US Week in Review Week ending 16 October 2014

US Week in Review
Week ending 16 October 2014
The US Week in Review highlights this week’s developments and emerging issues in the
financial reporting world and gives you direct access to relevant technical accounting guidance
and thought leadership produced by EY.
In this issue:
What’s new from EY ......................1
What’s new from EY
Standard Setter updates ...............2
To the Point: FASB finishes deliberations on not-for-profit proposal
Other .............................................2
The FASB has wrapped up deliberations on a proposal that would change financial reporting
by all not-for-profit entities, including business-oriented health care entities. Our To the Point
discusses the Board’s proposed changes to how not-for-profit entities classify net assets,
measure financial performance and cash flows, classify expenses, and provide information
about liquidity.
Upcoming Thought Center
webcasts and podcasts .............2
To the Point: FASB issues simplification proposals on debt issuance costs and
retirement benefits
The FASB issued proposals to simplify the presentation of debt issuance costs and the
measurement date for defined benefit pension and other postretirement benefit plan
sponsors as part of the Board’s simplification initiative. Our To the Point publication tells you
what you need to know about the exposure drafts.
To the Point: Michigan enacts legislation that could affect income apportionment
In response to a Michigan Supreme Court decision, Michigan has enacted legislation that may
alter the way a taxpayer determines Michigan taxable income. Our To the Point publication
tells you what you need to know about the new legislation.
To the Point: Final IRS regulations affect how annual pharma fee is recognized
The IRS has issued final regulations for calculating the annual branded prescription drug fee
imposed by the Affordable Care Act and requires covered entities to estimate and accrue the
annual fee as sales occur. Our To the Point publication tells you what you need to know.
EY AccountingLink | www.ey.com/us/accountinglink
Standard Setter updates
Upcoming meetings
22 October 2014 joint FASB/IASB videoconference meeting
The Boards are scheduled to discuss their project on Leases, specifically the definition of a lease.
22 October 2014 FASB meeting
The Board is scheduled to discuss its projects on Financial instruments: classification and
measurement and Accounting for income taxes: intra-entity asset transfers and balance sheet
classification of deferred taxes.
For details, see the FASB's calendar.
Education sessions
See the FASB's calendar for upcoming education sessions. No decisions are made at these
sessions.
Other
Federal Financial Institutions Examination Council (FFIEC) issues views on private
company accounting alternatives
In its Supplemental Instructions to the September 2014 Call Report, the Federal Financial
Institutions Examination Council concluded that a bank or savings association that is a private
company, as defined in US GAAP, can use private company accounting alternatives when
preparing its Call Reports with certain exceptions. The report also provides considerations for
banks in determining whether they are public business entities under the FASB’s definition.
Upcoming Thought Center webcasts and podcasts
Digital
CFO: need to know quarterly webcast series
24 October 2014, 12 p.m. Eastern time
Improving disclosure effectiveness
28 October 2014, 12 p.m. Eastern time
The new revenue recognition standard: a closer look
11 November 2014, 2 p.m. Eastern time
Information regarding these and other upcoming events can be found on the Thought Center
webcasts and podcasts site.
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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