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GASB Opens Registration for OPEB Webinars

In the coming weeks, the Governmental Accounting Standards Board (“GASB”) will host two webinars focused on its exposure drafts, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Aimed for preparers and auditors, Other Postemployment Benefits (OPEB): A CPE Webinar for State and Local Government Financial Statement Preparers & Auditors, is scheduled for Wednesday, July 30th at 1:00 p.m. EST. GASB representatives Dean Mead, Scott Reeser and Michelle Czerkawski, the guest speakers will provide state and local government perspectives on the organization’s recent exposure drafts on OPEB. Targeting. Read More.

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House Committee Plans Dodd-Frank Hearing This Week

With the Dodd-Frank Act (“the Act”) celebrating its fourth anniversary recently, the House Committee on Financial Services has scheduled a hearing on the reform’s effects. Planned for Wednesday in Washington, D.C., “Assessing the Impact of the Dodd-Frank Act Four Years Later” will cover the Act’s beginnings, how it has encouraged financial stability, and future objectives related to the reform. Speaking on the anniversary and upcoming hearing, U.S. Securities and Exchange Commission (“SEC”) Chair Mary Jo White stated that the SEC has progressed significantly to execute the Act’s requirements. However, White also noted the SEC’s work is far from done and additional key provisions must. Read More.

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SASB Releases Exposure Drafts for Services Sector

Aligned with its efforts to create sustainability accounting standards for ten sectors by the end of 2015, the Sustainability Accounting Standards Board (“SASB”) has issued exposure drafts of proposed standards for the services sector. Addressing material sustainability topics such as environmental, social, and governance issues, the services sector exposure drafts impact companies in industries like education, media, casinos, hospitality and professional services. SASB hopes to finalize the services sector standards and release provisional standards in December. Comments on the exposure drafts are due October 14th. To view the exposure drafts or assistance on submitting comments, click here .

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SEC Releases New Documents on XBRL-Based Filings

Related to filings using eXtensible Business Reporting Language (XBRL), the U.S. Securities and Exchange Commission (“SEC”) has issued Staff Observations of Custom Tag Rates (“the Report”) and Sample Letter Sent to Public Companies Regarding XBRL Requirement to Include Calculation Relationships (“the Letter”). Per the SEC, the Report will help review the quality of XBRL exhibits issuers present to meet the agency’s requirements in filing financial statement information via XBRL format. The review will assist the SEC in defining a starting point for filers tagging financial statements when filing electronically, including how their actions have changes since completing the phase-in of issuer and. Read More.

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FASB Backs Task Force’s Recent Meeting Decisions

Reflecting decisions from its Emerging Issues Task Force’s June meeting, the Financial Accounting Standards Board (“FASB”) approved two Accounting Standards Updates. Per its meeting yesterday, the FASB will release Issue No. 12-G, “Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity”, and Issue No. 13-F, “Accounting for the Effect of a Federal Housing Administration Guarantee.”

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PCC Orders FASB to Conduct Further Pre-Agenda Research

After reviewing various projects the Financial Accounting Standards Board’s (“FASB”) has been working on, the Private Company Council (“PCC”) recently ordered the FASB staff to perform additional research to be discussed at a later meeting. At its Tuesday meeting, the PCC continued talks on an alternative accounting for recognizable intangible assets in a business combination however, no decisions were made. In addition, the group discussed the accounting for certain partnership transactions, and shared stakeholder involvement with the FASB regarding stock-based compensation. Other topics covered from the meeting included FASB’s financial instruments impairment accounting efforts, Emerging Issues Task Force Issue No.. Read More.

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