U.S. Assurance Publications

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This is a feed of the latest BDO USA Assurance Publications.
Updated: 5 hours 14 min ago

2014 BDO Board Survey

Tue, 10/21/2014 - 12:00am

Conducted by the Corporate Governance Practice of BDO USA, the survey examined the opinions of corporate directors of public company boards regarding corporate governance issues.

Revenue Recognition Newsletter - October 2014

Mon, 10/13/2014 - 12:00am
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued comprehensive revenue recognition standards (the “Standard”) entitled “Revenue from  Contracts with Customers” (ASU No. 2014-09 and IFRS 15), with a mandatory effective date in 2017 for public entities and 2018 for private entities. 
  The new principles-based Standard replaces most previous United States GAAP and IFRS guidance, including industry-specific guidance. The Standard will affect the timing and measurement of revenue recognized for book purposes. Changes in the timing of revenue recognition under the Standard will have implications for taxable income, possibly resulting in required accounting method changes, new book/tax differences, and adjustments to deferred tax accounting.
Public entities will apply the Standard for annual periods beginning after December 15, 2016, including interim periods therein. Public entities are not permitted to adopt the Standard earlier than required. Nonpublic entities have an additional year to adopt, i.e., the new standard applies for annual periods beginning after December 15, 2017. In addition, the Standard is effective for nonpublic entities’ interim periods within annual periods that begin after December 15, 2018. Nonpublic entities may adopt early but not earlier than the effective date for public entities.
Early adoption is permitted for companies reporting under IFRS.
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Significant Accounting & Reporting Matters Q3 2014

Fri, 10/03/2014 - 12:00am

Issued on a quarterly basis, the Significant Accounting and Reporting Matters Guide provides a brief digest of final and proposed financial accounting standards. This guide is designed to help audit committees, boards and financial executives keep up to date on the latest corporate governance and financial reporting developments.

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Initial Offerings Newsletter - Fall 2014

Thu, 10/02/2014 - 12:00am
Following the record-setting offering of Alibaba, the 2014 U.S. market for initial public offerings is shaping up as one of the best years of all-time. As we enter October, U.S. exchanges have posted the highest three-quarter totals for offerings, proceeds and filings in more than a decade.
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BDO Knows Revenue Recognition

Wed, 10/01/2014 - 12:00am
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued comprehensive revenue recognition standards (the “Standard”) entitled “Revenue from Contracts with Customers” (ASU No. 2014-09 and IFRS 15), with a mandatory effective date in 2017 for public entities and 2018 for private entities. 
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Simplifying the Measurement of Inventory

Fri, 09/26/2014 - 12:00am

Proposed Accounting Standards Update, Simplifying the Measurement of Inventory (File Reference No. 2014-210) (“the ED”)

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Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

Fri, 09/26/2014 - 12:00am

Proposed Accounting Standards Update, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (File Reference No. 2014-220) (“the ED”)

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Assurance Flash Report - September 2014

Thu, 09/18/2014 - 12:00am

On September 9, 2014 the PCAOB issued Staff Audit Practice Alert No. 12, Matters Related to Auditing Revenue in an Audit of Financial Statements, (the “Alert”), to highlight certain PCAOB auditing requirements related to aspects of auditing revenue in which significant auditing deficiencies have been frequently observed by the PCAOB’s Inspections staff. The matters discussed in the Alert are applicable to both planning and performing audit procedures with respect to revenue. Since revenue is often significant to a company’s operating results, audit committees may find the matters discussed in the Alert of interest and might consider discussing with their auditors their approach to auditing revenue.

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EBP Commentator - Summer 2014

Tue, 09/09/2014 - 12:00am
This issue includes:
  • When Can You Toss Those Records?
  • Does Your Retirement Plan Need to Consider a Possible FBAR Filing?
  • ERISA and AICPA Employee Benefit Plan Audit Quality Center Celebrate Milestones
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FASB Newsletter - September 2014

Tue, 09/09/2014 - 12:00am
On May 28, 2014, the FASB issued its long-awaited standard, Revenue from Contracts with Customers. It is substantially converged with equivalent new IFRS guidance (although, unlike U.S. GAAP, IFRS permits adoption before 2017) and sets out a single and comprehensive framework for revenue recognition. It takes effect in 2017 and addresses virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. For many entities, the timing and pattern of revenue recognition will change. In some areas, the changes will be very significant and will require careful planning.
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FASB Flash Report - September 2014

Tue, 09/02/2014 - 12:00am
The FASB recently issued a new ASU on going concern that applies to all companies, public and private. It defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period. The ASU takes effect in 2016 calendar year-end financial statements.
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FASB Flash Report - August 2014

Mon, 08/18/2014 - 12:00am

The FASB recently issued ASU 2014-14 to address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that are within the scope of the ASU to “other receivables” upon foreclosure, rather than reclassifying them to  other real estate owned (OREO).

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FASB Flash Report - August 2014 

Tue, 08/12/2014 - 12:00am
The FASB recently issued ASU 2014-13 to address the measurement mismatch that often results from the difference between the fair value of the financial assets and financial liabilities of a consolidated collateralized financing entity (CFE). The ASU provides an option for measuring the financial assets and financial liabilities of a CFE to eliminate that difference. If an entity does not elect the measurement alternative, it should continue applying the measurement guidance in Topic 820 to assets and liabilities that are carried at fair value in the financial statements.
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BDO Revenue Recognition Practice Aids

Tue, 07/29/2014 - 12:00am
ASC TOPIC 606 - Revenue from Contracts with Customers Executive Summary
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Pushdown Accounting

Mon, 07/28/2014 - 12:00am

Proposed Accounting Standards Update, Pushdown Accounting (File Reference No. EITF-12F) (“the ED”)

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SEC Flash Report - July 2014

Tue, 07/22/2014 - 12:00am
With the issuance of ASU 2014-09, Revenue from Contracts with Customers, in May, SEC registrants will need to make corresponding disclosures under Staff Accounting Bulletin No. 74 (codified in SAB Topic 11-M) in their next interim and annual filings. SAB 74 addresses disclosure of the impact that recently issued accounting standards will have on the financial statements of the registrant when adopted in a future period.
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2014 BDO IPO Halftime Report

Tue, 07/15/2014 - 12:00am
By any measurement, through six months, 2014 is shaping up as the best year for initial public offerings on U.S. exchanges since the turn of the century with offerings (+ 58%), proceeds (+ 52%) and filings (+ 88%) up dramatically year-over-year from a very strong 2013.* 

*Renaissance Capital is the source of all historical data related to number and size of U.S. IPOs
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Significant Accounting & Reporting Matters Q2 2014

Tue, 07/15/2014 - 12:00am

Issued on a quarterly basis, the Significant Accounting and Reporting Matters Guide provides a brief digest of final and proposed financial accounting standards. This guide is designed to help audit committees, boards and financial executives keep up to date on the latest corporate governance and financial reporting developments.

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2014 BDO IPO Halftime Report

Tue, 07/15/2014 - 12:00am

Executive Summary

XBRL Flash Report - July 2014

Fri, 07/11/2014 - 12:00am
On Monday, July 7, the SEC staff issued two documents of which XBRL filers should take note. These two documents are the first significant communications by the SEC staff on the quality of XBRL data, and they may indicate the staff's intention to focus more on the accuracy and quality of data in XBRL filings in the future. While it's too soon to know whether the SEC plans to begin issuing comment letters on XBRL data, registrants are advised to review their XBRL filings- not just for compliance with the rules, but also for the quality of the data, particularly with regards to the issues addressed in these documents.
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