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1. FASB proposes simpler accounting for fees paid to cloud service providers   WebExclusive

BY Ken Tysiac
FASB on Tuesday issued a proposal designed to simplify the accounting for fees that public and private companies pay as customers in cloud-computing arrangements with third-party service providers.Rules exist under current GAAP addressing the accounting for cloud service providers. But there is no explicit accounting guidance under GAAP about how a customer should account for fees paid to the cloud service provider.This lack of guidance can lead to unnecessary cost and complexity during the evaluation of how to account for those fees, as well as diversity in practice.The proposed Accounting Standards Update, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic

2. SEC will scrutinize municipal advisers’ rules compliance   WebExclusive

BY Ken Tysiac
A new SEC examination initiative will scrutinize municipal advisers’ compliance with new rules and regulations that are under implementation.The SEC announced Tuesday that its Office of Compliance Inspections and Examinations (OCIE) will examine a significant percentage of municipal advisers for compliance.“The municipal adviser examination initiative will focus on the areas that are most important to protecting issuers, investors, and municipal taxpayers,” Kevin Goodman, national associate director of the OCIE’s broker-dealer examination program, said in a news release.The SEC also plans to promote compliance through outreach to municipal advisers.SEC rules that took effect July 1 generally require municipal

3. PCAOB requests comments on auditing accounting estimates and fair value measurements   WebExclusive

BY Ken Tysiac
The PCAOB is seeking input as it weighs possible standard-setting activities related to auditing accounting estimates and fair value measurements.In a staff consultation paper released Tuesday, the PCAOB Office of the Chief Auditor seeks comments on the potential need for changes to PCAOB standards—and a possible approach to a new auditing standard.“Accounting estimates and fair value measurements can be subjective and complex, yet they can be an important part of a company’s financial statements and critical to investors’ decision-making,” PCAOB Chairman James Doty said in a news release.

4. FASB share-based payments standard challenges private companies   WebExclusive

BY Ken Tysiac
Although a review found that FASB’s share-based payments standard achieves its purpose, private company stakeholders told a post-implementation review team that the standard is sometimes difficult for them to understand and costly to apply.After analyzing the results of the Financial Accounting Foundation review of Statement 123(R), Share-Based Payment, released Tuesday, FASB does not plan to perform its own comprehensive review of the standard.But the private company concerns are consistent with feedback FASB received through outreach for its Simplification Initiative and for pre-agenda research performed for the Private Company Council.

5. IASB official: Global accounting standards are “achievable,” “inevitable”   WebExclusive

BY Neil Amato
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa.Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable, achievable, and … inevitable” in a speech in Johannesburg.Although more than 100 countries have adopted IFRS, some large countries, including the United States, remain undecided.

6. Convergence unachieved after IASB publishes financial instruments standard   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB.IFRS 9, Financial Instruments, is the final element of the IASB’s response to the global financial crisis.

7. Revenue transition group debates difficult implementation issues   WebExclusive

BY Ken Tysiac
A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May.The resource group, which met for the first time Friday, does not issue interpretations or guidance.

8. FASB votes in favor of new consolidation standard   WebExclusive

BY Ken Tysiac
New accounting rules approved by FASB on Wednesday are designed to make financial reporting about consolidation more transparent and consistent.FASB will issue the standard in the coming months, following the drafting of the final Accounting Standards Update (ASU).All public and private companies that apply variable-interest entity (VIE) guidance will be affected by the ASU, as will limited partnerships and similar legal organizations such as limited liability corporations.The new rules are intended to be less complex for limited partnerships and similar legal organizations.

9. FASB proposals on inventory, extraordinary items seek simplification   WebExclusive

BY Ken Tysiac
FASB published proposals Tuesday that are designed to simplify the measurement of inventory and eliminate the concept of extraordinary items.The proposals are part of FASB’s simplification initiative, which is designed to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of information to users through narrow-scope projects that could simplify GAAP in a short period.In the proposal titled Inventory (Topic 330): Simplifying the Measurement of Inventory, FASB proposes measuring inventory at the lower of cost or net realizable value.

10. No answer yet for private companies on acquired intangible assets   WebExclusive

BY Ken Tysiac
Accounting for intangible assets
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