5/16/2012

IFRS Corner

Issues In-Depth: Questions and Interpretive Responses for Fair Value Measurement
This edition of Issues In-Depth provides Questions and Interpretive Responses on FASB ASC Topic 820, Fair Value Measurement, as amended by ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU). We have highlighted differences between IFRS and U.S. GAAP where it is relevant. The ASU has an effective date for interim and annual periods beginning after Dec. 15, 2011, for public entities and annual periods beginning after Dec. 15, 2011, for nonpublic entities.

Software Industry Revenue Recognition and the Revised Revenue Recognition Exposure Draft
The key expected impacts of the revised FASB/IASB revenue recognition exposure draft, Revenue from Contracts with Customers, issued on Nov. 14, 2011, on software and software-as-a-service providers. Appendix A to the article outlines the accounting treatment relative to common software arrangement deliverables that would be expected under the provisions of the revised exposure draft as compared to current U.S. GAAP accounting.

IFRS Banking Newsletter – Issue 3, October 2011
The Bank Statement is KPMG’s IFRS Banking Newsletter produced by the International Standards Group and IFRS banking specialists around the KPMG network.

IFRS Illustrative Financial Statements - Sept 2011
The purpose of this publication is to assist preparers in preparing, and auditors in auditing, financial statements in accordance with IFRS. It illustrates one possible format for financial statements based on a fictitious multinational corporation.

See more IFRS News on the News page.

Access these IFRS resources and more on the IFRS page

AAA/KPMG 2011 IFRS Survey executive summary (Full version available to registered members on the IFRS page)

2010 IFRS Case Studies ; AAA/KPMG IFRS Survey Results and Analysis 2011 ; IFRS Illustrative Financial Statements ; IFRS Disclosure Checklist ; IFRS Webcasts ; Latest Insights

Tax News

Tax Dispute Resolution Quarterly - Issue No. 02
Tax Dispute Resolution Quarterly, an interactive newsletter, helps to keep taxpayers abreast of news and trends, by focusing on key issues related to tax examinations and appeals, as well as dispute resolution techniques and procedures.

State and Local Tax Update - Looking Ahead to 2011 Returns
On this TaxWatch webcast, professionals from KPMG's State and Local Tax Washington National Tax practice wade through significant legislative and administrative changes that impact how 2011 returns will be filed, such as new combined reporting provisions and sales factor sourcing changes. In addition, the discussion includes the many issues that need to be considered when determining whether to make the single-sales factor election available in California for 2011. Finally, the group focuses on the fiscal state of the states and discuss potential legislative changes that will be considered during the upcoming 2012 state legislative sessions.

Concerns and challenges of tax information sharing and anti-avoidance
Rodney Lawrence, Principal, National Service Line Leader, International Corporate Tax, KPMG in the US, delves into the issue of tax information sharing across borders and the challenges of dealing with different regions when it comes to anti-avoidance in the US and Asia Pacific.

United States - KPMG analysis: Partnerships and section 956
U.S. shareholders of a controlled foreign corporation (CFC) may be taxed on an amount that is based on the CFC’s investment in U.S. property. For purposes of determining that amount, a CFC that is a partner in a partnership is treated as owning a pro rata share of the assets held by the partnership. What happens in other structures that include a CFC and a partnership? It is not clear whether a similar look-through approach would apply. This article uses examples to illustrate some situations and to offer the authors’ views.

Taxing Business Income Earned Outside the United States: Will the U.S. Shift to a Territorial System?
On October 26, 2011 Ways and Means Committee Chairman Dave Camp (R-MI) released a bold, comprehensive discussion draft of a territorial (participation exemption) system to replace the current system of taxing business income earned outside the United States. The draft also proposes a maximum corporate tax rate of 25 percent. Multinational companies have been advocating a change to such a system, in which income earned outside the United States is taxed where earned and not subject to further tax when repatriated. Others, such as Senators Wyden and Coats, suggest that "deferral" should be ended and all foreign income subject to U.S. tax currently. In this Webcast panelists will analyze the specifics of the discussion draft and contrast it to current law, other territorial systems and the alternative of a more comprehensive worldwide system.

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Defining Issues: SEC Posts Frequently Asked Questions About JOBS Act
The SEC has posted questions and answers on its website about how the Jumpstart Our Business Startups (JOBS) Act affects SEC filing and reporting. The guidance addresses general application questions under Title I of the JOBS Act, which defines and allows scaled disclosure for emerging growth companies.

Team Hong Kong Wins 2012 KPMG International Case Competition
The team of students from The University of Hong Kong won the 2012 KPMG International Case Competition (KICC) held recently in their home city. KICC, now in its ninth year, drew some 6,000 students from more than 300 universities in 24 countries to compete against each other in developing solutions to realistic business scenarios.

KICC offers an opportunity for students to experience the fast-paced world of casework, meet new people, improve networking skills and develop a global mindset. Students also receive valuable feedback from KPMG leadership.

More information on KICC can be found at kpmg.com/kicc

Defining Issues: FASB Adds Project to Revisit Repurchase Agreements and Similar Transactions
The FASB recently added to its agenda another project to improve accounting and disclosure requirements for repurchase agreements and similar transactions (repos). The objective of the project is to ensure that investors obtain useful information about repos, particularly in light of application issues and marketplace changes.

Is Governance Keeping Pace? Highlights from KPMG's 2012 Audit Committee Issues Conference
As detailed in this new report from KPMG's Audit Committee Institute, risk and the control environment are front and center for audit committees and boards as they help their companies navigate increasingly complex and rapidly changing business, technology, and risk environments.

Defining Issues: EITF Reaches Three Consensuses-for-Exposure
The FASB’s Emerging Issues Task Force (EITF) discussed six issues at its March 15 meeting and reached a Consensus-for-Exposure on three issues: (1) the classification in the statement of cash flows of sales of donated securities by not-for-profit entities; (2) subsequent accounting for an indemnification asset recognized as a result of a government-assisted acquisition of a lending institution; and (3) consideration of information that arises after the balance sheet date in the impairment analysis of unamortized film costs. The three Consensuses-for-Exposure will be exposed for public comment if ratified by the FASB. All six issues discussed at this meeting will be considered further at a future EITF meeting.

Defining Issues: PCAOB Proposes to Apply Requirements to Auditors of Brokers and Dealers, Establish a New Auditor Reporting Requirement Related to Changes in Auditors
This edition of Defining Issues reports that the Public Company Accounting Oversight Board (PCAOB) recently proposed amendments to its rules and forms so that certain of the board’s rules, forms, and auditing and related professional practice standards would apply to auditors of all brokers and dealers registered with the Securities and Exchange Commission (SEC), including non-issuer brokers and dealers.

Defining Issues: FASB Adds Project to Define Nonpublic Entity As It Considers Private Company Issues
The FASB chairman recently decided to add a project to the FASB's agenda that will re-examine the definition of a nonpublic entity used in making distinctions for standard setting. The project will assist with existing standards that distinguish between public and nonpublic entities, and in future standard setting when considering whether modifications to public company U.S. GAAP should be made for nonpublic entities.

Defining Issues: PCAOB Proposals Address Related Parties and Significant Unusual Transactions
The Public Company Accounting Oversight Board (PCAOB) recently issued a proposed auditing standard to improve the auditor's evaluation of a company's identification, accounting and disclosure of its relationships and transactions with related parties.

See more articles on the News page.

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Special Webcast Event: Steve Forbes Keynote Address at 2012 KPMG Global Energy Conference
May 17, 2012 | 2:00 p.m. ET

Managing First Sale Risk and Preparing for CBP Scrutiny
May 22, 2012 | 2:00 p.m. ET

Navigating the Current Credit Markets
May 24, 2012 | 2:00 p.m. ET

KPMG IFRS Institute Webcast: Impairment of Long-lived Assets
May 31, 2012 | 12:00 p.m. ET

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Special Webcast Event: Steve Forbes Keynote Address at 2012 KPMG Global Energy Conference

May 17, 2012 | 2:00 p.m. ET

Managing First Sale Risk and Preparing for CBP Scrutiny

May 22, 2012 | 2:00 p.m. ET

Navigating the Current Credit Markets

May 24, 2012 | 2:00 p.m. ET

KPMG IFRS Institute Webcast: Impairment of Long-lived Assets

May 31, 2012 | 12:00 p.m. ET

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