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1. 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.

2. 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.

3. 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.

4. Revenue recognition: No time to wait   CPEDirect

BY Ken Tysiac
It took more than 11 years for FASB and the International Accounting Standards Board (IASB) to develop a converged standard for revenue recognition, which first appeared on the boards’ technical agendas in 2002. At first glance, it seems as though the implementation date provides companies with plenty of time to get their systems ready for the changes associated with the standard, which was approved by both boards in December and was released May 28.

5. FASB updates accounting for stock compensation   WebExclusive

BY Sabine Vollmer
FASB has updated accounting standards on stock compensation to resolve diverse accounting treatments of awards linked to performance targets, such as an initial public offering or a specific profitability metric, that could be longer-term than the recipient’s employment.Current U.S. GAAP does not contain explicit guidance on how to account for share-based payment awards that require a specific performance target to be achieved for employees to become eligible to vest in the awards.FASB’s update, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the

6. FASB revises standard for accounting of repurchase agreements   WebExclusive

BY Sabine Vollmer
FASB on Thursday issued a revised standard that addresses investors’ concerns with the financial reporting of repurchase agreements and brings U.S. GAAP accounting for such transactions into closer alignment with IFRS.Under the updated standard, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, these transactions would be accounted for as secured borrowings and require enhanced disclosures that reflect the transferor’s obligations and risks.

7. Substantial new disclosures required by revenue standard   WebExclusive

BY Ken Tysiac
A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement the new revenue recognition guidance issued last month by FASB and the International Accounting Standards Board (IASB).Public companies today voluntarily provide investors with many disclosures about revenue in their news releases and earnings calls.

8. FASB relaxes rules for development-stage entities   WebExclusive

BY Ken Tysiac
FASB on Tuesday issued a new accounting standard that relaxes financial reporting requirements for development-stage entities.A development-stage entity devotes substantially all its efforts to establishing a new business and either:Has not commenced planned principal operations; orHas commenced planned principal operations, but has not produced significant revenue.The changes are described in Accounting Standards Update No.

9. FASB adds narrow-scope projects; aims to simplify GAAP   WebExclusive

BY Ken Tysiac
FASB will attempt to simplify measurement of inventory and eliminate extraordinary items from income statement presentation as part of its ongoing initiative to reduce complexity in accounting standards.The board has added two narrow-scope projects to its agenda in hopes of quickly simplifying U.S. GAAP and reducing cost and complexity in financial reporting while keeping reporting useful for investors:Simplifying the measurement of inventory.

10. Revenue recognition transition issues to be tackled by new group   WebExclusive

BY Ken Tysiac
A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015.The Joint Transition Resource Group for Revenue Recognition will hold its first meeting on July 18 and will consist of financial statement preparers, auditors, and users representing a wide range of industries, geographical locations, and public and private companies and organizations.All meetings will be public and co-chaired by FASB Vice Chairman James Kroeker and International Accounting Standards Board (IASB) Vice Chairman Ian Mackintosh.The group will advise FASB and the IASB about
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