Tag Archive | MHM Messenger

Update on Classification & Disclosure of Fair Value Hierarchy

A recent accounting standards update (ASU) issued by the FASB is designed to eliminate diversity in practice among entities reporting certain fair value disclosures and simplify reporting for qualifying investments reported using the NAV as a practical expedient. ASU 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset […]

Rate this:

Hot Topics in Accounting and Financial Reporting This Quarter

The second quarter of 2015 saw several narrow scope improvements and proposed changes to accounting standards. From simplifying fair value hierarchy classification types of instruments to hosting arrangements and consolidation accounting, the recently announced proposal and accounting changes tended to be small in scale. The issuance and implementation of larger projects remains on the horizon. […]

Rate this:

SEC Cracking Down on Internal Whistleblower Policies

Recent developments at the Securities and Exchange Commission Office of the Whistleblower indicate that the SEC is increasing the frequency and types of rewards it gives to employees who report SEC infractions. The SEC recently announced a whistleblower award payment in connection with its first retaliation case, awarding over $600,000 to an employee who received […]

Rate this:

Changes Proposed to Share-Based and Equity Methods of Accounting

Changes may be coming to the accounting for share-based payments and the equity method of accounting. The Financial Accounting Standards Board (FASB) recently released two exposure drafts that include proposed changes to Investments, Equity Method and Joint Ventures (Topic 323), and Compensation-Stock Compensation (Topic 718). Both topics are agenda items on the FASB’s Simplification Initiative, […]

Rate this:

Department of Labor Releases Employee Benefit Plan Audit Quality Study

Findings from a recent audit quality study (2014 Study) found that nearly 4 in 10 employee benefit plan (EBP) audits in the 2011 plan filing year contained major deficiencies and failed to meet regulatory standards. Assets held in those plans with deficient EBP audits totaled $653 billion. The 2014 Study, conducted by the Department of […]

Rate this:

Proposed Changes Will Clarify New Revenue Recognition Guidance

Changes keep coming to revenue recognition accounting. The Financial Accounting Standards Board (FASB) recently proposed amendments to ASU 2014-09 Revenue from Contracts with Customers (Topic 606) that would clarify how to identify performance obligations and account for licenses for intellectual property in the new standard. ASU 2014-09 requires entities to use a five-step approach to […]

Rate this:

FASB Considers Change to PCC Alternative Adoption Rates

The Financial Accounting Standards Board (FASB) is researching whether private companies should be able to make an unconditional first-time election of private company accounting alternatives. Members of the FASB’s Private Company Council (PCC) say that the election would reduce the complexity and diversity that exists in current practice. The PCC discussed the unconditional election along […]

Rate this: