Month: March 2019

Comment Letter – SEC’s request for comment on earnings releases and quarterly reports

Go to Source Author: In our comment letter, we highlight the benefits to investors of quarterly reporting and auditor involvement with quarterly financial statements. We also suggest that the SEC consider making targeted improvements such as streamlining interim MD&A disclosure, in addition to encouraging the FASB to streamline disclosures in interim financial...

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To the Point – FASB proposes requiring equity awards granted to customers to be measured at the grant date

Go to Source Author: The FASB proposed requiring that share-based payments granted to a customer in connection with the sale of goods or services be measured and classified in accordance with ASC 718. The amount recorded as a reduction of the transaction price would be measured using the grant-date fair value of the share-based payment. Comments are due by 18 April...

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Financial Reporting Briefs – First quarter 2019

Go to Source Author: This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the firt quarter of 2019. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting...

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

Go to Source Author: The FASB added guidance to ASC 842 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. The new guidance also clarifies that entities in the scope of ASC 942 must classify principal payments received from sales-type and direct financing leases within investing activities in the statement of cash flows. In addition, the new guidance clarifies that entities are not subject to the transition disclosure requirements in ASC 250-10-50-3 related to the effect of an accounting change on certain interim period financial...

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To the Point – FASB amends accounting for costs of films and license agreements for media and entertainment entities

Go to Source Author: The FASB amended the cost guidance in ASC 920-350 and ASC 926-20 for costs incurred to license content and costs incurred to produce content, respectively, in light of evolving business models in the media and entertainment industry. These changes apply to traditional producers and broadcasters, as well as entities with over-the-top streaming platforms. A calendar-year-end entity could early adopt the guidance in the first quarter of 2019 and would be able to apply the guidance to all costs incurred during the...

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