The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments apply to all employers, including not-for-profit entities, that offer their employees defined benefit pension plans, other post-retirement benefit plans, or other types of benefits accounted for under Topic 715, Compensation — Retirement Benefits.
The US Financial Accounting Standards Board (FASB) has proposed an amendment to the FASB Accounting Standards Codification to simplify accounting for share-based compensation paid to non-employees. The Proposed Accounting Standards Update (ASU), Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, is intended to reduce cost and complexity and to improve financial reporting for non-employee share-based payments. Comments are due by 5 June 2017.
The European Parliament (EU Parliament) has approved amendments to the Shareholders' Rights Directive that would provide shareholders with stronger rights and require improved disclosure by companies and institutional investors. The new rules will apply to listed companies on European Union (EU) regulated markets, regardless of their industrial sector. The total capitalisation of the affected companies is approximately €8tn.
The International Accounting Standards Board (IASB) on 30 March 2017 published the Discussion Paper, Disclosure Initiative—Principles of Disclosure (Discussion Paper), proposing recommendations to improve communication in financial reporting through improved disclosures. The comment deadline is 2 October 2017.
On 30 March 2017, the US Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortisation period for certain callable debt securities held at a premium to the earliest call date.
The European Commission (Commission) has launched a public consultation on the operation of the European Supervisory Authorities (ESAs), including the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), and the European Insurance and Occupational Pensions Authority (EIOPA). The comment deadline is 16 May 2017.
The US Financial Accounting Standards Board has issued Accounting Standards Update No. 2017-02, Not-for-Profit Entities - Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity.
The US Financial Accounting Standards Board has issued the following proposed Accounting Standards Updates : Debt (Topic 470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) and Inventory (Topic 330): Disclosure Framework - Changes to the Disclosure Requirements for Inventory.
The International Ethics Standards Board for Accountants has announced completion of the first phase of its project to restructure its Code of Ethics for Professional Accountants and has released exposure drafts of proposals to strengthen ethics requirements for accountants.
The European Court of Auditors has issued an opinion calling for the European Commission to further simplify its proposal to revise the European Union Financial Regulation.
The US Public Company Accounting Oversight Board has issued updated staff guidance for Form AP, Auditor Reporting of Certain Audit Participants, to be used by firms to disclose the names of engagement partners and other firms participating in public company audits.
The US Financial Accounting Standards Board has issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.
The International Public Sector Accounting Standards Board has issued International Public Sector Accounting Standard 40, Public Sector Combinations, which establishes international requirements for public sectors in accounting for combinations of entities and operations.
The European Securities and Markets Authority has developed a tool for use by stakeholders to access the Questions and Answers developed by ESMA.
The International Organization of Securities Commissions has published the report, IOSCO Research Report on Financial Technology, which highlights the intersection between financial technology and securities market regulation.
The staff of the International Ethics Standards Board for Accountants (IESBA) have published two Question and Answer publications to support the adoption and implementation of the IESBA standard, Responding to Non-Compliance with Laws and Regulations.
The US Financial Accounting Standards Board has issued Accounting Standards Update No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.
The International Auditing and Assurance Standards Board has published its Work Plan for 2017–2018: Enhancing Audit Quality.
The US Financial Accounting Standards Board has issued Accounting Standards Update No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting.
On 3 March 2017, the International Forum of Independent Audit Regulators published its Report on 2016 Survey of Inspection Findings, its fifth annual survey of IFIAR members’ findings from inspected audit reports, as well as the 2016 Annual Inspection Survey Stakeholder Announcement.
Apple released its grounds for appealing the €13 billion (US$14 billion) tax bill from the European Commission earlier this week, arguing that the Commission’s arm’s-length test did not comply with EU laws for determining state aid in tax assessments.
The Trustees of the IFRS Foundation have amended the IFRS Foundation Constitution to implement changes based on their 2015 Review of Structure and Effectiveness (2015 Review).
The European Commission has proposed a framework for the European Union of new rules for central counterparty recovery and resolution, the purpose of which is to ensure that failure of central counterparty can be dealt with effectively to avoid overall risk to the system.
The staff of the International Public Sector Accounting Standards Board have developed Emissions Trading Schemes Staff Background Paper.
Mary Jo White, outgoing Chair of the US Securities and Exchange Commission (SEC), issued a public statement urging the SEC to continue to pursue high-quality, globally accepted accounting standards.
The European Financial Reporting Advisory Group has formally endorsed the International Accounting Standards Board amendments to IFRS 4, Insurance Contracts, issued in September 2016, for use across European Union member states.
The International Accounting Standards Board has issued its exposure draft, Annual Improvements to IFRS Standards 2015-2017 Cycle, proposing amendments to three standards as part of its annual improvements process.
The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business.