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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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BDO Board Reflections - March 2014

Tue, 03/11/2014 - 12:00am

Mergers, Spinoffs, Cyber Security, Disaster Planning and Executive Pay among Top Issues at 2014 Shareholder Meetings According to BDO USA, LLP

The BDO 600

Mon, 03/10/2014 - 12:00am
The BDO 600 survey details director compensation practices of publicly traded companies in the energy, financial services banking and non-banking, healthcare, manufacturing, real estate, retail and technology industries.
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The BDO 600

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

2013 Survey of Board Compensation Practices of 600 Mid-Market Public Companies

PCC Flash Report - February 2014

Thu, 02/27/2014 - 12:00am
On February 19, 2014, the FASB endorsed a PCC proposal to allow private companies to opt out of applying the variable interest entity (VIE) consolidation guidance to certain common control leasing arrangements. 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. A final ASU has not been issued, but is anticipated in late March. The FASB has indicated that upon issuance of the ASU, early adoption will be available for 2013 year-end financial statements that are not yet available for issuance.
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SEC Flash Report - February 2014

Tue, 02/18/2014 - 12:00am
On February 6, the staff of the Securities and Exchange Commission's Division of Corporation Finance published an update to the Division's Financial Reporting Manual.  The update amends the guidance on stock-based compensation disclosures in the management's discussion and analysis section of IPO registration statements.
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BDO Board Reflections - Winter 2014

Tue, 02/18/2014 - 12:00am
Whether it be the media focus on the numerous cyber breaches reported at businesses of all sizes, demands from the public and shareholders to safeguard cyber assets, scrutiny from government agencies or simply the daily reminders to individuals as their identities and personal information fall victim to online predators, more and more board agendas are targeting cybersecurity as a primary risk management area for their companies. However, there still seems to be a lack of understanding by boards in terms of what cybersecurity encompasses, what role the board may play in the process and how to best protect organizations against cyber breaches.
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BDO Board Reflections - Winter 2014

Tue, 02/18/2014 - 12:00am

Cybersecurity - A Board Primer

EBP Commentator - Winter 2014

Thu, 02/13/2014 - 12:00am
This issue includes:
  • Caution When Correcting Late Deposits
  • Addressing SOC 1 Report Carve-outs
  • Where We've Been…
  • We're Pleased to Announce: Executive and HR Services
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BDO Comment Letter - Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards to Provide Disclosure i

Thu, 02/06/2014 - 12:00am

PCAOB Release No. 2013-009, Rulemaking Docket Matter No. 029: Improving the Transparency of Audits: Proposed Amendments to PCAOB Auditing Standards to Provide Disclosure in the Auditor’s Report of Certain Participants in the Audit (the “Release”)

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Assurance Flash Report - January 2014 

Thu, 01/30/2014 - 12:00am

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an updated Internal Control-Integrated Framework (2013 Framework) and related Illustrative Tools and ICEFR Compendium which are available for purchase on their website: http://www.coso.org/. These tools include templates and scenarios that may be useful for management when using the 2013 Framework to assess the effectiveness of a system of internal control. These prior Flash reports provide a summary of the more significant features of the 2013 Framework along with a series of frequently asked questions ("FAQs") for consideration by companies as they prepare to implement the updated framework. The purpose of this Flash is to alert companies about certain implementation considerations as they transition to the 2013 Framework.

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PCC Flash Report - January 2014

Thu, 01/23/2014 - 12:00am
The FASB recently completed three standards for private companies. The first new Accounting Standards Update (ASU) defines a public business entity. That definition determines which entities may be eligible for the accounting alternatives developed by the Private Company Council (PCC). The other two new ASUs represent the PCC’s initial accounting alternatives for private companies. They are intended to simplify the accounting for goodwill and make it easier to apply hedge accounting to certain “plain-vanilla” interest rate swaps. Private companies will be able (but not required) to adopt the new standards for December 31, 2013 year-end financial statements that are not yet available for issuance. This financial reporting newsletter summarizes all three standards and also provides answers to frequently asked questions in the appendices.
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FASB Flash Report - January 2014

Wed, 01/22/2014 - 12:00am
On January 17, 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. It clarifies that a creditor is considered to have physical possession of residential real estate that is collateral for a residential mortgage loan when it obtains legal title to the collateral or a deed in lieu of foreclosure or similar legal agreement is completed. Consequently, it should reclassify the loan to other real estate owned at that time. The new guidance is intended to resolve the diversity in current practice as to when a creditor should reclassify a loan to real estate on the balance sheet.
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FASB Flash Report - January 2014

Tue, 01/21/2014 - 12:00am
On January 15, 2014, the FASB issued ASU 2014-011, Accounting for Investments in Qualified Affordable Housing Projects, to permit a reporting entity that invests in qualified affordable housing projects to account for the investments using a proportional amortization method if certain conditions are met. If an entity elects the proportional amortization method, it will amortize the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense. Otherwise, the entity would apply either the equity method or the cost method, as appropriate.
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2014 BDO IPO Outlook

Tue, 01/21/2014 - 12:00am
By any measurement, 2013 was an exceptionally strong year for initial public offerings (IPOs) on U.S. exchanges with virtually every statistical category - offerings (+73%), proceeds (+29%) and filings (+83%) - up significantly from 2012. Moreover, IPOs delivered an overall average return of close to 40 percent last year, the best performance of this century.*

According to the 2014 BDO IPO Outlook, BDO USA's annual survey of capital markets executives at leading investment banks, there were multiple catalysts for last year's strong showing.
 
*Renaissance Capital is the source of all historical data related to number and size of U.S. IPOs
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2014 BDO IPO Outlook

Tue, 01/21/2014 - 12:00am

The BDO IPO Outlook Survey is a national telephone survey interviewing 100 capital market executives.

Significant Accounting & Reporting Matters Q4 2013

Fri, 01/17/2014 - 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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Debt Issuance Costs

Fri, 01/10/2014 - 12:00am

Proposed Accounting Standards Update, Simplifying the Presentation of Debt Issuance Cost (File Reference No. 2014-250)

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BDO Assurance Practice FASB Newsletter - January 2014

Wed, 01/08/2014 - 12:00am
During 2013 the FASB focused on finding the right balance between major, long term projects and narrower specific issues. The FASB continued to work with the International Accounting Standards Board (IASB) on three convergence projects—revenue recognition, leases and financial instruments. While the Boards are finalizing a common approach to revenue recognition in the first quarter of 2014, significant work remains for the other two projects and it appears increasingly unlikely they will find common ground on financial instruments. Overall, the FASB continues to strive for clarity, looking to reduce complexity and simplify its standards. In late 2013, the FASB endorsed the first of several proposed accounting alternatives for private entities developed by the Private Company Council (PCC), sending the message that simplification may be achievable, at least for some.
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