	FASB Issues Revised Exposure Draft on Leases - May 2013 On May 16, 2013, the FASB and IASB issued a revised joint exposure draft on leases that, if adopted, would pose significant changes for both lessees and lessors. The proposal has been updated since it was originally published [...] Read More
	Early Adoption of New Accounting Standards by Emerging Growth Companies - May 2013 The Jumpstart our Business Startups (JOBS) Act permits emerging growth companies to elect to defer adopting new or revised accounting standards until the time they are required to [...] Read More
	FASB Issues ASU on the Liquidation Basis of Accounting - May 2013 U.S. GAAP contains minimal guidance on when and how entities should apply the liquidation basis of accounting, resulting in diversity in practice. On April 22, 2013, the FASB issued ASU 2013-07 [...] Read More
	FASB to Issue ED on Deferral of Certain Quantitative FV Measurement Disclosure Requirements for Private Company Employer Equity Securities Held by Employee Benefit Plans - April 2013 At its April 10, 2013 board meeting, the FASB decided to issue an exposure draft that would grant to nonpublic employee benefit plans holding private company employer equity securities an indefinite deferral to comply with [...] Read More
	FASB Issues Exposure Draft on Discontinued Operations - April 2013 Recently, the FASB issued an exposure draft to reduce the frequency with which disposals would qualify for discontinued operations presentation (the “ED”). However, it would significantly expand the existing [...] Read More
	Significant Accounting and Reporting Matters - April 2013 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	NASDAQ Proposes Internal Audit Requirement - April 2013 The NASDAQ Stock Market LLC (Nasdaq) recently filed with the SEC a proposed rule change that would require all listed companies to establish and maintain an internal audit function. [...] Read More
	FASB Issues ASU on Accounting for Cumulative Translation Adjustments - March 2013 If a parent entity and its subsidiary use different functional currencies, the parent must record a cumulative translation adjustment (CTA) when it prepares consolidated financial statements. [...] Read More
	Significant Accounting and Reporting Matters - January 2013 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	FASB Issues Exposure Draft on Credit Losses - January 2013 In December 2012, the FASB issued an exposure draft, Proposed Accounting Standards Update on Financial Instruments—Credit Losses (“the ED”). The ED would establish new, comprehensive impairment guidance [...] Read More
	2012 Accounting Year in Review - January 2013 During 2012, the FASB spent most of its time working on major projects, including its convergence program with the IASB. However, none of them were finalized. For the most part, the Accounting Standards Updates [...] Read More
	The 2012 AICPA SEC and PCAOB Conference - January 2013 The annual AICPA National Conference on Current SEC and PCAOB Developments held December 3-5, 2012, in Washington, DC, provided insights into the Securities and Exchange Commission (SEC) [...] Read More
	SEC Year in Review - January 2013 As expected, rulemaking required by the Dodd-Frank Wall Street Reform and Consumer Protection Act continued to dominate the Securities and Exchange Commission’s agenda in 2012. The SEC adopted rules [...] Read More
	More Regulation for Fund Managers: The New CFTC Registration Requirements - December 2012 Did you know that more funds will be subject to CFTC Registration? Two reasons for this: (1) an increase in the scope of what is deemed “commodity interest” and (2) rescission of CFTC Rule 4:13(a)(4). [...] Read More
	SEC Staff Announcements at AICPA National Conference Could Have Immediate Effects - December 2012 The AICPA held its National Conference on Current SEC and PCAOB Developments on December 3 — 5, 2012 in Washington, DC. The SEC staff provided the guidance outlined below, which may have an immediate [...] Read More
	NYSE and Nasdaq Propose Standards to Comply with SEC Rule on Compensation Committees and Advisers - November 2012 On September 25, 2012, both the New York Stock Exchange (NYSE) and the NASDAQ Stock Market (Nasdaq) proposed rule changes to implement new listing standards related to the compensation committee of an [...] Read More
	SEC Staff Publishes Final Report on Incorporating IFRS into the U.S. Domestic Reporting System - October 2012 The SEC staff issued its Final Staff Report (the “Report”) on the Work Plan on July 13, 2012. The Report is a paper prepared by the Staff for the consideration of the SEC, and the SEC has expressed no view regarding the [...] Read More
	Significant Accounting and Reporting Matters - October 2012 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	SEC Adopts Rule Requiring Conflict Minerals Reporting - October 2012 On August 22, 2012, the SEC adopted Exchange Act Rule 13p-1, which requires disclosures mandated by Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule requires [...] Read More
	SEC Adopts Rule Requiring Resource Extraction Issuers to Disclose Payments to Governments - October 2012 On August 22, 2012, the SEC adopted Exchange Act Rule 13q-1, which was mandated by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule requires resource extraction issuers [...] Read More
	FASB Issues Exposure Draft on Items Reclassified out of Accumulated Other Comprehensive Income - September 2012 On August 16, 2012, the FASB issued an exposure draft, Proposed Accounting Standards Update (ASU) on Comprehensive Income (Topic 220) – Presentation of Items Reclassified Out of Accumulated Other Comprehensive Income [...] Read More
	PCAOB Issues Auditing Standard No. 16, Communications with Audit Committees - August 2012 On August 15, 2012, the Public Company Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 16, Communications with Audit Committees, and transitional and related amendments to other [...] Read More
	FASB Issues Final ASU on Testing Indefinite-Lived Intangible Assets for Impairment - August 2012 On July 27, 2012, the FASB issued ASU 2012-02, Intangibles—Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. The ASU provides entities with an option to first assess qualitative factors to [...] Read More
	Exposure Draft on Disclosures about Liquidity Risk and Interest Rate Risk - August 2012 On June 27, 2012, the FASB issued an exposure draft, Proposed Accounting Standards Update (ASU) on Financial Instruments (Topic 825) – Disclosures about Liquidity Risk and Interest Rate Risk. The proposed [...] Read More
	Significant Accounting and Reporting Matters - July 2012 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	U.S. GAAP Private Company Council - June 2012 In May 2012, the Financial Accounting Foundation (FAF) established the Private Company Council to improve the standards-setting process in U.S. GAAP for private companies. Its purpose will be to determine [...] Read More
	Emerging Growth Company Status and Accounting Policy Elections - May 2012 Title I of the recently passed Jumpstart Our Business Startups Act allows filers that qualify as Emerging Growth Companies to provide certain reduced disclosures in their IPO registration statements and periodic filings thereafter. [...] Read More
	The Jump Start Our Business Startups Act - April 2012 On April 5, 2012, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law. 1 The Act was approved by Congress in late March. A primary goal of the JOBS Act is to improve small companies’ access to [...] Read More
	Significant Accounting and Reporting Matters - April 2012 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	The Changing World of Governance: Considerations for Nominating Committees - March 2012 Numerous rules have been put into place by regulators since the enactment of the SarbanesOxley Act (2002) and the passage of the Dodd-Frank Act (2010), including revisions to national stock exchange listing requirements. [...] Read More
	Exposure Draft on Testing Indefinite-Lived Intangible Assets for Impairment - February 2012 On January 25, 2012, the FASB issued an exposure draft, Proposed Accounting Standards Update (ASU) on Intangibles—Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment. [...] Read More
	New Disclosures Required for Multiemployer Pension Plans - February 2012 FASB ASU 2011-09 requires additional quantitative and qualitative disclosures about an employer’s participation in a multiemployer defined benefit pension plan. One of the main characteristics of a multiemployer [...] Read More
	Significant Accounting and Reporting Matters - February 2012 This alert provides a comprehensive overview of important, recent developments that have changed the financial reporting environment. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	2011 Accounting Year in Review - February 2012 2011 was another busy year in accounting circles. While the number of standards finalized in 2011 was significantly less than 2010, the FASB continued to busy itself in convergence projects with the IASB. [...] Read More
	The 2011 AICPA SEC and PCAOB Conference - January 2012 The annual AICPA National Conference on Current SEC and PCAOB Developments held on December 5-7, in Washington, DC, provided insights into the Securities and Exchange Commission (SEC or Commission) staff’s views [...] Read More
	SEC Year in Review - January 2012 Entering 2011, the Securities and Exchange Commission had expected to decide whether, and if so, how and when, to incorporate International Financial Reporting Standards into financial reporting by domestic issuers. The SEC staff made substantial progress toward [...] Read More
	FASB Issues ASU on Required Disclosures for Offsetting Assets and Liabilities - January 2012 On December 16, 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. The ASU is the result of a joint project with the IASB designed to enhance and provide converged disclosures about financial and derivative instruments that are either offset [...] Read More
	SEC Issues Two Staff Papers on Work Plan for Convergence of Global Accounting Standards - January 2012 On November 16, 2011, the Securities and Exchange Commission’s Office of the Chief Accountant issued two Staff Papers related to the Commission’s Work Plan towards convergence of global accounting standards. The Work Plan’s objective [...] Read More
	Revised Exposure Draft on Revenue from Contracts with Customers - December 2011 On November 14, 2011, the FASB and IASB jointly issued a revised exposure draft, Revenue from Contracts with Customers. The guidance revises the initial exposure draft on this topic issued in June 2010 and would supersede [...] Read More
	Health Care Entities: Patient Service Revenue Presentation & Disclosure and Bad Debts Provision - December 2011 In July 2011, the FASB issued ASU 2011-7 to require certain health care entities to reclassify the provision for bad debts associated with patient service revenue from an operating expense [...] Read More
	New Guidance on Fair Value - December 2011 In May 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued new, converged guidance on fair value. The guidance was issued by [...] Read More
	SEC Publishes Updated Financial Reporting Manual - November 2011 On October 6, 2011, the staff of the Securities and Exchange Commission’s Division of Corporation Finance published a new edition of the Division’s Financial Reporting Manual (FRM). [...] Read More
	Significant Accounting and Reporting Matters - October 2011 This alert provides a comprehensive overview of important developments that have changed the financial reporting environment this year. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	FASB's New Goodwill Impairment Standard - October 2011 The Financial Accounting Standards Board (FASB) recently relaxed its goodwill impairment standard so companies will be able to avoid the cost of developing detailed fair value estimates for their reporting units in some cases. While the FASB made its decision in August, ASU No. 2011-08, Testing Goodwill for Impairment, was issued on September 15, 2011. Read More
	Comprehensive Income Update - September 2011 The Financial Accounting Standards Board (FASB) recently released a new standard to narrow the options that are available for [...] Read More
	Significant Accounting and Reporting Matters - August 2011 This alert provides a comprehensive overview of important developments that have changed the financial reporting environment this year. Our detailed breakdown covers relevant guidance and rules issued by [...] Read More
	SEC Adopts Registration Requirements for Private-Fund Advisers - August 2011 On June 22, 2011, the U.S. Securities and Exchange Commission (SEC) voted to adopt rules to implement measures included in the Dodd-Frank [...] Read More
	FASB Issues Final ASU on Creditor Accounting for Troubled Debt Restructuring - August 2011 How do creditors account for a troubled debt restructuring (TDR) when a loan has been modified? In the current economic environment, the answer to this question has become [...] Read More
	FAQs on XBRL Submission - July 2011 In 2008, the SEC determined that all companies should file information in an interactive data format using eXtensible Business Reporting Language (XBRL), which enhances [...] Read More
	SEC Observations on XBRL Submissions - July 2011 The SEC staff recently completed a review of eXtensible Business Reporting Language (XBRL) documents submitted [...] Read More
	Contingent Payments to Selling Shareholders and Employees - July 2011 In a business combination, an acquiring company may enter into a contract that includes contingent payments to the selling shareholders or employees of the target company. [...] Read More
	Dodd-Frank Mandated SEC Study Supports Auditor Attestation Requirement for Small Accelerated Filers - May 2011 On Friday, April 22, 2011 the SEC staff released a study related to auditor attestation of internal controls over financial reporting (ICFR). [...] Read More
	The 2010 AICPA SEC and PCAOB Conference - January 2011 The annual AICPA National Conference on Current SEC and PCAOB Developments held on December 6-8, in Washington, DC, provided insights into the Securities and Exchange Commission (SEC) staff’s views on various [...] Read More
	SEC Year in Review - January 2011 In 2010, the Securities and Exchange Commission (SEC) continued to address the causes of the 2008-2009 financial crisis and devoted much of its attention to [...] Read More
	2010 Accounting Year in Review - January 2011 The rapid pace of change in accounting standards during 2010 has implications for the near term, as well as the longer term outlook. Many new pronouncements are effective for 2010 year-end reports, more will take effect in 2011, and several major projects such as [...] Read More
	IFRS: SEC's Progress Report on Work Plan for Global Accounting Standards - November 2010 On October 29, 2010, the SEC’s Office of the Chief Accountant and Division of Corporation Finance published their first progress report on the Work Plan related to the implications of incorporating [...] Read More
	Implications of IFRS for Audit Committees - October 2010 Since 2002, the FASB has been collaborating with the International Accounting Standards Board (IASB) on a joint convergence project in an effort to increase the international comparability of financial accounting [...] Read More
	Variable Interest Entities - September 2010 The variable interest entity consolidation guidance was issued to address entities for which the voting interest model in ASC 810-10 (2) is not appropriate. This situation arises when a controlling financial interest is achieved through arrangements that do not involve voting [...] Read More
	Non Accelerated Filers Now Officially Exempt From SOX 404b - July 2010 On July 21st, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Reform Act") which, among other things, amends Section 404(b) of the Sarbanes-Oxley Act of 2002 [...] Read More
	SEC Year in Review 2010 - March 2010 In 2009, the Securities and Exchange Commission devoted much of its attention to the financial crisis and the regulatory shortcomings it exposed. The Commission focused on: Read More
	Revised Revenue Rules May Change the Way You Do Business - March 2010 This Financial Reporting Alert was prepared to help our clients anticipate and respond to questions that may arise with the implementation of Accounting Standards Update Nos. 2009-13, Multiple-Deliverable Revenue [...] Read More
	Report on the AICPA SEC and PCAOB Conference - March 2010 The annual AICPA National Conference on Current SEC and PCAOB Developments held on December 7-9, in Washington, DC, provided insights into the Securities and Exchange Commission (SEC) staff’s views on various [...] Read More
	Accounting Year in Review 2009 - February 2010 While the housing collapse started as early as 2006, the US recession wasn’t declared official until December 2008. In financial reporting circles, the FASB and the SEC have been at the center of the discussion throughout the credit crisis. Both bodies issued new guidance, [...] Read More
	Accounting for Convertible Debt Instruments that May Be Settled in Cash Upon Conversion - November 2009 FASB Staff Position APB 14-1 (ASC 470-20), Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (the FSP), changed the accounting [...] Read More
	SEC Announces Extension to SOX 404(b) Compliance for Small Public Companies - October 2009 On Friday, October 2, 2009, the SEC announced an extension for small public companies to comply with Section 404(b) of the Sarbanes-Oxley Act. Companies [...] Read More
	New Revenue Recognition Rules Are Now a Reality - September 2009 At its meetings on September 9 and 10, 2009 FASB’s Emerging Issues Task Force (EITF) reached final consensus on EITF Issues No. 08-1, " Revenue [...] Read More