http://www.grantthornton.com Grant Thornton LLP Copyright Grant Thornton LLP. webmaster@GrantThornton.com http://www.grantthornton.com/gtlogo.gif http://www.grantthornton.com <p>With 2012 being a leap year, Form 10-K filers should be aware of the impact on filing deadlines.</p> Wed, 08 Feb 2012 <p>This article explores opportunity and risk considerations around cloud computing that are unique to chief audit executives (CAEs).</p> Fri, 03 Feb 2012 <p>For board members, Grant Thornton LLP’s Advisory Services practice offers the top three governance considerations for 2012.</p> Fri, 03 Feb 2012 <p>The FASB recently issued a proposed Accounting Standards Update (ASU), <i>Testing Indefinite-Lived Intangible Assets for Impairment</i>, to simplify how entities test indefinite-lived intangible assets, other than goodwill, for impairment and to improve the consistency of the guidance on impairment testing for long-lived assets. The Board previously provided entities with the option of qualitatively assessing goodwill for impairment by issuing ASU 2011-08, <i>Testing Goodwill for Impairment</i>.</p> Wed, 01 Feb 2012 <p>Comments to the Auditing Standards Board of the AICPA in response to the proposed redrafted Statement on Auditing Standards, <i>The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern</i>.</p> Wed, 01 Feb 2012 <p>The first edition of 2012 focuses on the IASB’s and FASB’s latest revenue recognition proposals. This issue summarizes the key changes made since the 2010 exposure draft and their likely impact. This issue also includes the results of a global survey of businesses’ awareness of the proposals and their views on the need for improvements to the existing revenue recognition standards.</p> Fri, 27 Jan 2012 <p>The FASB has rescheduled the public roundtable on its investment company and investment property entity proposals, which was originally scheduled to take place on March 20, 2012 in Norwalk, CT, to March 16, 2012. The deadline to register for the roundtable is February 24, 2012.</p> Wed, 25 Jan 2012 <p>Recently, the staff of the Securities and Exchange Commission (SEC or Commission) provided more insight into the evaluation of whether to incorporate IFRS into the U.S. financial reporting system with the issuance of two SEC Staff Papers: first, an analysis of the use of IFRS in practice around the world, and second, a comparison of the differences between U.S. GAAP and IFRS.</p> Tue, 24 Jan 2012 <p>In 2010, the IASB and the FASB issued an Exposure Draft, <i>Revenue from Contracts with Customers</i>, which proposed significant changes to the existing revenue recognition guidance. After performing extensive outreach with constituents and reviewing nearly 1,000 comment letters on that exposure draft, the Boards decided to revise their original proposal and to re-expose it for public comment. The decision to re-expose the original proposal was made because revenue is significant for virtually all entities and the Boards want to identify any unintended consequences that could result from applying the proposed revenue guidance.</p> Tue, 24 Jan 2012 Please click the link above for more information Thu, 19 Jan 2012 <p>At its meeting on January 11, 2012, the FASB discussed its project on disclosures about risks and uncertainties and the liquidation basis of accounting, and tentatively decided that it would not require management to assess whether there is substantial doubt about an entity’s ability to continue as a going concern.</p> Tue, 17 Jan 2012 <p><b>Date:</b> February 22-24, 2012<br /> <b>Time:</b> 9:00 am – 6:00 pm PT<br /> <b>Location</b>: Trump Las Vegas Hotel, 2000 Fashion Show Drive Las Vegas, NV 89109<br /> <b>CPE credits: </b>24 hours</p> <p>International Financial Reporting Standards (IFRS) are rapidly becoming the most globally applied set of accounting standards, with over 100 countries now applying IFRS. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have ... Mon, 16 Jan 2012 <p>The International Accounting Standards Board has issued an IASB Update, which summarize the joint IASB / FASB meeting that was held on December 13-16, 2011. The IASB met alone for certain sessions. Highlights of the meeting are discussed in this issue of <i>On the Horizon for IFRS</i>.</p> Mon, 16 Jan 2012 <p>The IFRS Interpretations Committee (IFRIC or the Committee) has issued the November 2011 IFRIC Update, which summarizes the Committee’s meeting in London on November 3-4, 2011. Highlights of the meeting are discussed in this issue of <i>On the Horizon for IFRS</i>.</p> Mon, 16 Jan 2012 <p>The International Accounting Standards Board has issued IASB Updates, which summarize the joint IASB / FASB meetings that were held on November 1, 2011, November 7, 2011, and November 15-16, 2011. The IASB met alone for certain sessions. Highlights of the meetings are discussed in this issue of <i>On the Horizon for IFRS</i>.</p> Mon, 16 Jan 2012 <p>In 2010, the Boards issued an exposure draft, <i>Revenue from Contracts with Customers</i>, that proposed significant changes to the existing revenue recognition guidance. After performing extensive outreach with constituents and reviewing nearly 1,000 comment letters, the Boards decided to revise their original proposal and to re-expose it for public comment.The 2011 guidance proposes significant changes to key parts of the 2010 exposure draft.</p> Fri, 13 Jan 2012 <p>The FASB recently issued a proposed Accounting Standards Update (ASU), <i>Revenue from Contracts with Customers: Proposed Amendments to the FASB Accounting Standards Codification</i>(R), to expose for comment the amendments to the <i>FASB Accounting Standards Codification</i>(R)(Codification) that would result from codifying the guidance in the proposed ASU, <i>Revenue from Contracts with Customers</i>, issued in November 2011.</p> Wed, 11 Jan 2012 <p>Global business expansion and increased regulatory intolerance of corrupt practices have created a climate that makes it prudent for acquiring companies to engage in due diligence procedures that consider the risk of bribery. An acquirer that does not perform these procedures runs the risk of being held accountable for pre-merger Foreign Corrupt Practices Act (FCPA) violations if they are identified after the transaction. Recent SEC and Department of Justice (DOJ) decisions indicate that organizations ... Mon, 09 Jan 2012 <p>Comments on the Public Company Accounting Oversight Board’s (PCAOB or Board) <i>Concept Release on Auditor Independence and Audit Firm Rotation.</i></p> Mon, 09 Jan 2012 <p>Comments on the International Accounting Standards Board's (the Board) Exposure Draft <i>Government Loans: Proposed amendments to IFRS 1</i>(the ED).</p> Mon, 09 Jan 2012 <p>Comments on the Public Company Accounting Oversight Board’s <i>Proposed Amendments to PCAOB Auditing Standards and Form 2.</i></p> Mon, 09 Jan 2012 <p>Comments on the International Accounting Standards Board's (the Board) Exposure Draft <i>Investment Entities</i> (ED/2011/4).</p> Mon, 09 Jan 2012 <p>The FASB recently issued Accounting Standards Update (ASU) 2011-12, <i>Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05</i>, to indefinitely defer the effective date of certain provisions under ASU 2011-05, <i>Presentation of Comprehensive Income</i>.</p> Thu, 05 Jan 2012 <p>The 2011 AICPA National Conference on Current SEC and PCAOB Developments, held in Washington, D.C., December 5-7, featured senior officials from the SEC staff, PCAOB, FASB, IASB, and AICPA, who spoke on (1) providing effective financial reporting in today’s challenging geopolitical and economic climate, (2) investigating the merits of moving the U.S. financial reporting system to IFRS as issued by the IASB, and (3) improving audit quality. Financial statement users, preparers, industry experts, auditors, and other attendants gained insight on the views of regulators, standard setters, and others about the most pressing financial reporting issues facing public companies. This bulletin summarizes the major issues discussed during the three-day conference and provides details on the related accounting, financial reporting, and auditing topics.</p> Thu, 22 Dec 2011 <p>Expectations that the SEC would make a final determination on whether, when, and how to incorporate IFRS into the U.S. financial reporting system have proved overly optimistic.</p> Wed, 21 Dec 2011 <p>The Board recently issued Accounting Standards Update (ASU) 2011-10, <i>Derecognition of in Substance Real Estate – a Scope Clarification – a consensus of the FASB Emerging Issues Task Force</i>, to clarify guidance on when a subsidiary that is in-substance real estate may be derecognized. Under ASU 2011-10, parents that cease to have a controlling financial interest in a subsidiary that is in-substance real estate because the subsidiary defaults on its nonrecourse debt, will be required to apply the provisions of <i>FASB Accounting Standards Codification</i> (R) (ASC) 360-20, Property, Plant and Equipment: Real Estate Sales, to determine whether the subsidiary should be derecognized.</p> Wed, 21 Dec 2011 <p>In November 2011, the FASB and IASB issued a second exposure draft of their joint revenue recognition proposal. The revised model reflects the changes the Boards made in redeliberations to the initial model exposed in June 2010. We expect that most entities will see some change in revenue recognition when this proposal is effective. This webcast will provide an overview of the revised revenue recognition proposal and how it will affect technology companies.<br /> <br /> This webcast will ... Tue, 20 Dec 2011 <p>Throughout 2011, Grant Thornton collaborated with Food Processing magazine on a series of three surveys - Fast Facts on Food Processing - to offer a perspective on performance trends, challenges, and opportunities in the food industry. In conjunction with these survey reports, we created this webcast to take a more in-depth look into the emerging trends and opportunities to capitalize on to achieve growth in 2012.</p> <p>Topics covered:</p> <ul> <li>Emerging trends in the food and beverage ... Mon, 19 Dec 2011 <p>The FASB recently issued a proposed Accounting Standards Update (ASU), <i>Parent’s Accounting for the Cumulative Translation Adjustment upon the Sale or Transfer of a Group of Assets That Is a Nonprofit Activity or a Business within a Consolidated Foreign Entity – a consensus of the FASB Emerging Issues Task Force</i>, to clarify the guidance on releasing a cumulative translation adjustment (CTA) into earnings on the loss of a controlling financial interest in a group of assets within a consolidated foreign subsidiary.</p> Wed, 14 Dec 2011 <p>On November 30, the Board discussed the accounting for participation features in insurance contracts and tentatively decided on the guidance that would apply to performance-linked participating feature liabilities.&#160;</p> Wed, 07 Dec 2011 <p>This publication provides a summary of recent changes to International Financial Reporting Standards – it covers new Standards and Interpretations that have been issued and amendments made to existing ones – that will affect companies’ future financial reporting.</p> Wed, 07 Dec 2011 <p>Comment letter on the proposed revision to Interpretation 203-1, “Departures from Established Accounting Principles,” proposed new Interpretation 203-5, “financial Statements Prepared Pursuant to Financial Reporting Frameworks Promulgated by Bodies Designated by Council, and proposed revision to Interpretation 501-1, “Response to requests by Clients and Former Clients for Records“ that were approved for exposure by the Professional Ethics Executive Committee of the American Institute of Certified Public Accountants.</p> Wed, 07 Dec 2011 <p>This article explores the implications of a recent comment letter from the Financial Accounting Foundation on the SEC Staff’s May 26, 2011 Staff Paper <i>Exploring a Possible Method of Incorporation</i>. The author points out that a shift in the language being used seems to imply a movement toward convergence and away from endorsement.</p> Mon, 05 Dec 2011 <p>This article addresses IFRIC 20: <i>Stripping Costs in the Production Phase of a Surface Mine</i>, which was issued Oct. 19, 2011 by the IFRS Interpretations Committee to address diverse practices in the accounting for the cost of stripping operations incurred by mining companies after a surface mine begins production.</p> Mon, 05 Dec 2011 <p>Comment on Proposed Accounting Standards Update, <i>Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.</i></p> Thu, 01 Dec 2011 <p>Grant Thornton International Ltd is pleased to comment on the International Accounting Standards Board's (the Board) Request for Views – Agenda Consultation 2011 (the Request for Views).</p> Wed, 30 Nov 2011 <p>An entity that discontinues cash flow hedge accounting faces the question of what to do with the balance in accumulated other comprehensive income (OCI) associated with the hedge. In this situation, the current guidance offers entities two potential options: (1) to recognize the entire amount in earnings at the time hedge accounting is discontinued or (2) to recognize the amount in earnings over the remaining term of the original hedge.</p> Wed, 30 Nov 2011 <p>By attending this webcast, you will recognize new developments and significant issues that impact quarterly and/or annual income tax provision calculations.<br /> This is a continuation of our series of quarterly webcasts sponsored by Grant Thornton's Tax Accounting and Risk Advisory Services (TARAS) practice.<br /> <br /> The webcast will cover updates, changes and developments in the following accounting and tax topical areas:</p> <ul> <li>Federal issues</li> <li>Significant state ... Mon, 28 Nov 2011 <p>The FASB and the IASB issued a revised joint Exposure Draft (ED), Revenue from Contracts with Customers, to reflect changes made during redeliberations to the model proposed in June 2010.</p> Mon, 28 Nov 2011 <p>The Board has issued a proposed Accounting Standards Update (ASU), <i>Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05</i>, to defer the effective date of the presentation requirements for reclassifications of other comprehensive income in ASU 2011-05, <i>Comprehensive Income: Presentation of Comprehensive Income</i>.</p> Wed, 16 Nov 2011 <p>Most service organizations have gotten used to the idea that they need to provide assurances to their customers that they have adequate controls and that those controls were designed appropriately and are operating effectively. With user organizations placing greater focus on changes in regulations, the need to better understand the sustainability of a service provider, the need to better understand its potential exposure to data loss or even worse a security breach, service organizations ... Tue, 15 Nov 2011 <p>You are invited to attend the Proposed Revenue Recognition Model Re-exposed webcast.<br /> <br /> The FASB and IASB have redeliberated and made significant changes to their proposed revenue model initially exposed in June 2010. As a result, in November they are issuing a second exposure draft of their joint revenue recognition proposal. We expect that most entities will see some change in revenue recognition when this proposal is effective. This webcast will provide an overview of the revised ... Wed, 09 Nov 2011 <p>This survey, conducted with the Financial Executives Research Foundation, probes the views of executives on the value of social media and its associated risks, as well as corporate social media policies.</p> Mon, 07 Nov 2011 <p>TechAmerica and Grant Thornton LLP are pleased to present the fourth webcast in our CFO Insights series. This webcast focuses on enterprise risk management (ERM) for technology companies.<br /> <br /> Risk is a reality of doing business today and taking on risks is necessary for the long-term operational success of your technology company. However, not understanding emerging risks and controlling risk factors can result in damaged reputation, declining profitability, reduced productivity ... Fri, 04 Nov 2011 <p>The August/September quarterly survey probed the views of 2,721 respondents on the topic of leasing and the emerging joint FASB/IASB standard.</p> Wed, 02 Nov 2011 <p>Grant Thornton and McGuireWoods have teamed up for a three-part webcast series discussing physician strategies and solutions.<br /> <br /> The first session in this series,<b> Designing your strategic physician relationship portfolio</b>, will focus on the potential array of arrangements that might comprise an optimal physician relationship portfolio, and describe an assessment and evaluation process for designing a portfolio that best enables your organization achieve its strategic goals.&#160;Central ... Thu, 27 Oct 2011 <p>Grant Thornton and McGuireWoods have teamed up for a three-part webcast series discussing physician strategies and solutions.<br /> <br /> The third session in this series, <b>From transaction to integration: Ensuring that your financial/clinical physician arrangement is operationalized so that it is all that you expected it to be (and more)</b>, will discuss how to unlock the unrealized potential of your physician alignment and integration arrangement(s) in order to achieve your organization’s ... Thu, 27 Oct 2011 <p>Grant Thornton and McGuireWoods have teamed up for a three-part webcast series discussing physician strategies and solutions.<br /> <br /> The second session in this series, <b>From strategy to transaction: How to achieve the “best” deal for you and your physicians</b>, will fully outline the essential elements of successfully putting together a financial/clinical arrangement with physicians, including pre-transaction planning and due diligence; designing legal, management and governance ... Thu, 27 Oct 2011 <p><b>Date: Wednesday, Nov. 16, 2011<br /> Time: 1-2:30 p.m. Eastern<br /> CLE: 1.5 credit hours for Illinois and New York; California accreditation pending</b><br /> <br /> <b>Strategies for satisfying legal obligations associated with records retention, e-discovery, litigation holds and data privacy</b></p> <p>The amount of data that companies are generating and maintaining is growing exponentially. In addition, new technologies such as corporate social media, cloud computing, smartphones ... Thu, 27 Oct 2011 <p>The final installment in the audit committee guide series summarizes the audit planning process and provides some attributes that audit committee members may look for in an effective audit plan.</p> Thu, 27 Oct 2011