4/29/2015. Elizabeth Gantnier, CPA, CGMA. Accounting Topics
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1 Elizabeth Gantnier, CPA, CGMA Accounting Topics 2 1
2 Management of all companies required to evaluate whether there are conditions or events that raise substantial doubt about the entity s ability to continue as a going concern within one year after f/s are issued or available to be issued. FYEA 12/15/16 3 New guidance raises threshold for disposals to qualify as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity s operations and financial results. 4 2
3 Debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a DIRECT DEDUCTION from the liability rather than as an asset Presentation similar to debt discounts or premiums Board did not address costs incurred prior to recognition of the liability 5 Transition Resource Group Still dealing with implementation issues Principal versus agent Distinct series of goods or services Licenses of IP Identifying performance obligations Noncash consideration Presentation of sales taxes Collectiblity Transition 6 3
4 On April 1 FASB proposed a one year delay PBE = PBA 12/15/17 REASONS: Lack of resolution in the accounting issues Lack of available IT solutions Logistical issues of contract renegotiations and review ICFR Delays by the standards boards themselves. 7 Entity will recognize an allowance for management s current estimate of LIFETIME expected credit losses (CECL) for loans, trade AR, HTM debt securities and certain other financial assets measured at amortized cost OTI for AFS debt securities would be modified to require an allowance for credit impairment rather than a direct write-down 8 4
5 Disclosures about the credit quality for certain financing receivables by year of origination (vintage) --- a lot of work and volume here Estimate based on historical loss experience and assessment of current conditions and reasonable and supportable forecasts about the future Even if risk is remote, there is a reserve Expect final standard in late Yes, lease liabilities are going on the books for everyone Lessees and lessors will be prohibited from using a full retrospective transition approach. Sale leaseback deferred gains or losses if a capital lease continue to be amortized if operating are recognized. Any G/L resulting from off-market terms would be recognized as an adjustment to the ROU asset if a loss or to the liability if it is a gain. Standard expected in late
6 A reporting entity will still have a controlling financial interest in a VIE and must consolidate if it has both (1) the power to direct the activities of a VIE that most significantly impact the entity s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE (collectively, benefits). However, under the ASU, a reporting entity that is determining whether it satisfies the benefits criterion will now exclude most fees that meet both of the following conditions: The fees are compensation for service provided and are commensurate with the level of effort required to provide those services. The compensation arrangement includes only terms, conditions or amounts that are customarily present in arrangements for similar services negotiated at arm s length. 11 Require companies to immediately recognize income tax effects on intercompany transactions in income statements All DTA and DTL must be classified as NON CURRENT on the balance sheet Additional disclosures regarding foreign earnings and tax implications. 12 6
7 May subsume into GW many customer related intangible assets Only those capable of being sold or licensed independently are recognized If you elect this alternative you must elect the GW alternative requiring it to be amortized over ten years or less
8 SEC looking for feedback on possibility of allowing US registrants an option to voluntarily provide IFRS information as a supplement to their US GAAP financial statements. 15 AS 18 Related Party and Significant Unusual Transactions Requires specific procedures when encountering these issues in a public company audit Proposed changes to Audit Reports Critical Audit Matters Proposed reorganization of standards 16 8
9 Wrap up of clarity project Internal auditors Underwriters Other information Audit reports Attestation standards QC standards and peer review Practice Monitoring of the Future Future of Learning 17 CPE failures Come on people, seriously??!!??? Nano-learning Only learn what you need when you need it DOL report to state boards IG report to state boards 18 9
10 Thank you for your kind attention
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