New FASB Repurchase Disclosure Standard Released
Recently issued by the Financial Accounting Standards Board (“FASB”), Accounting Standards Update (ASU) No. 2014-11 , Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, the ASU requires separate accounting separate accounting for a transfer executive with a repurchase agreement with the same counter party resulting in secured borrowing accounting for the repurchase agreement. Finally, the ASU adds new disclosures to provide for transparency with respect to the transaction. The effective dates are as followed: Public Private Public Interim Private Interim Accounting Changes beginning after December 15, 2014 beginning after December 15,. Read More.
Aguilar Speech Stresses Planning for Cyber-Attacks
Advising corporate boards to invest more time and resources for addressing cyber-attacks, the U.S. Securities and Exchange Commission’s (“SEC”) Luis A. Aguilar was a guest speaker at the recent “Cyber Risks and the Boardroom Conference”. During his speech , the SEC Commissioner touched on cyber-risks, what boards of directors should do to protect their organizations, as well as having a thorough plan consistent with the companies’ best practices for their industry. In regards to the boards’ efforts, Aguilar said, “board oversight of management’s efforts to address these issues is critical to preventing and effectively responding to successful cyber-attacks and, ultimately, to protecting. Read More.
IASB Issues First Disclosure Initiative Update
Featuring projects for enhancing financial report information, the International Accounting Standards Board’s (“IASB”) Disclosure Initiative just received its first update . The update covers three topics, “Principles of Disclosure”, “Targeted Improvements to Disclosure Requirements” and “Materiality”. An integral part of the Disclosure Initiative, the “Principles of Disclosure” project seeks to substitute three of the IASB’s current standards with one or more disclosure standards. The second topic, “Targeted Improvements to Disclosure Requirements”, relates to the IASB’s exposure draft of proposed amendments to IAS 1 Presentation of Financial Statements. Rather than change current IAS 1 requirements, the amendments would provide more clarity, as. Read More.
AICPA Issues Updated Code of Professional Conduct
Modified as part of its Professional Ethics Executive Committee’s (“PEEC”) codification project and for easier usage, the American Institute of Certified Public Accountants (“AICPA”) has issued a revision of its Code of Professional Conduct . Released on May 20th, the updated code is split into three sections that separately apply to public accountants, business accountants, and all other accountants, including those who are retired or unemployed. The AICPA recommends accountants with multiple roles to check all applicable parts of the code and utilize the most restrictive requirements. Approved by the PEEC earlier this year, the updated Code of Professional Conduct takes effect December 15th.. Read More.
Agenda Set for Upcoming Standing Advisory Group Meeting
Announced by the Public Company Accounting Oversight Board (“PCAOB”; “the Board”), the nonprofit organization’s Standing Advisory Group (“SAG”) will hold its meeting June 24th-25th. Chaired by the PCAOB’s Chief Auditor and Director of Professional Standards Martin F. Baumann, SAG is composed of various investors, auditors, public company executives and others. Recently published by the PCAOB, the meeting’s agenda features a discussion regarding the Board’s latest activities. SAG discussions will also be part of the meeting, including topics like: Initiatives to Improve Audit Quality–Root Cause Analysis, Audit Quality Indicators (AQIs), and Quality Control Standards; Initiatives to Improve Audit Quality—Root Cause Analysis, Audit Quality Indicators. Read More.
FASB and IASB Seek Lease Standards Publication Next Year
Hoping to publish final standards late next year, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) will restart discussions this fall on their lease accounting project. It is anticipated that the final standards will be based on FASB’s Proposed Accounting Standards Update No. 2013-270, Leases (Topic 842), and the IASB’s Exposure Draft No. 2013-6, Leases. Both proposals were published in 2013. Before completing work on their project, the FASB and IASB must resolve several disagreements on proposed changes to accounting in U.S. GAAP and International Financial Reporting Standards. Such disagreements include how to handle accounting for. Read More.