Financial Reporting Network

Defining Issues: Constituents Respond to FAF Proposal to Create Private Company Standards Improvement Council Financial Reporting Network | Feb. 01, 2012 | Accounting & Financial Reporting This edition of Defining Issues provides a summary of comment letters on the Financial Accounting Foundation (FAF) in October 2011 issued a proposal to establish a Private Company Standards Improvement Council (PCSIC).

SEC Staff Updates Financial Reporting Manual Financial Reporting Network | Jan. 30, 2012 | Accounting & Financial Reporting The staff of the SEC's Division of Corporation Finance recently released an updated version of its Financial Reporting Manual, as of Sept. 30, 2011, which provides general guidance about financial reporting topics.

Accounting Disclosure Checklist - Management's Discussion and Analysis Financial Reporting Network | Jan. 30, 2012 | Accounting & Financial Reporting KPMG LLP recently updated the Specialized Accounting Disclosure Checklist - Management's Discussion and Analysis and its What's New document.

Perspective on Disclosure Overload and Complexity: Hidden in Plain Sight Financial Reporting Network | Jan. 27, 2012 | Accounting & Financial Reporting The topic of disclosure overload and complexity has been addressed by multiple organizations over many years. KPMG and FEI recently undertook a significant research effort addressing this topic.

FASB Proposes Change to Impairment Testing of Indefinite-Lived Intangible Assets Financial Reporting Network | Jan. 26, 2012 | Accounting & Financial Reporting The FASB recently issued a proposed Accounting Standards Update (ASU) that would permit an entity to make a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired.

Updates of Certain Specialized Industry Disclosure Checklists Financial Reporting Network | Jan. 23, 2012 | Accounting & Financial Reporting KPMG LLP recently updated the Specialized Accounting Disclosure Checklists for Depository and Lending Institutions; Investment Companies; and Oil and Gas Producing Activities, and their respective What's New documents.

NAIC Releases Draft Framework about Actuarial Guideline XXXVIII (AG 38) Financial Reporting Network | Jan. 23, 2012 | Accounting & Financial Reporting The National Association of Insurance Commissioners (NAIC) recently released a draft framework that outlines an approach to address issues surrounding the application of Actuarial Guideline XXXVIII (AG 38) for determining statutory reserves for universal life with secondary guarantee and term universal life products.

January 2012 Issue of The Bank Statement Financial Reporting Network | Jan. 23, 2012 | Accounting & Financial Reporting KPMG's International Standards Group recently published the January 2012 issue of The Bank Statement. The issue provides updates about IFRS developments and accounting issues that affect the banking sector, and describes the potential implications of regulatory developments.

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