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  • SEC staff updates interactive data (XBRL) interpretations and FAQs
    Communications Toggle navigation Search site Navigation News 2016 January February 2015 2014 2013 2012 Info SEC staff updates interactive data XBRL interpretations and FAQs Jan 26 2016 The SEC staff has updated its Staff Interpretations and FAQs Related to Interactive Data Disclosure to add Question E 27 which describes the conditions for determining when a calculation relationship is required In XBRL calculation relationships provide key information that shows the relationships among elements and their corresponding numeric facts and how they add and subtract to each other The guidance indicates that the SEC s EDGAR Filer Manual Volume 2 sets out the specific calculation relationship requirements and provides examples and exceptions For more information see the Staff Interpretations and FAQs Related to Interactive Data Disclosure page on the SEC s Web site Related Topics Resources U S Securities and Exchange Commission SEC Other XBRL 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 adopts rules implementing FAST Act provisions Jan 14 2016 SEC publishes examination priorities for 2016 Jan 11 2016 SEC reports improvements in NRSRO compliance Dec 28 2015 FASB releases 2016 U S GAAP Financial Reporting Taxonomy Dec 17 2015 All Related Related Publications Accounting Roundup January 2016 Feb 02 2016 Journal entry New revenue standard SEC staff remarks about transition resource group activities Feb 02 2016 Journal entry CAQ SEC Regulations Committee releases highlights of October 21 2015 joint meeting with SEC staff Jan 22 2016 Journal entry SEC issues and requests comments on interim final rules implementing certain FAST Act provisions Jan 15 2016 All Related Related Dates SEC proposed rule on resource extraction disclosures Feb 17 2016 Comment deadline SEC proposes alternative trading systems

    Original URL path: http://www.iasplus.com/en-us/news/2016/01/sec-xbrl-interpretations-and-faq (2016-02-10)
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  • Highlights from the FASB’s January 20 meeting
    the FASB Accounting Standards Codification and tentatively decided to propose such changes related to insurance troubled debt restructurings fair value measurement profit recognition sales of financial assets cloud computing arrangements and transition guidance The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot In addition the Board tentatively decided to propose technical corrections and improvements related to revenue see Deloitte s related journal entry and consolidations see Deloitte s related journal entry and directed its staff to begin drafting two separate proposed ASUs for written ballot For more information see the tentative Board decisions on the FASB s Web site Financial performance reporting The FASB discussed staff research on possible ways of reporting income statement information by function by nature or both and directed its staff to evaluate and clarify the project s objective No decisions were made For more information see the tentative Board decisions on the FASB s Web site Related Topics Resources Financial Accounting Standards Board FASB Projects Technical corrections and improvements Financial performance reporting Other FASB Meetings Related news Highlights from the FASB s February 3 meeting Feb 05 2016 FASB proposes guidance on certain cash flow classification issues Jan 29 2016 FASB issues proposed ASUs on pensions and other postretirement benefit plans Jan 26 2016 FASB publishes new issue of FASB Outlook Jan 12 2016 Highlights from the FASB s January 6 meeting Jan 07 2016 FASB issues final standard on classification and measurement of financial instruments Jan 05 2016 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification Feb 04 2016 Accounting Roundup January 2016 Feb 02 2016 Heads Up FASB proposes guidance on presentation of net periodic benefit cost and disclosures related to defined benefit plans Jan 28 2016 U S comment

    Original URL path: http://www.iasplus.com/en-us/news/2016/01/fasb-meeting-01-20 (2016-02-10)
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  • Heads Up — FASB proposes guidance on cash flow classification
    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 ASU accordingly Beneficial Interests in Securitization Transactions There is no specific guidance in ASC 230

    Original URL path: http://www.iasplus.com/en-us/publications/us/heads-up/2016/issue-4 (2016-02-10)
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  • Oil & Gas — Accounting, Financial Reporting, and Tax Update (January 2016)
    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 Oil Gas Accounting Financial Reporting and Tax Update January 2016 Published on Feb 03 2016 This third annual publication discusses accounting tax and regulatory matters that O G entities will need to consider including updates to SEC FASB and tax guidance with a specialized focus on industry accounting topics affecting O G companies New in this year s publication is a focused discussion on accounting and reporting considerations related to the new leases standard expected to be issued in early February 2016 Certain sections of this publication are designed to help you understand and address potential challenges in the accounting for and reporting of topics on which the FASB has recently issued proposed standards or final standards that are not yet effective Our publication discusses such proposals and codified guidance and highlights nuances that could affect the O G industry helping you plan a roadmap for future regulatory and reporting environments Download Related Topics Publication series Other industry publications Standards ASC 932 Extractive Activities Oil and Gas Other Financial Reporting Quick links Oil gas publications Other industry publications Related news FASB publishes new issue of FASB Outlook Jan 12 2016 FASB releases 2016 U S GAAP Financial Reporting Taxonomy Dec 17 2015 FASB publishes new issue of FASB Outlook Nov 20 2015 SEC issues staff legal bulletin on exclusion of shareholder proposals Oct 27 2015 SEC posts draft of EDGAR Form N MFP1 XML technical specification Oct 27 2015 SEC posts draft of EDGAR filer manuals for upcoming EDGAR release Aug 18 2015 All Related Related Publications Real

    Original URL path: http://www.iasplus.com/en-us/publications/us/industry/og/annual-update (2016-02-10)
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  • Accounting Roundup — January 2016
    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 a report on the representation of women on boards of directors at U S publicly traded companies The report found that although such representation has been steadily increasing it could take more than four decades

    Original URL path: http://www.iasplus.com/en-us/publications/us/accounting-roundup/2016/01 (2016-02-10)
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  • Journal entry — New revenue standard — SEC staff remarks about transition resource group activities
    The following are some key points from Mr Bricker s remarks on the new revenue standard and the TRG The SEC staff views the new largely converged revenue standard as an improvement in financial reporting for both domestic and foreign filers The TRG s objective to solicit analyze and publicly discuss stakeholder implementation issues remains relevant The SEC staff continues to support the TRG as a mechanism to promote more consistent application of the new revenue standard While the IASB will no longer attend TRG meetings the FASB will continue to address implementation issues and has scheduled three TRG meetings for 2016 Further TRG meeting participants should be prepared to view matters from a global perspective The SEC staff attends TRG meetings and will use the discussions as a basis to assess the appropriateness of domestic and foreign registrants revenue recognition policies Registrants should therefore monitor and consider TRG discussions and meeting minutes which are available on the standard setters Web sites in the development of reasonable revenue recognition accounting policies The SEC staff strongly encourages domestic and foreign filers to consult with the OCA if they anticipate selecting an accounting policy that is inconsistent with TRG discussions i e in which general agreement was reached and documented in meeting minutes 1 Issued as FASB Accounting Standards Update No 2014 09 Revenue From Contracts With Customers and IFRS 15 Revenue From Contracts With Customers 2 FASB IASB joint transition resource group TRG for revenue recognition See Deloitte s TRG Snapshot newsletters for more information about the TRG and summaries of TRG meetings Download Related Topics Publication series Accounting Journal Entries Resources Joint Transition Resource Group for Revenue Recognition U S Securities and Exchange Commission SEC Projects Revenue recognition Standards ASC 606 Revenue From Contracts With Customers Related news SEC staff

    Original URL path: http://www.iasplus.com/en-us/publications/us/aje/2016/0201 (2016-02-10)
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  • IFRS in Focus — IASB issues amendments to IAS 7, "Statement of Cash Flows," requiring disclosure of changes in liabilities arising from financing activities
    Search site Publication Directory U S publications Global publications A closer look Deloitte IFRS podcasts Deloitte IFRS webcasts Deloitte Point of View Deloitte comment letters IAASB Deloitte comment letters IASB IFRIC IFRSF Deloitte comment letters Other Guides to pronouncements IFRS in Focus IFRS in your pocket IFRS industry insights IFRS on point IFRS project insights iGAAP Implementing IFRS 15 Model financial statements and checklists Other global publications Robert Bruce interviews Surveys Analysis and opinion Info IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities Published on Feb 01 2016 This newsletter outlines the IASB s recent amendments to IAS 7 Statement of Cash Flows The amendments are part of the IASB s disclosure initiative project and introduce additional disclosure requirements intended to address investors concerns that financial statements do not currently enable them to understand the entity s cash flows particularly in respect to the management of financing activities Download Related Topics Publication series IFRS in Focus Resources International Accounting Standards Board IASB Standards IAS 7 Statement of Cash Flows Related news Comment letter feedback on the IASB s proposal related to the different effective dates of IFRS 9 and the forthcoming insurance contracts standard Feb 08 2016 IASB publishes amendments to IAS 7 Jan 29 2016 January 2016 IASB meeting notes posted Jan 22 2016 IASB publishes amendments related to the recognition of deferred tax assets for unrealized losses Jan 19 2016 IASB issues new leasing standard Jan 13 2016 IASB announces IFRS 16 release date Jan 06 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 Feb 08 2016 Accounting Roundup January 2016 Feb 02 2016 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016

    Original URL path: http://www.iasplus.com/en-us/publications/global/ifrs-in-focus/2016/ias-7-amendments (2016-02-10)
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  • Heads Up — FASB proposes guidance on presentation of net periodic benefit cost and disclosures related to defined benefit plans
    that cannot be directly redeemed with the investee an estimate of the period over which the investee s underlying assets are expected to be liquidated and result in distributions to investors The amount of unfunded commitments A general description of the terms and conditions upon which investors may redeem their investments The circumstances in which an otherwise redeemable investment may be unredeemable and certain disclosures about any investments that are currently not redeemable Significant restrictions on the ability to sell the investments Certain disclosures related to intended sales of investments A narrative description of the reasons for significant gains and losses resulting from remeasurement of the benefit obligation and plan assets The proposed guidance would also eliminate an entity s requirement to disclose The amount of the accumulated benefit obligation For pension plans with accumulated benefit obligations in excess of plan assets the aggregate pension accumulated benefit obligation and aggregate fair value of plan assets However for pension plans with projected benefit obligations in excess of plan assets entities would still need to disclose the aggregate projected benefit obligation and aggregate fair value of plan assets Information about plan assets to be returned to the entity including expected timing Disclosures about transactions resulting from the June 2001 amendments to the Japanese Welfare Pension Insurance Law Disclosures about 1 benefits covered by related party insurance and annuity contracts and 2 significant transactions between the plan and related parties Entities would only need to provide the related party disclosures required under ASC 850 The amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year For nonpublic entities with Level 3 plan assets in the fair value hierarchy measured on a recurring basis a reconciliation of the opening balances to the closing balances However those entities would still need to disclose transfers of plan assets into and out of Level 3 and any purchases of Level 3 assets by the plan Under the proposed guidance entities would be required to disaggregate disclosures between foreign and domestic defined benefit pension and other postretirement plans Currently this disaggregation is required only when the foreign plans are significant relative to the total benefit obligation and use significantly different assumptions In addition nonpublic entities would need to disclose the effects of a one percentage point change on the assumed health care costs and the effect of this change in rates on service cost interest cost and the benefit obligation for postretirement health care benefits Public entities are already required to disclose this information Editor s Note The Board believes that additional costs incurred by entities as a result of implementing the proposed new disclosure requirements would be offset by cost reductions associated with the elimination of other disclosure requirements as well as the omission of immaterial disclosures The amendments would be applied retrospectively to all periods presented except for those related to disclosures about plan assets that entities measure by using the net asset value practical

    Original URL path: http://www.iasplus.com/en-us/publications/us/heads-up/2016/issue-3 (2016-02-10)
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