2014

Center for Plain English Accounting Alerts - 2014 

In addition to monthly reports, the CPEA issues brief “alerts” related to the “release” of authoritative accounting and attest literature and implementation material associated with this literature.  The 2014 alerts reside on this page. Also, this page will contain news about CPEA services and membership as well as upcoming member events.

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FASB Issues Accounting Alternative for Private Companies on Intangible Assets in Business Combinations Accounting Standa...

News This alert discusses the FASB issuance of ASU 2014-08 for private companies on intangible assets acquired in a business combination.
Published on February 24, 2015

Standards Applicable to Registered Broker-Dealers And Other Entities Registered with the SEC and New Code of Professiona...

News This alert includes a a summary of certain auditing, attestation, and independence standards applicable to the audit and attest engagements for certain entities registered either with the SEC, Commodity Future Trading Commission, or both, for fiscal years ending on or after June 1, 2014.
Published on December 18, 2014

Early Adoption of the Going Concern Accounting Standard Audit Engagement Considerations

News This alert provides some audit considerations for entities that are contemplating early adoption of ASU 2014-15 on going concern.
Published on November 25, 2014

ASU 2014-17 (FASB ASC 805) Pushdown Accounting

News This alert discusses the recent release of ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting, a consensus of the FASB Emerging Issues Task Force.
Published on November 20, 2014

FASB Endorses PCC Issue 13-01A on Intangible Assets and Issues ASU 2014-16 on Derivatives and Hedging

News This alert discusses the FASB formal endorsement of PCC Issue No. 13-01A as well as the recent issuance of ASU 2014-16.
Published on November 06, 2014

New Mortality Tables Released Result is Likely to be Higher Defined Benefit Plan Obligations

News This alert discusses the recent release of the latest Society of Actuaries mortality tables and the potential impact on defined benefit plan obligations.
Published on October 30, 2014

SSARS NO. 21 ISSUED Major Changes for Accountants Who Prepare Financial Statements

News On October 23, 2014, the ARSC released SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification which represents ARSC’s efforts to clarify and revise the standards for reviews, compilations, and engagements to prepare financial statements.
Published on October 30, 2014

ASU 2014-15 (FASB ASC 205-40) Going Concern

News On August 27, 2014, the FASB released Accounting Standards Update (ASU) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU amends FASB Accounting Standards Codification (FASB ASC) 205-40, Presentation of Financial Statements—Going Concern, to provide guidance about management’s responsibility to evaluate whether there
Published on August 27, 2014

Progress Report PCAOB Inspections of Broker-Dealer Audits

News The Public Company Accounting Oversight Board (PCAOB) recently announced in their third progress report that they continue to find a high degree of independence problems and other deficiencies in audits of broker-dealers.
Published on August 19, 2014

Final Rule Adopted Fair Value Disclosures May Be Affected

News On July 23, 2014, the Securities and Exchange Commission (SEC) voted to adopt a Final Rule designed to limit the risk of investor runs on money market funds. The Final Rule requires institutional prime money market funds to move from a stable $1 per share net asset value (NAV), to
Published on July 28, 2014

GASB Pension Accounting Standards New Auditing Interpretations Issued

News In June 2014, the AICPA Auditing Standards Board (ASB) issued two auditing interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards.
Published on July 08, 2014

ASU 2014-12 [FASB ASC 718] Stock Compensation

News On June 19, 2014, the FASB released ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This ASU brings consistency to the accounting for share-based payment awards that require a specific performance target to
Published on June 23, 2014

Two Projects Added to FASB Agenda and ASU 2014-11 [ASC 860] is Issued

News The FASB recently added two short-term projects to its agenda that further promote simplification of certain complex accounting standards. In addition, on June 12, 2014, the FASB released ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.
Published on June 16, 2014

ASU 2014-10 [FASB ASC 915] Development Stage Entities

News On June 10, 2014, the FASB released Accounting Standards Update [ASU] 2014-10, Development Stage Entities: Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. This ASU amends FASB ASC 915, Development Stage Entities, to remove all incremental financial reporting requirements for
Published on June 10, 2014

Broker-Dealer Audits PCAOB Continues to Identify Issues

News The Public Company Accounting Oversight Board [PCAOB] recently announced that they continue to find many issues with audits of broker-dealers, despite some improvements.
Published on June 09, 2014

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