Defining Issues: Revenue Recognition: Boards Decide on Constraining Revenue, Collectibility and Licenses

• FASB Proposes Changes to U.S. GAAP Taxonomy Financial Reporting Network | May 20, 2013 | Publications 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.

   

• New on the Horizon: Accounting for Rate-Regulated Activities -- Interim Relief for First-Time Adopters Financial Reporting Network | May 20, 2013 | Publications 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.

   

• SEC Updates EDGAR Filer Manual to Support the U.S. GAAP 2013 Taxonomy Financial Reporting Network | May 20, 2013 | Publications 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.

   

• NASDAQ Withdraws Internal Audit Proposal Financial Reporting Network | May 20, 2013 | Publications 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 | Publications 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.

   

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