first half Download Related Topics Publication series EFRAG endorsement status reports Resources EFRAG IFRS endorsement status reports European Financial Reporting Advisory Group EFRAG Standards IFRS 9 Financial Instruments Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016 EBA launches an impact assessment of IFRS 9 on banks 28 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 EFRAG endorsement status report 19 January 2016 20 Jan 2016 All Related Related Discussions IFRS 9 Transition issues relating to hedging 12 Jan 2016 IFRS 9 Determining hedge effectiveness for net investment hedges 11 Nov 2015 IFRS 9 IAS 28 Is measurement of long term interests in associates and joint ventures including impairment in accordance with IFRS 9 IAS 28 or both

    Original URL path: http://www.iasplus.com/en/publications/efrag/2016/3-february-2016 (2016-02-10)
    Open archived version from archive

  • Insurance webcast 56 — The IASB has completed its deliberations on IFRS 4 Phase II
    Insurance webcasts Member firm publications Non English publications Third party publications IFRS e learning Info Insurance webcast 56 The IASB has completed its deliberations on IFRS 4 Phase II Published on 03 Feb 2016 Reporting on the recent developments concerning the insurance project this webcast discusses the following Highlights of the IASB meetings held on 19 20 January 2016 Summary of the IASB staff analysis discussion and IASB decisions Next steps The webcast recording can be viewed above or launched in a separate window by clicking here The slides accompanying the webcast are available below Download Related Topics Publication series Insurance webcasts Projects Insurance contracts Comprehensive project Standards IFRS 4 Insurance Contracts Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 Summary of the December 2015 ASAF meeting now available 22 Jan 2016 EFRAG draft comment letter on proposed amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard 24 Dec 2015 IASB proposes amendments to address concerns about the different effective dates of IFRS 9 and the new insurance contracts standard 09 Dec 2015 Agenda for the December 2015 ASAF meeting changed 27 Nov 2015 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 IFRS in Focus IASB proposes amendments to IFRS 4 to address concerns about the different effective dates of IFRS 9 and the new insurance contracts Standard that will replace IFRS 4 15 Dec 2015 IFRS

    Original URL path: http://www.iasplus.com/en/publications/insurance/webcasts/insurance-webcast-56 (2016-02-10)
    Open archived version from archive

  • Insurance webcast 55 — The proposed solution to the de-coupling of IFRS 9 and IFRS 4 Phase II
    Analysis and opinion Special topics Insurance Insurance webcasts Member firm publications Non English publications Third party publications IFRS e learning Info Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II Published on 03 Feb 2016 Reporting on the recent developments concerning the insurance project this webcast discusses the following Summary of the exposure draft Observations on the proposals thus far Next steps The webcast recording can be viewed above or launched in a separate window by clicking here The slides accompanying the webcast are available below Download Related Topics Publication series Insurance webcasts Projects Insurance contracts Comprehensive project Standards IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Quick links Japanese translation of the slides to this webcast Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016 EBA launches an impact assessment of IFRS 9 on banks 28 Jan 2016 Summary of the December 2015 ASAF meeting now available 22 Jan 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 EFRAG endorsement status report 3 February 2016 04 Feb 2016 Insurance webcast 56 The IASB has completed its deliberations on IFRS 4 Phase II 03 Feb 2016 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 All Related Related Discussions Insurance contracts 16 Feb 2016 Insurance contracts 19 Jan 2016 IFRS

    Original URL path: http://www.iasplus.com/en/publications/insurance/webcasts/insurance-webcast-55 (2016-02-10)
    Open archived version from archive

  • Accounting Roundup — January 2016
    lessor recognizes finance income over the lease term on the basis of a pattern reflecting a constant periodic rate of return on the net investment For operating leases a lessor recognizes lease payments as income on a straight line basis or if more representative of the pattern in which benefit from use of the underlying asset is diminished another systematic basis Editor s Note The FASB is currently finalizing its new leases standard and is expected to issue it in February 2016 We expect that the FASB s new standard on lease accounting will be effective for PBEs 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 Next Steps IFRS 16 is effective for annual reporting periods beginning on or after January 1 2019 Earlier application is permitted if an entity has also applied IFRS 15 on revenue from contracts with customers Other Resources Deloitte s January 13 2016 IFRS in Focus Also see the press release on the IASB s Web site Accounting Other Key Developments Revenue Recognition The New Revenue Standard Adoption and Transition Observations Affects All entities Summary The FASB s and IASB s new revenue standard released in May 2014 and issued as ASU 2014 09 by the FASB and IFRS 15 by the IASB replaces almost all current revenue guidance including industry specific guidance greatly enhances the related disclosure requirements and requires entities to use significant judgment e g in determining variable consideration in a contract with a customer or whether collectibility from a customer is probable Therefore entities will need to establish appropriate processes systems and internal controls to account for contracts with their customers under the new standard These activities are expected to require significant time and effort Since the release of the new standard the boards have been working to identify issues related to the standard s implementation The boards joint revenue TRG which was formed to provide feedback on the standard s implementation has held six meetings thus far These meetings have resulted in a one year deferral of the standard s effective date and certain other proposed clarifications to the new guidance While the deferral gives entities more time to implement the new standard for many entities particularly public entities that will adopt the standard on a full retrospective basis the first annual period to which they will need to apply the standard is fiscal years beginning on or after January 1 2016 The following are some key takeaways related to implementing the new revenue standard that we have identified We understand that many companies have decided to implement or continue to consider implementing the new standard by using the full retrospective transition method Many investment analysts have expressed their belief that the new standard should be adopted on a full retrospective basis contributing to companies thinking about whether to use that basis to adopt the new standard Most companies are in the early phases of assessing the effects of the new standard on revenue contracts with their customers and many companies have not begun a formal assessment process in part because of recent clarifications to the new standard that have not been finalized Regardless of whether additional clarifications are made to the new revenue standard companies will most likely be expected to provide information to investors analysts regulators and other stakeholders about expected impacts related to their implementation efforts Therefore entities will need to track such information It will take time for companies to develop and test appropriate changes to their systems processes and internal controls related to accounting for contracts with customers and tracking information Complexities due to an entity s size the number of geographical regions in which it operates and the nature of its revenue streams could add considerable time to these efforts For public entities or nonpublic entities that may elect early adoption that elect to implement the new revenue standard on a full retrospective basis the annual period beginning on January 1 2016 is the first reporting period for which revenue will need to be reported under the new standard We believe that implementation of the new revenue standard should be a priority for companies in 2016 Other Resources Deloitte s January 14 2016 Heads Up Auditing Developments AICPA AICPA Issues SAS Clarifying Format of Auditor s Report Affects Auditors Summary In January 2016 the AICPA issued SAS 131 which clarifies how the auditor s report should be formatted when an audit is conducted under PCAOB standards but not within the PCAOB s jurisdiction Under SAS 131 w hen the auditor refers to the standards of the PCAOB in addition to GAAS in the auditor s report the auditor is required to use the form of report required by the standards of the PCAOB amended to state that the audit was also conducted in accordance with GAAS Next Steps SAS 131 is effective for financial statement audits for periods ending on or after June 15 2016 Earlier application is permitted Other Resources For more information see the executive summary of SAS 131 on the AICPA s Web site AICPA Releases Document Comparing Engagement Letter Requirements in SSARS 19 and SSARS 21 Affects Entities that perform compilation and review engagements Summary In January 2016 the AICPA released a document containing a table comparing the engagement letter requirements in SSARS 19 with those in SSARS 21 The table is divided into requirements pertaining to compilation engagements and those pertaining to review engagements CAQ CAQ SEC Regulations Committee Releases Highlights of October 21 2015 Meeting With SEC Staff Affects All entities Summary On January 19 2016 the CAQ posted to its Web site highlights of the October 21 2015 CAQ SEC Regulations Committee joint meeting with the SEC staff Topics discussed at the meeting included Update on personnel and organizational developments in the SEC s Division of Corporation Finance Update on Regulation A Issues associated with the implementation of the FASB s and IASB s new revenue standard The interaction between the guidance in ASU 2014 17 on pushdown accounting and the presentation and computation guidance in SEC Regulation S X Rule 3 10 i SAB Topic 6 K and SAB Topic 1 J Discussion of the guidance in Section 3420 of the SEC Financial Reporting Manual Shelf takedowns and business acquisitions that are probable and more than 50 percent completed Other Resources Deloitte s January 22 2016 journal entry CAQ Publishes Report on Audit Quality Indicators Affects Auditors Summary On January 12 2016 the CAQ issued a report in which it shares insights on the potential use of a set of indicators to assess audit quality The information in the report is based on outreach to audit committees in a series of roundtables as well as pilot testing of the CAQ s publication CAQ Approach to Audit Quality Indicators Other Resources For more information see the press release on the CAQ s Web site International IAASB Publishes Standards Related to Special Purpose Financial Statements Affects Auditors Summary On January 7 2016 the IAASB released the following two ISAs on auditor reporting on special purpose financial statements ISA 800 Revised Addresses special considerations in the application of the ISAs to an audit of financial statements that are prepared in accordance with a special purpose framework ISA 805 Revised D eals with special considerations in the application of the ISAs to an audit of a financial statement or a specific element account or item of a financial statement Next Steps Both ISAs are effective for financial statement audits for periods ending on or after December 15 2016 Other Resources For more information see the press release on IFAC s Web site IAASB Requests Comments on Enhancing Audit Quality Affects Auditors Summary On December 17 2015 the IAASB released an invitation to comment that requests feedback on its audit related standard setting activities including steps it should consider taking to enhance those activities The invitation to comment particularly focuses on three topics professional skepticism quality control and group audits Next Steps Comments are due by May 16 2016 Other Resources For more information see the press release on IFAC s Web site IESBA Releases Staff Publication on Ethical Considerations Related to Audit Fee Setting Affects Auditors Summary On January 6 2016 the IESBA released a staff publication that addresses auditors ethical considerations under the Code of Ethics for Professional Accountants as one of the important considerations when setting audit fees specifically in circumstances of downward pressure on fees The publication notes that it will be relevant to auditors when considering tendering for a new audit engagement or when proposing or agreeing fees for recurring audit engagements as well as to those charged with governance preparers regulators and audit oversight bodies investors and others with an interest or role in auditors work and their independence Other Resources For more information see the press release on IFAC s Web site IESBA Proposes Changes to Code of Ethics for Professional Accountants Affects Professional accountants Summary On December 21 2015 the IESBA issued the following two EDs that would enhance its Code of Ethics for Professional Accountants Improving the Structure of the Code of Ethics for Professional Accountants Phase I R epresents the first application of proposed new structure and drafting conventions for the Code covering both a number of the provisions of the Code dealing with its general application and selected sections addressing professional accountants in public practice Proposed Revisions Pertaining to Safeguards in the Code Phase I I ncludes enhanced requirements and application material pertaining to the application of the Code s conceptual framework including safeguards Next Steps Comments on the ED on safeguards are due by March 21 2016 comments on the ED on improving the code s structure are due by April 18 2016 Other Resources For more information see the press release on IFAC s Web site IAESB Issues Guidance on Implementing Learning Outcomes Approach Affects Professional accountants Summary On January 14 2016 the IAESB released a set of support materials related to the implementation of a learning outcomes approach to professional accounting education The support materials consist of a value statement guiding principles illustrative examples and staff Q As Other Resources For more information see the press release on IFAC s Web site IAESB Issues Implementation Guidance Related to Standard on Audit Engagement Partners Professional Competence Affects Auditors Summary On December 16 2016 the IAESB published a series of staff Q As that provide guidance on implementing IES 8 its education standard on audit engagement partners professional competence Other Resources For more information see the press release on IFAC s Web site Governmental Accounting and Auditing Developments FASAB FASAB Issues Statement on Opening Balances for Inventory Operating Materials and Supplies and Stockpile Materials Affects Entities applying federal financial accounting standards Summary On January 27 2015 the FASAB issued Statement 48 which permits a reporting entity to apply an alternative valuation method in establishing opening balances for inventory operating materials and supplies and stockpile materials The purpose of the Statement is to provide an alternative valuation method to adoption of GAAP when historical records and systems do not provide a basis for valuation of opening balances in accordance with FASAB Statement 3 Next Steps Statement 48 is effective for periods beginning after September 30 2016 early implementation is encouraged Other Resources For more information see the press release on the FASAB s Web site FASAB Issues Technical Release on Implementing Guidance on Internal Use Software Affects Entities applying federal financial accounting standards Summary On January 19 2015 the FASAB issued a technical release to help entities implement the guidance in FASAB Statement 10 which addresses the accounting for internal use software The release is being issued in light of the rapid developments in software development practices since the Statement s issuance in 1998 Other Resources For more information see the press release on the FASAB s Web site FASAB Issues Proposed Standard Related to Insurance Programs Affects Entities applying federal financial accounting standards Summary On December 30 2015 the FASAB issued an ED that would provide recognition measurement and disclosure guidance related to insurance programs The proposal indicates that insurance programs can be defined as insurance and non loan guarantee programs that are authorized by law to financially compensate a designated population of beneficiaries by accepting all or part of the risk for losses incurred as a result of an adverse event Next Steps Comments on the ED are due by March 29 2016 Other Resources For more information see the press release on the FASAB s Web site FASAB Issues Proposal on Establishing Opening Balances for General PP E Affects Entities applying federal financial accounting standards Summary On December 22 2015 the FASAB issued an ED that would amend certain of its Statements by providing implementation guidance to allow a reporting entity to apply alternative methods in establishing opening balances for general PP E The proposal notes that t he alternative methods include 1 using deemed cost to establish opening balances of general PP E 2 selecting between deemed cost and prospective capitalization of internal use software and 3 excluding land from opening balances with disclosure of acreage information Next Steps Comments on the ED are due by February 4 2016 Other Resources For more information see the press release on the FASAB s Web site GASB GASB Issues Guidance on Investment Pools Affects Entities reporting under financial accounting and reporting standards for state and local governments Summary On December 23 2015 the GASB issued Statement 79 which permits certain external investment pools to use amortized cost to measure pool investments The GASB is releasing Statement 79 in response to changes in the SEC s Rule 2 a 7 of the Investment Company Act of 1940 which will become effective in April 2016 Next Steps Statement 79 is effective for reporting periods beginning after June 15 2015 except for certain provisions related to portfolio quality custodial credit risk and shadow pricing which are effective for reporting periods beginning after December 15 2015 Early application is encouraged Other Resources For more information see the press release on the GASB s Web site GASB Issues Proposals on Fiduciary Activities Asset Retirement Obligations and Pensions Affects Entities reporting under financial accounting and reporting standards for state and local governments Summary On December 22 2015 the GASB released the following three EDs for public comment Fiduciary Activities This ED would establish guidance regarding what constitutes fiduciary activities for financial reporting purposes the recognition of liabilities to beneficiaries and how fiduciary activities should be reported The proposed Statement would apply to all state and local governments Certain Asset Retirement Obligations This ED would establish guidance for determining the timing and pattern of recognition for liabilities related to asset retirement obligations and corresponding deferred outflows of resources An asset retirement obligation is a legally enforceable liability associated with the retirement of a tangible capital asset such as the decommissioning of a nuclear reactor Pension Issues This ED addresses practice issues raised by stakeholders during the implementation of GASB Statements 67 and 68 Next Steps Comments on the ED on pension issues are due by February 12 2016 comments on the EDs on fiduciary activities and certain asset retirement obligations are due by March 31 2016 Other Resources For more information see the press release on the GASB s Web site International IPSASB Publishes Proposed Guidance on Public Sector Combinations Affects Public sector entities Summary On January 28 2016 the IPSASB published an ED on public sector combinations for public comment Under the ED an entity classifies public sector combinations as either amalgamations or acquisitions taking into account control and other factors Next Steps Comments on the ED are due by June 30 2016 Other Resources For more information see the press release on IFAC s Web site IPSASB Proposes Amendments to Guidance on Employee Benefits Affects Public sector entities Summary On January 13 2016 the IPSASB published an ED that would amend the guidance on employee benefits in IPSAS 25 The proposed amendments primarily concern the presentation recognition and disclosure of defined benefit plans Next Steps Comments on the ED are due by April 30 2016 Other Resources For more information see the press release on IFAC s Web site Regulatory and Compliance Developments Banking Federal Reserve FDIC and OCC Release Interagency Statement on External Audits of Internationally Active U S Financial Institutions Affects Internationally active financial institutions Summary On January 15 2016 the Federal Reserve FDIC and OCC released an interagency statement to express their support for the Basel Committee s March 2014 guidance on external bank audits The statement notes that although the existing standards and practices in the United States are broadly consistent with the BCBS external audit guidance certain differences exist between the standards and practices followed in the United States and the principles and expectations in the BCBS external audit guidance Federal Reserve FDIC and OCC Release Joint Statement on Prudent Risk Management for Commercial Real Estate Lending Affects Real estate entities Summary On December 18 2015 the Federal Reserve FDIC and OCC released a statement to remind financial institutions of existing regulatory guidance on prudent risk management practices for commercial real estate CRE lending activity through economic cycles The agencies are releasing the statement in response to observations related to substantial growth in many CRE asset and lending markets increased competitive pressures rising CRE concentrations in banks and an easing of CRE underwriting standards Other Resources For more information see the press release on the Federal Reserve s Web site GAO GAO Releases Report on Representation of Women on Boards of Directors Affects All entities Summary On January 4 2016 the GAO announced that it has released

    Original URL path: http://www.iasplus.com/en/publications/us/accounting-roundup/2016/01 (2016-02-10)
    Open archived version from archive



  •