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DataLine 2010-10: Consolidation Accounting -- More Changes Ahead? -- A Joint FASB/IASB Project Update
The FASB and IASB are jointly developing a comprehensive consolidation model for all entities. The basis for consolidation is expected to focus on control of an entity, likely to be defined in terms of who has the power to direct the most significant activities together with the right to benefits or losses in the entity. The boards have tentatively decided that a reporting entity with less than half of the voting rights in an entity can have control and that options and convertible instruments should be considered when assessing who may control the entity. The boards are debating the factors to consider when determining whether a reporting entity is acting as an agent, including whether to view kick-out rights held by multiple parties in this assessment. If a reporting entity is acting as an agent, then it would not consolidate the entity. The FASB plans to issue an exposure draft in the second quarter of 2010 with a final standard expected in late 2010. This DataLine provides an update on the board's tentative decisions on the consolidations project as of February 17, 2010, and provides our insight on selected matters.
PricewaterhouseCoopers
03/07/2010 |
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Practical Tip 2010-03: Companies May Need to Enhance Their Disclosures Relating to Directors, Executive Compensation and Corporate Governance in Their Form 10-K and/or Proxy Statement
This PwC Practical Tip highlights recent changes to the SEC's disclosure requirements relating to directors, executive compensation, and corporate governance. These disclosures are most commonly encountered in connection with proxy statements relating to annual shareholder meetings. For calendar year-end companies, the new disclosure requirements are generally effective February 28, 2010. That means calendar year-end companies that file their shareholder proxy statements on or after February 28, 2010 will need to consider the new disclosure requirements. The rules that were originally adopted also included significant changes to the Form 10-K numbering system (i.e., renumbering Items 5 through 15 of Form 10-K as Items 4 through 14). The SEC recently adopted a technical corrections amendment to leave the prior numbering system in place.
PricewaterhouseCoopers
03/08/2010 |
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