Month: December 2018

2018 AICPA Conference on Current SEC and PCAOB Developments

Go to Source Author: Our compendium summarizes comments of representatives of the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) at last week’s 2018 AICPA Conference on Current SEC and PCAOB Developments in Washington,...

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To the Point – FASB proposes more amendments to help lessors apply the new leases standard

Go to Source Author: The FASB proposed adding guidance that is similar to the fair value exception in Accounting Standards Codification (ASC) 840-10-55-44 for lessors that are not manufacturers or dealers to ASC 842. The proposal also would clarify that entities in the scope of ASC 942 would classify principal payments received from sales-type and direct financing leases within investing activities in the statement of cash flows. Comments are due by 15 January...

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To the Point – SEC seeking input on earnings releases and quarterly reports

Go to Source Author: The SEC issued a request for comment to consider changes to the nature, timing and frequency of earnings releases and quarterly reports in an effort to reduce the burden on public companies while maintaining investor protections. The SEC is asking whether companies should be allowed to use the information they voluntarily provide in earnings releases to satisfy the requirements of Form 10-Q. The SEC is also asking whether it should require semiannual reporting or allow companies to select the frequency of their interim reporting, based on their investors’ needs. Comments are due by 90 days after publication in the Federal...

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Technical Line – How the new revenue standard affects the insurance industry

Go to Source Author: This Technical Line highlights key aspects of applying ASC 606 to arrangements entered into by entities in the insurance industry and reflects the latest implementation insights, including issues addressed by the insurance task force formed by the American Institute of Certified Public Accountants. This publication supplements our Financial reporting developments publication, Lease accounting: Accounting Standards Codification 842, Leases, and should be read in conjunction with...

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