U.S. Assurance Publications

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Updated: 16 hours 53 min ago

Revenue Recognition Frequently Asked Questions

Wed, 06/18/2014 - 12:00am
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.

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FASB Flash Report - June 2014

Mon, 06/16/2014 - 12:00am
Recently, the FASB issued ASU 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation to eliminate the concept of a development stage entity (DSE) from U.S. GAAP. This change rescinds certain financial reporting requirements that have historically applied to DSEs and is intended to result in cost-savings for affected entities, such as certain start-up or research and development entities. The new standard also changes one related aspect of the variable interest entity (VIE) consolidation guidance in Topic 810.
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FASB Flash Report - June 2014

Wed, 06/11/2014 - 12:00am
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.
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FASB Flash Report - May 2014

Wed, 05/28/2014 - 12:00am
Today, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.  The new standard is the culmination of a joint project with the IASB and therefore entities reporting under IFRS will apply a substantially converged model.
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SEC Flash Report - May 2014

Tue, 05/06/2014 - 12:00am
April proved to be an active month surrounding conflict minerals. Early in April, the SEC staff issued a second set of frequently asked questions, (Questions 13-21) to assist companies with the application of the rules covering their responsibilities under the Conflict Minerals Rules. The FAQs provide guidance related to reporting under Item 1.01 of Form SD, and supplement interpretations that the SEC staff issued in 2013 providing further direction for public companies that need to file their first special disclosure reports on Form SD by June 2, 2014.
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BDO Comment Letter - Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure

Tue, 04/29/2014 - 12:00am

Proposed Accounting Standards Update, Classification of Certain Government-Guaranteed Residential Mortgage Loans upon Foreclosure (File Reference No. EITF-13F) (“the ED”)

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Assurance Flash Report - April 2014

Thu, 04/24/2014 - 12:00am

The Center for Audit Quality (CAQ) has released a white paper on its approach to communicating potential Audit Quality Indicators (AQIs). In the near term, the PCAOB will also be issuing its own concept release on AQIs. Both the PCAOB’s and the CAQ’s projects on AQIs are aimed at identifying potential measures of audit quality, in addition to inspection results, which audit engagement teams and audit committees may discuss, consider, and use to gauge audit performance.

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FASB Flash Report – April 2014

Tue, 04/22/2014 - 12:00am
On April 10, 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. It changes the criteria for reporting discontinued operations, which includes a component of an entity or a group of components of an entity, a business, or nonprofit activity. The amendments are intended to simplify U.S. GAAP and are expected to result in fewer transactions being reported as discontinued operations.
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Significant Accounting & Reporting Matters Q1 2014

Thu, 04/17/2014 - 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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Audit Committee Charters – Roadmap to Specific Duties and Responsibilities

Mon, 04/07/2014 - 12:00am
Specific duties and responsibilities related to corporate governance, oversight of financial reporting, auditors, and more.
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Audit Committee Self-Assessment

Mon, 04/07/2014 - 12:00am
The Audit Committee Self-Assessment document may be used by those charged with governance (in particular, audit committees) in performing an annual self-assessment.
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Initial Offerings Newsletter – Spring 2014

Fri, 04/04/2014 - 12:00am
In 2013, initial public offerings (IPOs) in the U.S. – buoyed by the strong stock market – had their best year in more than a decade with both offerings and proceeds hitting the highest levels since the year 2000. Despite stocks experiencing some volatility in the initial weeks of 2014, the U.S. IPO market got off to an extremely impressive start in Q1 with offerings (+106%), proceeds (+39%) and filings (+186%) up significantly over last year.*   *Renaissance Capital is the source of all historical data related to the number, size and returns of U.S. IPOs
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Assurance Flash Report - March 2014

Mon, 03/31/2014 - 12:00am

Cybersecurity has rapidly become a significant risk to businesses as breaches of information may result in financial and reputational damage, diminished investor confidence, and exposure to potential regulatory fines. The topic has captured the attention of Congress as well as regulatory agencies and is becoming an increasing point of focus for company boards in their oversight of risk management. In response to increasing concerns around cybersecurity risk management, the Center for Audit Quality recently issued Member Alert #2014-3: Cybersecurity and the External Audit to summarize the responsibilities of the independent external auditor with respect to cybersecurity matters. While this alert is focused on issues facing public companies and their external auditors, these issues would similarly apply to non-public entities.

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BDO Guide to Going Public

Wed, 03/26/2014 - 12:00am
The Guide is intended to provide only general information. It is not a substitute for specific legal, accounting and financial advice from qualified professionals for the application of the laws and regulations discussed. Please consult those advisors to obtain that guidance.
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BDO Guide to Going Public

Wed, 03/26/2014 - 12:00am

For business owners who are considering taking their company public, this guide outlines the process itself, and explains and highlights the significant factors in the going-public decision. The Guide to Going Public is designed to help evaluate advantages and disadvantages in relation to your company's position.

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BDO Guide to Going Public

Wed, 03/26/2014 - 12:00am

Explanation of the significant factors in the going public decision

PCC Flash Report - March 2014

Tue, 03/25/2014 - 12:00am
On March 20, 2014, the FASB issued a final ASU to allow private companies to opt out of applying the variable interest entity (VIE) consolidation guidance to certain common control leasing arrangements.1 Therefore, a private company lessee that meets the eligibility criteria and elects not to apply the VIE guidance would account for its lease under Topic 840 as either an operating or capital lease, as appropriate. Certain incremental disclosures would also be required. Early adoption is available for 2013 year-end financial statements that are not yet available for issuance.
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BDO Board Reflections - March 2014

Thu, 03/20/2014 - 12:00am
Succession planning from the perspective of the board of directors is the “art” of identifying and developing candidates, either internally or externally, with the potential to fill key business leadership positions within an organization. There are scores of papers, presentations, checklists and even entire consulting practices predicated on assisting companies and boards with developing succession plans for their businesses. Succession planning has become a key action step for companies of any size, any industry, public or private. When done properly, it can help in ensuring that an organization can keep up with changing times, be more prepared for the unexpected and provide leadership a stronger overall perspective of talent requirements of an organization and the competencies to promote success.
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BDO Board Reflections - March 2014

Thu, 03/20/2014 - 12:00am

Perspectives on Executive Succession Planning

BDO Board Reflections - March 2014

Tue, 03/11/2014 - 12:00am
As the 2014 corporate annual meeting season begins, shareholders are likely to be paying close attention to the opportunities and threats facing the companies they continue to put their faith in. After slumping through January and early February, the stock market has bounced back and is within shouting distance of new highs, but mixed economic data on hiring, exports, housing and manufacturing, coupled with worries about emerging markets are cause for potential concern. This unsettled climate should make for an interesting annual meeting season this Spring. BDO USA, LLP has compiled a list of topics that corporate management and boards of directors should be prepared to address in connection with their 2014 annual meetings.
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