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SEC in Focus – October 2019

Go to Source Author: Our newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include a discussion of a rule proposal that would modernize the description of business, legal proceedings and risk factors disclosure requirements of Regulation S-K, as well as recently released guidance on investment advisers’ proxy voting responsibilities. We also discuss other recent SEC activities, including the recent disclosure program reorganization and enforcement...

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Quarterly tax developments – September 2019

Go to Source Author: Our September 2019 edition of Quarterly Tax Developments is designed to help you identify changes in tax law and other events when they occur so the accounting can be reflected in the appropriate period. This edition includes certain enacted and effective tax legislation, as well as regulatory developments, legislative proposals and other items, through 26 September 2019, to consider as you prepare your income tax provision. We’ve also listed our tax and other publications that provide more detail on the topics we...

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Comment Letter – FASB’s invitation to comment on identifiable intangible assets and subsequent accounting for goodwill

Go to Source Author: In our comment letter, we recommend that the FASB adopt an accounting model that would require goodwill amortization over a default period and only require goodwill impairment testing at the operating segment level if there is a triggering event. In addition, we recommend that the FASB not make changes to the current model for recognizing intangible assets in a business combination as part of this project. However, we recommend that the Board consider the accounting for intangible assets as part of the third phase of the definition of a business...

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Technical Line – A closer look at the accounting for asset acquisitions

Go to Source Author: The new definition of a business in ASC 805 will likely result in additional transactions being accounted for as asset acquisitions rather than business combinations. Our Technical Line, which notes that ASC 805-50 provides only limited guidance on accounting for asset acquisitions, addresses questions that often arise about the accounting for these transactions. It also highlights key internal control considerations for asset acquisitions and includes a summary of key differences between the accounting for asset acquisitions and the accounting for business...

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SEC in Focus – October 2019

Go to Source Author: Our newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include a discussion of a rule proposal that would modernize the description of business, legal proceedings and risk factors disclosure requirements of Regulation S-K, as well as recently released guidance on investment advisers’ proxy voting responsibilities. We also discuss other recent SEC activities, including the recent disclosure program reorganization and enforcement...

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