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What you need to know
Welcome to the second quarter 2013 edition of
. With new leadership at the SEC andFASB now solidified, the production line of new rulesand releases rolls on.The highly anticipated leases proposal has arrived, with a revenue standard in final production. And thenew SEC chairman has pledged that completing Dodd-Frank Act and JOBS Act rulemaking is at the top of herlist. What else is soon to debut? Read on for the latestdevelopments.
Front and center.
Along with leadership changesand the revised leases proposal, the Private Company Council is again in the spotlight this quarter. Wastingno time at its May meeting, the council is movingforward with proposals that would significantly modify existing accounting guidance for private companies.
Accounting hot topics.
We’ve assembled a number
of hot topics including the new balance sheet offsettingdisclosures, preferred stock offerings,
gross versus net
revenue presentation, and more.
Hot off the press.
Featured this quarter is a refreshof the widely used COSO internal controls framework
and the AICPA’s
guide. Alsolook here for updates on the
Along with the latest regulatory andcorporate governance developments, we discuss thefeedback on the FASB's financial instrumentsproposals.
How will the leases proposalaffect you? Our experts highlight some of the key implications. And for companies looking to access thepublic markets or planning a spin-off, our expertsdiscuss important considerations and best practices.
Front and center
New SEC and FASB leadership takes the wheel
As we head into the second half of 2013, both the SEC and FASB have new chairssteering the course forward.
Mary Jo White sworn in as SEC chairman
After confirmation by the Senate, Mary Jo White took over as SEC chairman in April.Since then, White has been assembling her supporting team, including tapping Keith
Higgins, a partner at Ropes & Gray LLP, to head the SEC’s Division of Corporation
Finance. She also appointed Acting Director George Canellos and Andrew Ceresney,formerly a partner at Debevoise & Plimpton LLP, as co-directors of the Division of Enforcement. While it is still early in her tenure, White stated during her confirmation hearings that
further strengthening the SEC’s enforcement function and
completing the rulemakingmandated by the Dodd-Frank Act and JOBS Act are key priorities.Meanwhile, President Obama recently announced his nominations to succeed currentCommissioners Elisse Walter and Troy Paredes, whose terms end this year. The twonominees are Kara Stein, an aide to Senator Jack Reed, and Michael Piwowar, chief Republican economist for the Senate Banking Committee.