Transition Resource Group Considering Revising Revenue Recognition Standards
After agreeing Monday to formally consider making tweaks to its revenue recognition standards, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board’s (“IASB”) Transition Resource Group plan to follow up and discuss additional guidance on Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), and International Financial Reporting Standards 15, Revenue from Contracts with Customers. In particular, the boards will review two of the five steps in their proposed process for companies to calculate the upper line of their income statements. Companies say they need more guidance on the two steps before complying with the. Read More.
SEC Committee’s First 2015 Meeting in February
After assembling four times last year, the Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee’s (“the Committee”) first meeting of 2015 is planned for Thursday, February 12th. At the last meeting in October, the Committee recommended an update to the SEC’s “accredited investor” definition that better explains an investor’s financial sophistication. The SEC’s definition of an accredited investor, which is a person whose net worth, or joint net worth with a spouse, is $1 million or higher, is intended to limit access to selected investment classes to people or funds that understand the potential risks. Some Committee members believe the. Read More.
FASB and PCC Schedule Town Hall Meeting for April
Offering stakeholders an open platform to discuss private company accounting issues, the Financial Accounting Standards Board (“FASB”) and Private Company Council (“PCC”) will host a town hall meeting on Tuesday, April 28th. Held at the Crum Auditorium of Southern Methodist University’s Collins Executive Center, the event will be the fourth private company town hall meeting co-hosted by the organizations. Attending stakeholders will also have the opportunity to share input on current and future FASB and PCC agenda topics. Because seating is limited, interested individuals are encouraged to register for the town hall meeting in advance.
FASB Board Meeting Set for Wednesday
At its Board meeting on Wednesday, the Financial Accounting Standards Board (“FASB”) is expected to review suggested changes to its Proposed Accounting Standards Update, Compensation—Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. From the stakeholder feedback it has received, the FASB will decide whether or not to move forward with a final Accounting Standards Update. In addition, the Board will discuss alternative principles to streamline the balance sheet classification of debt, and receive an update from FASB staff members regarding the Consolidation (Topic 810): Principal versus Agent Analysis project.. Read More.
Venture Capital Investments on the Rise in Georgia and Nationally
According to the National Venture Capital Association, venture capital investments in the state of Georgia were the highest in a decade. Per data from Thompson Reuters, almost $500 million was invested in Georgia companies among the 59 deals reported. This is a 22 percent increase of investment capital over the prior year. The number of deals had also increased in 2014; there were 59 deals on record, compared to 41 in 2013. Nationally, there were a record number of 47 “megadeals” that involved $100 million, plus venture capital investments. These were fueled by increased exit activity and rising valuations. In. Read More.
GASB to Hold Three-Day Meeting This Week
Starting Tuesday at 8:30 a.m. EST, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. According to the GASB Notice of Meetings , the GASB is likely to discuss matters such as fair value measurement and application, the exposure draft for The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, postemployment benefits accounting and financial reporting, and the evaluation of external investment pools. With the exception of Tuesday’s administrative session at 5:15 p.m. EST, observers can attend the meetings in person. Live meeting webcasts will also be available through the GASB website. In the meantime, check out our Government Services industry group to. Read More.