New Developments Summary

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•   Financial statement disclosures: First quarter update for calendar 2012 financial statements (April 17, 2012) (328 KB)

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•   JOBS Act (April 13, 2012)

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•   Financial statement disclosures: Fourth quarter update for calendar 2011 financial statements (January 17, 2012) (358 KB)

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•   2011 AICPA National Conference on current SEC and PCAOB developments (December 22, 2011) (330 KB)

  The 2011 AICPA National Conference on Current SEC and PCAOB Developments, held in Washington, D.C., December 5-7, featured senior officials from the SEC staff, PCAOB, FASB, IASB, and AICPA, who spoke on (1) providing effective financial reporting in today’s challenging geopolitical and economic climate, (2) investigating the merits of moving the U.S. financial reporting system to IFRS as issued by the IASB, and (3) improving audit quality. Financial statement users, preparers, industry experts, auditors, and other attendants gained insight on the views of regulators, standard setters, and others about the most pressing financial reporting issues facing public companies. This bulletin summarizes the major issues discussed during the three-day conference and provides details on the related accounting, financial reporting, and auditing topics.

•   Revenue recognition guidance re-exposed (December 2, 2011) (282 KB)

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•   Financial statement disclosures: Third quarter update for calendar 2011 financial statements (October 17, 2011) (363 KB)

  Accounting Standards Updates (ASUs) were issued by the FASB during the third quarter of 2011 to amend several topics in the FASB Accounting Standards Codification(R) (Codification). None of the amendments were effective at quarter-end; however, some allow for early adoption. Brief summaries of these ASUs are included in this bulletin.

•   Summary of professional developments (October 11, 2011) (574 KB)

  The purpose of the NDS quarterly bulletin is to provide a reference guide of current developments that occurred during the past quarter, including activities by the standard setters and other governing bodies. It summarizes the significant provisions of those current developments and is not a substitute for reading and applying the specific guidance in the related pronouncements, when applicable.

•   FASB expands disclosures for multiemployer plans (October 5, 2011) (293 KB)

  This bulletin summarizes the FASB’s recently issued Accounting Standards Update (ASU) 2011-09, Disclosures about an Employer’s Participation in a Multiemployer Plan, which requires expanded disclosures for entities participating in multiemployer plans. The amended guidance is effective for annual reporting periods ending after December 15, 2011 (that is, as of December 31, 2011 for calendar-year entities) for public entities and for annual reporting periods ending after December 15, 2012 (that is, as of December 31, 2012 for calendar-year entities) for nonpublic entities. The amended guidance must be applied retrospectively. Early adoption is permitted.

•   Qualitative goodwill assessment option (September 27, 2011) (266 KB)

  This bulletin summarizes the FASB’s recently issued Accounting Standards Update (ASU) 2011-08, Testing Goodwill for Impairment, which gives all entities the option to qualitatively assess goodwill for impairment. If an entity chooses to perform the qualitative assessment and determines that a reporting unit’s fair value is more likely than not in excess of its carrying amount, then no further evaluation is necessary. Otherwise, an entity would perform Step 1 of the goodwill impairment test in ASC 350-20, Intangibles – Goodwill and Other: Goodwill. The amended guidance is effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011, although early adoption is permitted.

•   Share-based payment (September 13, 2011) (135 KB)

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•   Statement of comprehensive income (August 30, 2011) (271 KB)

  This bulletin provides information on recently issued Accounting Standards Update (ASU) 2011-05, Presentation of Comprehensive Income. The guidance specifies new requirements for presenting comprehensive income in either (1) a single continuous financial statement or (2) two separate consecutive financial statements.