2012-07-06 Closing The GAAP: New US GAAP Pronouncements (Includes Developments To June 30, 2012)

Profession:PwC Management Services LP
 
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The following summarizes US GAAP pronouncements that must be applied, if applicable, for the first time by a calendar year-end entity that prepares financial statements in accordance with US GAAP. This newsletter sets out new requirements by the calendar year in which they are first effective. The listing includes updates from the FASB Accounting Standard Updates ("ASU"). This ACS Newsletter supersedes the information in previous Newsletter 2012-059 and will be updated quarterly. Developments since the previous newsletter, if any, are highlighted in yellow. While we have attempted to make this newsletter as complete as possible, it may not include all changes or modifications to existing authoritative literature that may affect a particular enterprise. Developments related to 2012 calendar years Reference Pronouncement and Effective Date Impacting 2012 Calendar Years ASU 2011-12 Topic 220 Deferral of effective date of certain amendments related to ASU 2011-05 Amended to defer certain requirements in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income until such time as the FASB has completed redeliberation of such requirements. Reinstates the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of ASU 2011-05. Effective at same time as the amendments in ASU 2011-05: Effective for public entities for years, and interim periods within those years, beginning after December 15, 2011. Effective for nonpublic entities for years ending after December 15, 2012, and interim and annual periods thereafter. Learning more: DL 2012-01 ASU 2011-09 Topic 715 Multiemployer plans Amended to require additional disclosures about an employer's participation in a multiemployer pension plan. Effective for nonpublic entities for annual periods for years ending after December 15, 2012 ASU 2011-08 Topic 350 Testing goodwill for impairment Amended to permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining if it is necessary to perform the two-step goodwill impairment test. Effective for annual and interim goodwill impairment tests for years beginning after December 15, 2011. Learning more: DL 2011-28 ASU 2011-07 Topic 954 Presentation and disclosure for certain health care entities Amended to...

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