Month: September 2019

Technical Line – How the new revenue standard affects life sciences entities

Go to Source Author: Our Technical Line highlights key implications of the new revenue standard for life sciences entities. This publication has been updated to address issues related to how termination clauses affect contract duration, medical device arrangements with lease components and modifications of licenses of IP. It also reflects guidance the FASB issued to clarify that certain transactions between participants in a collaborative arrangement should be accounted for under the new revenue standard when the counterparty is a customer. It supplements our FRD publication, Revenue from contracts with customers (ASC 606), and should be read in conjunction with...

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To the Point – FASB proposes relief for the transition away from LIBOR and certain other reference rates

Go to Source Author: The FASB proposed providing temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications and hedge accounting in light of the expected market transition from LIBOR and other interbank offered rates to alternative reference interest rates. Under the proposal, an entity could choose not to apply certain modification accounting requirements in US GAAP, if certain criteria are met. In addition, the proposal would provide optional expedients that would enable entities to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain criteria are met. Comments are due by 7 October...

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Financial Reporting Briefs – Third 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 third 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 revises its proposal to simplify the balance sheet classification of debt

Go to Source Author: The FASB revised its proposal that would simplify today’s guidance on whether debt should be classified as current or noncurrent on a classified balance sheet. The proposal would replace the existing, rules-based guidance with a principles-based approach for debt classification that focuses on a borrower’s contractual rights and obligations that exist as of the reporting date. Comments are due by 28 October...

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Comment Letter – FASB’s proposal to defer certain effective dates for the new standards on credit losses, hedging and leases

Go to Source Author: In our comment letter, we support the FASB’s proposal to defer certain effective dates for the new standards on credit losses, hedging and leases. We also support the FASB’s proposal to extend the effective dates for major new standards for certain entities, including smaller public companies, private companies, not-for-profit organizations and employee benefit...

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