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Latest news

  • EITF discusses four Issues at September meeting

    Sep 19, 2014

    At its meeting yesterday, the EITF discussed Issues related to pushdown accounting, hybrid financial instruments, dropdown transactions related to master limited partnerships, and the fair value hierarchy.

  • GASB seeks feedback on effectiveness of Statement 34

    Sep 19, 2014

    The GASB has prepared a survey to gather information on the effectiveness of Statement No. 34, “Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments,” and related standards.

  • Summary of the September 2014 PCC meeting

    Sep 18, 2014

    At its meeting this week, the FASB’s Private Company Council (PCC) voted to finalize an “alternative that would exempt private companies from separately recognizing and measuring non-competition agreements and customer-related intangible assets that are not capable of being sold or licensed independently in a business combination.” The alternative will be sent to the FASB for endorsement.

  • IASB finalizes amendments on sales or contributions of assets between an investor and its associate/joint venture

    Sep 11, 2014

    The IASB has issued "Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)." The amendments address a conflict between the requirements in IAS 28, "Investments in Associates and Joint Ventures," and those in IFRS 10, "Consolidated Financial Statements." Specifically, they clarify that in a transaction involving an associate or joint venture, the extent of gain or loss recognition depends on whether the assets sold or contributed constitute a business. The amendments are effective for annual periods beginning on or after January 1, 2016, with early adoption permitted.

  • PCAOB issues practice alert on auditing revenue

    Sep 10, 2014

    The PCAOB has issued Staff Audit Practice Alert No. 12, "Matters Related to Auditing Revenue in an Audit of Financial Statements,” on deficiencies that it frequently observes during its inspections.

  • SEC issues final rule on asset-backed securities

    Sep 04, 2014

    The SEC has issued Final Rule Release No. 33-9638, “Asset-Backed Securities Disclosure and Registration,” which is intended to enhance the disclosure requirements for asset-backed securities.