AGC Financial Issues Committee
|
|
- Chloe Webster
- 5 years ago
- Views:
Transcription
1 AGC Financial Issues Committee FASB Update Cullen D. Walsh, FASB Assistant Director January 8, 2015 The views expressed in this presentation are those of the presenter and are intended for discussion purposes only; it is not intended to reflect the views of the FASB. Official positions of the FASB are determined only after extensive due process and deliberations. 1
2 Discussion Topics Revenue Implementation Simplification Initiative Projects Private Company Council Alternatives for Private Companies Leases Project What to Expect in 2015 and Beyond 2
3 Revenue Implementation 3
4 FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG) Overview Objectives: To solicit, analyze, and discuss stakeholder issues arising from implementation of the new guidance To inform the FASB and the IASB about those implementation issues, which will help the Boards determine what, if any, action will be needed to address those issues To provide a forum for stakeholders to learn about the new guidance from others involved with implementation The TRG will not issue guidance 4
5 How to Submit an Issue Any stakeholder can submit a potential implementation issue - We encourage submissions as soon as possible Issue submitted about new revenue guidance should - Involve guidance that can be applied in different ways resulting in diversity in practice - Be pervasive (relevant to wide group of stakeholders) Submission forms will not be public - Issues may be discussed in public FASB and IASB staff will read all submissions and decide priority of discussing issues 5
6 Feedback from TRG Meetings Implementation guidance for licenses of intellectual property Determining whether a promised good or service is a separate performance obligation Principal versus agent assessment 6
7 Cumulative catch-up Cumulative catch-up Transition and Effective Date PY2 (2015) PY1 (2016) CY (2017) CY Footnotes Retrospective (with optional practical expedients) Rev rec under new standard Cumulative effect at date of application Rev rec under legacy standard Existing* and new contracts under new standard Existing and new contracts disclosed under legacy standard for CY (2017) *Contracts not completed in prior years as determined under legacy revenue guidance Effective date for annual reporting periods beginning: - U.S. GAAP after December 15, 2016, one-year deferral permitted for nonpublic entities; early application not permitted - IFRS on or after January 1, 2017; early application permitted 7
8 FASB s Effective Date Evaluation Stakeholder input suggests effective date should be extended beyond Public comment letters - Advisory group meetings 8
9 FASB s Response FASB will perform outreach with financial statement preparers and others to better understand - Why effective date should be extended (for example, system/process changes, complexity of entity, extent of changes to entity s revenue model, increased disclosure) - What it should be extended to Outreach participants to include - Entities from industries most impacted by new standard - Some entities that submitted comment letters about date Outreach to be completed in early 2015 FASB would like to work with IASB on this matter 9
10 Simplification Initiative Projects 10
11 Simplification Initiative Objective Reduce cost and complexity while maintaining or improving the usefulness of the information Projects include narrow-scope items that the FASB can complete in the short term Welcome input on ideas 11
12 Examples of Simplification Projects Subsequent measurement of inventory lower of cost & net realizable value Eliminating extraordinary items Accounting for customer s fees paid in a cloud computing arrangement Measurement date for pension plan assets Presentation of debt issuance costs Balance sheet classification of debt Income taxes Share-based payment 12
13 Extraordinary Items Current GAAP requires evaluation of whether an event or transaction is an extraordinary item and separate presentation and disclosure of the item Proposal would remove the concept of extraordinary items from GAAP 13
14 Inventory Simplifies the measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value Today, inventory is measured at the lower of cost or market which requires an evaluation of net realizable value, replacement cost and net realizable value less a normal profit margin 14
15 Income Taxes Classification of Deferred Taxes Current GAAP requirement - Deferred taxes are classified as current or noncurrent based on the classification of the related asset or liability Alternative - Classify all deferred tax assets and liabilities as noncurrent 15
16 Income Taxes Intra-entity Transfer of Assets Current GAAP requirement - Buyer and seller defer the tax consequences of an intra-entity transfer until the asset is sold to a third party - Exception to the accounting model for comprehensive recognition of income taxes Alternative - Eliminate the exception and require recognition of the income tax consequences associated with an intra-entity transfer when the transfer occurs 16
17 Balance Sheet Classification of Debt Current Guidance Narrow scope rules on specific types of debt transactions Potential Change Overriding principle for the classification of debt that can apply to all transactions Mix of guidance using contractual maturity and management judgments Increase focus on contractual maturity and borrower s rights less focus on judgment or intent 17
18 Share-Based Payment Some potential areas for improvement Accounting for forfeitures Accounting for income taxes upon vesting or settlement of awards (APIC pools) Minimum statutory withholding requirements Share-based payment to non-employees Practical expedients for private companies 18
19 Private Company Council Alternatives for Private Companies 19
20 Accounting for Goodwill After a Business Combination Current U.S. GAAP Final Alternative Do not amortize goodwill Test for impairment at least annually or more frequently Reporting unit level Two-step test Optional qualitative assessment Amortize over 10 years or less Test for impairment upon occurrence of triggering event Entity level or reporting unit level One-step test Optional qualitative assessment 20
21 Interest Rate Swaps Impact of Interest Rate Swap Current U.S. GAAP No Hedge Accounting Hedge Accounting PCC Alternative Simplified Hedge Accounting Income Statement Volatility in interest expense as a result of changes in fair value Interest expense approximates fixed rate debt Interest expense approximates fixed rate debt Balance Sheet Asset or liability at fair value Asset or liability at fair value Asset or liability at settlement value (or fair value) Other comprehensive Income No impact Includes changes in fair value of effective portion of the hedge Includes changes in settlement value (or fair value) of the swap 21
22 Common Control Leasing Arrangements Lessees may elect alternative not to apply VIE guidance when certain conditions are met VIE disclosures are not required instead, specific information on lessor entity is required Important note not meeting the conditions does not automatically result in consolidation 22
23 Intangible Assets in a Business Combination Election to not separately recognize - Non-competition agreements - Customer-related intangible assets that are not capable of being sold or licensed independently in a business combination 23
24 Leases Project 24
25 Proposed Right-of-Use Model A lease contract conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration 25
26 Lessee Model Approaches All leases (more than 12 months) are recognized on a lessee s balance sheet Current U.S. GAAP (IFRS) Capital (Finance) Leases IASB Type A FASB Type A Operating Leases Type A Type B All leases are the same Not all leases are the same; classification is based on existing U.S. GAAP/IFRS 26
27 What to Expect in 2015 and Beyond 27
28 Agenda Strategy Foundational projects preventing future complexity Simplification projects addressing today s complexity 28
29 Foundational Projects Projects that will have an overarching, longstanding impact on U.S. GAAP Examples: Fixing FASB s incomplete conceptual framework Performance reporting research project Disclosure framework project 29
30 Other Projects of Interest - Reporting discontinued operations - Accounting for financial instruments Classification and measurement Impairment Hedging (research) - Review of disclosures for defined benefit plans, fair value measurement, income taxes, inventory, and interim reporting - Liabilities & equity short-term improvements 30
31 Questions or Comments? Cullen D. Walsh Assistant Director
Accounting and Auditing. Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA
Accounting and Auditing Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA Leases (ASU 2016-02; Topic 842) A lease contract conveys the right to use an asset (the underlying asset) for a period of time
More informationAccounting and Auditing Update. Staci L. Brogan, CPA, Shareholder Patricia R. Giudici, CPA, Senior Manager Schneider Downs & Co. Inc.
Accounting and Auditing Update Staci L. Brogan, CPA, Shareholder Patricia R. Giudici, CPA, Senior Manager Schneider Downs & Co. Inc. Agenda Overview of the standard setting agenda Revenue recognition Lease
More informationFASB/IASB Update Part II
American Accounting Association FASB/IASB Update Part II Tom Linsmeier FASB Member August 3, 2014 The views expressed in this presentation are those of the presenters. Official positions of the FASB/IASB
More informationFASB Update. FASB Exempts Private Companies from Variable Interest Entity Guidance Affects: Private Companies
FASB Update New Guidance Raises the Threshold for Discontinued Operations On April 10, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,
More information2018 Accounting & Auditing Update P R E S E N T E D B Y : D A N I E L L E Z I M M E R M A N & A N D R E A S A R T I N
2018 Accounting & Auditing Update P R E S E N T E D B Y : D A N I E L L E Z I M M E R M A N & A N D R E A S A R T I N AGENDA Leases FASB & GASB Revenue Recognition FASB 2 FASB ASU 2016-02, Leases (Topic
More informationImplementation: Revenue and Leases
Implementation: Revenue and Leases Agenda Ref 12B FASB/IASB Joint Board Meeting June 19, 2018 This presentation has been prepared for discussion at a public meeting of the International Accounting Standards
More informationFSA Faculty Consortium Technical Accounting Update. Bob Uhl, partner, Deloitte & Touche LLP
FSA Faculty Consortium Technical Accounting Update Bob Uhl, partner, Deloitte & Touche LLP Deloitte University May 30, 2014 Acronyms Acronym ASC ASU ED FASB IASB IFRS U.S. GAAP Full Form Accounting Standards
More informationSomething Borrowed, Something New Get Ready for the New Lease Accounting Standard
April 2016 Something Borrowed, Something New Get Ready for the New Lease Accounting Standard By Scott G. Lehman, CPA, and David E. Wentzel, CPA Audit / Tax / Advisory / Risk / Performance Smart decisions.
More informationIntangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958)
Proposed Accounting Standards Update Issued: December 20, 2018 Comments Due: February 18, 2019 Intangibles Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities
More informationLeases: Overview of the new guidance
Leases: Overview of the new guidance Prepared by: Richard Stuart, Partner, National Professional Standards Group, RSM US LLP richard.stuart@rsmus.com, +1 203 905 5027 March 2, 2016 Introduction On February
More informationI ROC 2017 Financial Administrators Section Conference
I ROC 2017 Financial Administrators Section Conference September 9, 2017 kpmg.ca Presenters Chris Cornell KPMG Partner, Financial Services Steven Sharma KPMG Partner, Financial Services 2 IIROC 2017 Financial
More informationAccounting and Auditing Update. Paul Lundy
Accounting and Auditing Update Paul Lundy Leases: Not Just for the Footnotes Anymore Significant Financial Statement Impact New lease standard generally requires all leases to be capitalized and recognized
More informationNew leases standard ASC 842 Lessee - operating leases. Itai Gotlieb, Partner, Professional Practice July 2017
ASC 842 Lessee - operating leases Itai Gotlieb, Partner, Professional Practice July 2017 Overview Under Accounting Standards Codification (ASC) 842, Leases, lessees recognize assets and liabilities for
More informationA new era for lease accounting plantemoran.com
A new era for lease accounting Your balance sheet may never look the same A new era for lease accounting 1 plantemoran.com Overview On Feb. 25, 2016, the Financial Accounting Standards Board (FASB) issued
More informationAccounting. Overview of the New Revenue Recognition Standard. Fort Worth Chapter TSCPA Free CPE Day
Accounting Update - 2015 Overview of the New Revenue Recognition Standard 1 Fort Worth Chapter TSCPA Free CPE Day 2015 1 ASC Topic 606, Revenue from Contracts with Customers Issued in May 2014 Supersedes
More informationAccounting and Auditing Update. Tennessee Chapter of hfma Spring Institute 2016 Presented by William C. Matheney FHFMA CPA and Meredith P.
Accounting and Auditing Update Tennessee Chapter of hfma Spring Institute 2016 Presented by William C. Matheney FHFMA CPA and Meredith P. Cate Today s Objectives Present an overview of pertinent recently
More informationLAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2014 Spring Meeting Los Angeles, CA
LAW AND ACCOUNTING COMMITTEE SUMMARY OF CURRENT FASB DEVELOPMENTS 2014 Spring Meeting Los Angeles, CA Randall D. McClanahan Butler Snow LLP randy.mcclanahan@butlersnow.com GOING CONCERN In July 2013, FASB
More informationIs Your Operating Lease An Asset or Liability? It s Now Both
MFM Annual Conference Is Your Operating Lease An Asset or Liability? It s Now Both 23 May 2016-1:30 pm 2:20 pm Disclaimer These slides are for educational purposes only and are not intended, and should
More informationTechnical Corrections and Improvements to Recently Issued Standards
Two Proposed Accounting Standards Updates Issued: September 27, 2017 Comments Due: November 13, 2017 Technical Corrections and Improvements to Recently Issued Standards I. Accounting Standards Update No.
More information2015 real estate industry update A landscape for change: Transforming for the future
2015 real estate industry update A landscape for change: Transforming for the future Agenda Standards Setting Projects Impacting Real Estate Regulatory Update 2 2015 real estate industry update A landscape
More informationAccounting Standards Update
Duquesne University 6th Annual Accounting CPE Conference Accounting Standards Update Amy Park, FASB Practice Fellow November 16, 2017 The views expressed in this presentation are those of the presenter.
More informationCurrent Developments. FASB, AICPA and SEC. Jim Brendel, CPA, CFE March 1, 2013
Current Developments FASB, AICPA and SEC Jim Brendel, CPA, CFE March 1, 2013 Agenda FASB Developments Selected Projects and Initiatives Revenue Recognition Leases Impairment of Intangible Assets Other
More informationIFRS 15. Revenue from Contracts with Customers. Presented by CPA Dr. Peter Njuguna
IFRS 15 Revenue from Contracts with Customers Presented by CPA Dr. Peter Njuguna Introduction Revenue is income from ordinary activities. A contract has rights and obligations between two or more parties.
More informationIn December 2003 the IASB issued a revised IAS 17 as part of its initial agenda of technical projects.
IFRS Standard 16 Leases In April 2001 the International Accounting Standards Board (IASB) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)
More informationLease Accounting Standard Update ASU Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group
Lease Accounting Standard Update ASU 2016-02 Presented by: Nicholas Hoefel, CPA Manager, Audit Services Group 1 Overview Introduction Background and current environment Effective dates and transition Key
More informationCONTACT(S) Danielle Zeyher Patrina Buchanan
IASB Agenda ref 3B STAFF PAPER November 2013 FASB IASB Meeting Project Leases Paper topic Redeliberations Plan CONTACT(S) Danielle Zeyher dtzeyher@fasb.org +1 203 956 5265 Patrina Buchanan pbuchanan@ifrs.org
More informationNEW LEASE ACCOUNTING STANDARD
NEW LEASE ACCOUNTING STANDARD Accounting Standards Update (ASU) 2016-02, Leases & GASB 87, Leases LEASES Leases: Why a New Leases Standard? 1 IMPLEMENTATION TIMELINE January 2016 IASB issued IFRS 16, Leases
More informationNo February Leases (Topic 842) An Amendment of the FASB Accounting Standards Codification
No. 2016-02 February 2016 Leases (Topic 842) An Amendment of the FASB Accounting Standards Codification The FASB Accounting Standards Codification is the source of authoritative generally accepted accounting
More informationGAAP Update SCHFMA 2016 Fall Institute
GAAP Update SCHFMA 2016 Fall Institute Ken Conner, CPA Shareholder Tiffany Brackett, CPA Senior Manager This material was used by Elliott Davis Decosimo during an oral presentation; it is not a complete
More informationDefining Issues. FASB Completes Technical Redeliberations on Leases. October 2015, No Key Facts. Key Impacts
Defining Issues October 2015, No. 15-47 FASB Completes Technical Redeliberations on Leases The FASB met on October 7 to discuss comments received and related follow-up issues on the external review of
More informationIASB update. Philippe DANJOU. Board Member. IMA France 2 Octobre International Financial Reporting Standards
International Financial Reporting Standards IASB update Philippe DANJOU Board Member IMA France 2 Octobre 2012 The views expressed in this presentation are those of the presenter, not necessarily those
More informationIMPROVING LEASE ACCOUNTING Financial Accounting Standards Advisory Council December 1, 2005
ATTACHMENT C IMPROVING LEASE ACCOUNTING Financial Accounting Standards Advisory Council December 1, 2005 BACKGROUND In September, the Board directed the staff to begin preagenda research work associated
More informationAnnual Accounting and Auditing Update. 11 December 2015
Annual Accounting and Auditing Update 11 December 2015 Disclaimer The views expressed by panelists are not necessarily those of Ernst & Young LLP. These slides are for educational purposes only and are
More informationEdison Electric Institute and American Gas Association New Lease Standard
Edison Electric Institute and American Gas Association New Lease Standard May 16, 2016 Disclaimer The information contained herein is of a general nature and is not intended to address the circumstances
More informationThe new accounting standard for leases. 27 March 2017
The new accounting standard for leases 27 March 2017 Disclaimer Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
More informationRepsol is very pleased to provide comments on the Exposure Draft Leases (ED2013/6), issued by the IASB on 16 May 2013.
Madrid, 13 September, 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Leases Repsol is very pleased to provide comments on the Exposure
More informationIFRS : Where do we stand? Planned changes 2012 and beyond
International Financial Reporting Standards IFRS : Where do we stand? Planned changes 2012 and beyond Philippe DANJOU Board Member Warsaw, December 6, 2012 The views expressed in this presentation are
More informationIFRS Update Guy Thomas, CPA, CA
IFRS Update Guy Thomas, CPA, CA D&Co IFRS update Agenda 3 new standards under IFRS IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases Agenda Some narrow scope amendments
More informationTechnical Line FASB final guidance
No. 2016-09 14 April 2016 Technical Line FASB final guidance How the FASB s new leases standard will affect health care entities In this issue: Overview... 1 Key considerations... 3 Scope and scope exceptions...
More informationGoing global. Trouble ahead. Ongoing major projects. Where next?
Where now for IFRS? Gavin Aspden FCA ICAEW Director, Qualifications Going global Trouble ahead Ongoing major projects Where next? 1 Going global Trouble ahead Ongoing major projects Where next? IFRS jurisdictions
More informationImpact of lease accounting changes to corporate real estate
Impact of lease accounting changes to corporate real estate Overview In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited revision to lease accounting Accounting Standards
More informationCurrent accounting and reporting developments webcast series. March 15, 2017
Current accounting and reporting developments webcast series March 15, 2017 Q1 Q2 Q3 Q4 Welcome Beth Paul Accounting Services Group Team Leader National Professional Services Group LinkedIn Diane Howell
More informationEXECUTIVE SUMMARY A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS
EXECUTIVE SUMMARY A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS This Executive Summary is part of RSM US LLP s A Guide to Accounting for Business Combinations and should be read in conjunction with that
More information(a) fulfillment of the contract depends on the use of an identified asset; and
Exposure Draft Leases Comments to be received by 13 September 2013 Securities and Exchange Board of India (SEBI) welcomes the opportunity to respond to the above exposure draft. Question 1: identifying
More informationREAL ESTATE PERSPECTIVE ON NEW LEASE ACCOUNTING STANDARDS
VALUATION & ADVISORY REAL ESTATE PERSPECTIVE ON NEW LEASE ACCOUNTING STANDARDS BY JOHN CORBETT, MAI, ASA, FRICS AND MARC R. SHAPIRO, MAI, MRICS INTRODUCTION The Financial Accounting Standards Board (FASB)
More informationCPE regulations require online participants to take part in online questions
KPMG s CFO Financial Forum Webcast FASB/IASB Revised Lease Accounting Exposure Drafts A Detailed Look Part III: Lessor Accounting June 25, 2013 Administrative CPE regulations require online participants
More informationTechnical Line FASB final guidance
No. 2019-01 3 January 2019 Technical Line FASB final guidance How the new leases standard affects automotive entities In this issue: Overview... 1 Recent standard setting activity... 2 Key considerations...
More informationThe Substance of the Standard
The Substance of the Standard Mayer Hoffman McCann P.C. An Independent CPA Firm TM A publication of the Professional Standards Group April 2014 Accounting Election for Common Control Leasing Arrangements
More informationroots The Substance of the Standard Contents Changes to the Accounting for Goodwill for Private Companies
The Substance of the Standard MAYER HOFFMAN MCCANN P.C. AN INDEPENDENT CPA FIRM TM A publication of the Professional Standards Group February 2014 Changes to the Accounting for Goodwill for Private Companies
More informationMONITORDAILY SPECIAL REPORT. Lease Accounting Project Update as of May 25, 2011 Prepared by Bill Bosco, Leasing 101
MONITORDAILY SPECIAL REPORT Lease Accounting Project Update as of May 25, 2011 Prepared by Bill Bosco, Leasing 101 The high volume of comment letters (780+) and numerous outreach meetings had common criticisms
More informationBusiness Combinations
International Financial Reporting Standard 3 Business Combinations This version was issued in January 2008. Its effective date is 1 July 2009. It includes amendments resulting from IFRSs issued up to 31
More informationFASB Emerging Issues Task Force
EITF Issue No. 09-4 FASB Emerging Issues Task Force Issue No. 09-4 Title: Seller Accounting for Contingent Consideration Document: Issue Summary No. 1, Supplement No. 1 Date prepared: August 21, 2009 FASB
More informationIAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice
www.pwc.com.au IAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice Agenda Introduction Key topics o Fair value o PPP Projects Refinancing
More informationLease Accounting - New Changes in US, International and Government Accounting Standards
Lease Accounting - New Changes in US, International and Government Accounting Standards Roberta J. Cable, Ph.D., CMA Patricia Healy, CPA, CMA Lubin School of Business Administration, Pace University, USA
More informationClick to edit Master title style REVENUE RECOGNITION Understanding the New Revenue Recognition Standard ASC 606
Click to edit Master title style REVENUE RECOGNITION Understanding the New Revenue Recognition Standard ASC 606 9/7/2017 0 Agenda Overview of ASC 606 Review of the five-step process Accounting for contract
More informationNotice for Recipients of This Proposed FASB Staff Position
Notice for Recipients of This Proposed FASB Staff Position This proposed FASB Staff Position (FSP) would delay the effective date of FASB Statement No. 157, Fair Value Measurements, for all nonfinancial
More informationTechnical Line FASB final guidance
No. 2016-03 31 March 2016 Technical Line FASB final guidance A closer look at the new leases standard The new leases standard requires lessees to recognize most leases on their balance sheets. What you
More informationAccounting and Financial Reporting Trends
Relationships backed by performance. Accounting and Financial Reporting Trends T.J. Boyle June 20, 2013 What s New Leases Revenue Recognition Derivatives Other Comprehensive Income AICPA Accounting for
More informationBackground Information and Basis for Conclusions
Background Information and Basis for Conclusions TABLE OF CONTENTS Paragraph Numbers Introduction... BC1 BC15 Overview... BC16 BC17 Background... BC18 BC28 Application to Private Companies... BC29 BC31
More informationThe New Lease Accounting Standard. Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA
The New Lease Accounting Standard Hunter Mink, CPA, CCIFP Brian Rosenberg, CPA, MBA 1 Agenda Introduction Lease Identification and Classification Lessee Accounting Other Considerations Disclosures Impact
More informationAUDIT A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS. Third Edition
AUDIT A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS Third Edition A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS THIRD EDITION June 2016 A GUIDE TO ACCOUNTING FOR BUSINESS COMBINATIONS Prepared by:
More informationASC 842: Leases. Presented by: Maxwell Locke & Ritter LLP June 15, Maxwell Locke & Ritter
ASC 842: Leases Presented by: Maxwell Locke & Ritter LLP June 15, 2018 The New Lease Standard FASB ASC 842, Leases Supersedes FASB ASC 840, Leases Effective for calendar year-end public companies in 2019;
More informationLease accounting scope & impacts
Leasing Lease accounting scope & impacts Scope What s in? All industries, all entities Arrangements that meet the definition of a lease Embedded leases within other arrangements What s out? Leases of:
More informationConsolidation (Topic 810)
Proposed Accounting Standards Update Issued: August 22, 2013 Comments Due: October 14, 2013 Consolidation (Topic 810) Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements a
More informationExecutive Summary. New leases standard Lessees
Executive Summary December 2018 The new leases standard focuses on increased transparency and comparability providing financial statement users with more information about an entity s leasing activities.
More informationNew Accounting Rules for Nonfinancial Asset Sales
On February 22, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-05, Other Income Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic
More informationA guide to. accounting for. Second Edition. Assurance Tax Consulting
A guide to accounting for Business Combinations Second Edition Assurance Tax Consulting A guide to accounting for Business Combinations Second Edition January 2012 This publication is provided as an information
More informationNew Accounting Rules for Revenue and Leases
New Accounting Rules for Revenue and Leases CFMA Education Summit March 22, 2017 Presented by: Carole McNees, CPA, Partner, Plante & Moran, PLLC Recently released standards New guidance from the Financial
More informationDecember 18, Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom
December 18, 2015 Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Submitted via electronic email Re: 2015 Agenda Consultation Dear
More informationNEED TO KNOW. Leases A Project Update
NEED TO KNOW Leases A Project Update 2 LEASES - A PROJECT UPDATE TABLE OF CONTENTS Introduction 3 Existing guidance and the rationale for change 4 The IASB/FASB project to date 5 The main proposals 6 Definition
More informationNew Developments Summary
July 10, 2018 NDS 2018-07 New Developments Summary Leases in transition New leasing standard provides detailed transition guidance Summary For most entities, one of the more complex aspects of implementing
More informationUW Madison Big 3 Update. PwC
UW Madison Big 3 Update 1 FASB Leadership FASB board members Leslie Seidman (2013) Chairman Tom Linsmeier (2016) Russ Golden (2017) Larry Smith (2017) Marc Siegel (2013) Daryl Buck (2015) Hal Schroeder
More informationIFRS Project Insights Leases
IFRS Project Insights Leases The IASB and FASB ( the Boards ) published a Discussion Paper (DP) setting out a proposed lessee accounting model in March 2009. The proposed accounting model has evolved since
More informationIt s Back Accounting for Asset Leases the new way!
It s Back Accounting for Asset Leases the new way! Kent Bettisworth BETTISWORTH & ASSOCIATES 2016 ERP Corp. All rights reserved. Controlling 2016 Conference September 12-15, 2016 in San Diego Kent Bettisworth
More informationProposed Accounting Standards Update (Revised)
Proposed Accounting Standards Update (Revised) Issued: May 16, 2013 Comments Due: September 13, 2013 Leases (Topic 842) a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840)
More informationהכנס השנתי לכללי חשבונאות בינלאומיים ואמריקאים
הכנס השנתי לכללי חשבונאות בינלאומיים ואמריקאים חידושים ועדכונים מהכנס השנתי בוושינגטון לגבי חברות הנסחרות בארה"ב: (SEC) - )FASB) - )PCAOB) - רונן מנשס, שותף, ראש המחלקה המקצועית 11 ב Changes in the SEC
More informationIn December 2003 the Board issued a revised IAS 17 as part of its initial agenda of technical projects.
IFRS 16 Leases In April 2001 the International Accounting Standards Board (the Board) adopted IAS 17 Leases, which had originally been issued by the International Accounting Standards Committee (IASC)
More informationHeadline Verdana Bold The evolutions of leases accounting under IFRS 16 Mariano Bruno, Carlo Laganà, Giuseppe Ambrosio, Deloitte & Touche S.p.A.
SHIPPING AND THE LAW 7^ Edition 25-26 October 2016 NAPLES Headline Verdana Bold The evolutions of leases accounting under IFRS 16 Mariano Bruno, Carlo Laganà, Giuseppe Ambrosio, Deloitte & Touche S.p.A.
More informationLeases ASU September 20, 2017
Leases ASU 2016-02 September 20, 2017 Meet the Speakers Tonisha Spratte, CPA Senior Accountant Cherry Bekaert tspratte@cbh.com Matthew Mars Senior Accountant Cherry Bekaert mmars@cbh.com Agenda What is
More informationIFRS Link. Contents. Newsletter. 1 IASB 11 EU Endorsement
IFRS Link Newsletter Issue 25 Contents 1 IASB 11 EU Endorsement New standard on accounting for leases With IFRS 16 Leases, the IASB published a new standard on accounting for leases on 13 January 2016.
More informationPrivate Company Council. PCC Issue No Title: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements
PCC Issue No. 13-02 Private Company Council PCC Issue No. 13-02 Title: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements Document: Issue Summary No. 1 (Revised) PCC Meeting
More informationBusiness Combinations
Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying
More informationTechnical Line FASB final guidance
No. 2018-08 20 September 2018 Technical Line FASB final guidance How the new leases standard affects engineering and construction entities In this issue: Overview... 1 Key considerations... 2 Scope and
More informationTechnical Line FASB final guidance
No. 2016-11 14 April 2016 Technical Line FASB final guidance How the FASB s new leases standard will affect real estate entities In this issue: Overview... 1 Key considerations... 2 Scope and scope exceptions...
More informationThe entity that obtains control of the acquiree. The business or businesses that the acquirer obtains control of in a business combination.
IFRS 3 IFRS 3 Business Combination INTRODUCTION Background DEFINITIONS Business combination Business Acquisition date Acquirer Acquiree IFRS 3 Business Combinations outlines the accounting when an acquirer
More informationExposure Draft (ED) 64 Summary Leases
AT A GLANCE January 2018 Exposure Draft (ED) 64 Summary Leases This summary provides an overview of Exposure Draft 64, Leases. Project objective: Development of ED 64: This ED proposes new requirements
More informationPreview of the New Exposure Draft of the Lease Accounting Project Key elements and commentary
Preview of the New Exposure Draft of the Lease Accounting Project Key elements and commentary Prepared by Bill Bosco, Leasing 101 www.leasing-101.com The Financial Accounting Standards Board (FASB) and
More informationDefining Issues May 2013, No
Defining Issues May 2013, No. 13-24 FASB and IASB Issue Revised Exposure Drafts on Lease Accounting The FASB and IASB (the Boards) recently issued revised joint exposure drafts (EDs) on proposed changes
More informationTopic 842- Leases Making The Transition
Topic 842- Leases Making The Transition K-deep Dhaliwal, Partner, Moss Adams LLP Adam Hite, Senior Manager, Moss Adams LLP The material appearing in this presentation is for informational purposes only
More informationCPE ARTICLE. An Introduction to Lessee Accounting (Topic 842, Leases)
CPE ARTICLE An Introduction to Lessee Accounting (Topic 842, Leases) 42 Today scpa Curriculum: Accounting and auditing Level: Basic Designed For: Public practitioners and business and industry Objectives:
More informationImplementing the New Lease Guidance
Implementing the New Lease Guidance October 22, 2018 2018 Crowe LLP 2018 Crowe LLP Agenda Background Scope Effective dates & transition requirements Lessee accounting model Lessor accounting model Specialized
More informationTopic 842 Technical Corrections Summary of Comments Received
Contact(s) David Hoyer Co-Author Ext. 462 Andy Bologna Co-Author Ext. 356 Thomas Faineteau Co-Author Ext. 362 Chris Roberge Co-Author Ext. 274 Amy Park Co-Author Ext. 476 Shayne Kuhaneck Assistant Director
More informationIII-1. FASB/IASB DEVELOPMENTS. Presenters: Muneera S. Carr, Comerica Bank Joseph DiLeo, Deloitte & Touche Reto Micheluzzi, PricewaterhouseCoopers
III-1. FASB/IASB DEVELOPMENTS Presenters: Muneera S. Carr, Comerica Bank Joseph DiLeo, Deloitte & Touche Reto Micheluzzi, PricewaterhouseCoopers SEC Hot Topics Institute Dallas, TX September 8, 2016 FASB
More informationDefining Issues February 2013, No. 13-8
Issues & Trends Defining Issues February 2013, No. 13-8 Revenue Recognition: Boards Decide Scope and Industry-Specific Issues At their January 2013 meeting, the FASB and IASB (the Boards) made tentative
More informationTechnical Line FASB final guidance
No. 2018-18 13 December 2018 Technical Line FASB final guidance How the new leases standard affects life sciences entities In this issue: Overview... 1 Key considerations... 2 Scope and scope exceptions...
More informationBoard Meeting Handout ACCOUNTING FOR CONTINGENCIES September 6, 2007
PURPOSE Board Meeting Handout ACCOUNTING FOR CONTINGENCIES September 6, 2007 At today s meeting, the Board will discuss whether to add to its technical agenda a project considering whether to revise the
More informationIFRS 16 LEASES. Page 1 of 21
IFRS 16 LEASES OBJECTIVE The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users
More informationNew Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16)
New Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16) Issued February 2016 This Standard was issued on 11 February 2016 by the New Zealand Accounting Standards Board
More informationTechnical Line FASB final guidance
No. 2017-17 29 June 2017 Technical Line FASB final guidance How the new revenue standard affects operating real estate entities In this issue: Overview... 1 Real estate sales... 2 Property management services...
More informationLease & Finance Accountants Conference. September The Westin Charlotte Charlotte, NC
Lease & Finance Accountants Conference September 11-13 The Westin Charlotte Charlotte, NC H A N D O U T S Basic Principles of Lessors under ASC 842 Mamta Shori, Wells Fargo Equipment Finance Joe Sebik,
More information