Financial Reporting Network

FASB Proposes Changes to U.S. GAAP Taxonomy Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting On May 15, the FASB issued an Invitation to Comment, FASB U.S. GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT Calculation Hierarchy, which would eliminate inconsistencies created by multiple calculation hierarchies in the U.S. GAAP Financial Reporting Taxonomy used by U.S. publicly traded companies.

NASDAQ Withdraws Internal Audit Proposal Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting NASDAQ recently withdrew its proposed change to its listing requirements that would have required all NASDAQ listed companies to establish and maintain an internal audit function.

KPMG Comments on FASB Proposal About Recognition and Measurement of Financial Assets and Financial Liabilities Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting KPMG LLP recently commented on the proposed FASB ASU, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities, which would change how entities determine the classification and measurement of financial instruments.

SEC Updates EDGAR Filer Manual to Support the U.S. GAAP 2013 Taxonomy Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting The SEC recently updated the EDGAR Filer Manual to support the U.S. GAAP 2013 Taxonomy and to implement a new Form 13F online application.

New on the Horizon: Accounting for Rate-Regulated Activities -- Interim Relief for First-Time Adopters Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting KPMG's ISG recently published New on the Horizon: Accounting for Rate-Regulated Activities – Interim Relief for First-Time Adopters, which addresses the proposed requirements in the IASB Exposure Draft, Regulatory Deferral Accounts and the potential future financial reporting implications.

COSO Updates Its Internal Control Integrated Framework Financial Reporting Network | May 20, 2013 | Accounting & Financial Reporting On May 14, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its updated Internal Control -- Integrated Framework (2013) (2013 Framework) and related illustrative documents.

Defining Issues: FASB and IASB Issue Revised Exposure Drafts on Lease Accounting Financial Reporting Network | May 16, 2013 | Accounting & Financial Reporting This edition of Defining Issues reports that the FASB and IASB (the boards) recently issued revised joint exposure drafts (EDs) on proposed changes to the accounting for leases that, if finalized as proposed, would significantly change how lessees and lessors account for and report leasing arrangements in their financial statements.

Updated Reference Guide: FASB Accounting Standards Codification Financial Reporting Network | May 13, 2013 | Accounting & Financial Reporting KPMG LLP recently updated the FASB Accounting Standards Codification - Reference Guide to provide users of the Codification with an overview of the Codification Topics, and selected Subtopics and Subsections as of April 30, 2013.

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