<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:dc="http://purl.org/dc/elements/1.1/">
	<channel>
		<title>McGladrey: Insights</title>
		<description><![CDATA[A biweekly publication from McGladrey LLP]]></description>
		<link>http://mcgladrey.com/</link>
		<lastBuildDate>Tue, 21 May 2013 12:09:16 +0000</lastBuildDate>
        <generator>FeedCreator 1.7.3</generator>
		<item>
			<title>PCC votes to expose proposed GAAP alternatives for private companies</title>
			<link>http://mcgladrey.com/Insights/PCC-votes-to-expose-proposed-GAAP-alternatives-for-private-companies</link>
			<guid>http://mcgladrey.com/Insights/PCC-votes-to-expose-proposed-GAAP-alternatives-for-private-companies</guid>
			<description></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Proposed deferral of effective date for certain ASU 2011 04 disclosures for sponsors of ...</title>
			<link>http://mcgladrey.com/Insights/Proposed-deferral-of-effective-date-for-certain-ASU-2011-04-disclosures-for-sponsors-of-nonpublic-ESOPs</link>
			<guid>http://mcgladrey.com/Insights/Proposed-deferral-of-effective-date-for-certain-ASU-2011-04-disclosures-for-sponsors-of-nonpublic-ESOPs</guid>
			<description><![CDATA[(May 20, 2013) FASB Accounting Standard Update (ASU) 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, requires transparency about how value is determined for investments that are not traded in an active public market. Among other requirements, the disclosures for nonpublic entities for periods beginning after December 15, 2011 must include a description of the valuation process for the fair value of the sponsor company common stock held by the employee stock option plan (ESOP) and a table that discloses the valuation methodology, the critical assumptions in that methodology and a quantification of each assumption.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>PCAOB reproposes standard on related parties and amendments related to significant unusual ...</title>
			<link>http://mcgladrey.com/Insights/PCAOB-reproposes-standard-on-related-parties-and-amendments-related-to-significant-unusual-transactions</link>
			<guid>http://mcgladrey.com/Insights/PCAOB-reproposes-standard-on-related-parties-and-amendments-related-to-significant-unusual-transactions</guid>
			<description><![CDATA[(May 20, 2013) On February 28, 2012, the Public Company Accounting Oversight Board (PCAOB) issued Proposed Auditing Standard – Related Parties; Proposed Amendments to Certain PCAOB Auditing Standards Regarding Significant Unusual Transactions; and Other Proposed Amendments to PCAOB Auditing Standards. In response to public comments on this initial proposal, on May 7, 2013 the PCAOB reproposed the standard and related amendments in Release No. 2013-004.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>FASB proposes corrections and improvements related to glossary terms</title>
			<link>http://mcgladrey.com/Insights/FASB-proposes-corrections-and-improvements-related-to-glossary-terms</link>
			<guid>http://mcgladrey.com/Insights/FASB-proposes-corrections-and-improvements-related-to-glossary-terms</guid>
			<description><![CDATA[(May 20, 2013) Periodically, the Financial Accounting Standards Board (FASB) updates the Accounting Standards Codification (ASC) for technical corrections and clarifications that are deemed necessary. Recently, the FASB issued a proposed Accounting Standards Update (ASU), Technical Corrections and Improvements Related to Glossary Terms. This proposed ASU is limited to amendments related to the ASC Master Glossary, including technical corrections related to glossary links, glossary term deletions, and glossary term name changes. In addition, this proposed ASU includes more substantive, limited-scope improvements to reduce instances of the same term appearing multiple times in the Master Glossary with similar, but not entirely identical, definitions. The proposed ASU is available for comment until August 5, 2013.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>FASB issues revised exposure draft on lease accounting</title>
			<link>http://mcgladrey.com/Insights/FASB-issues-revised-exposure-draft-on-lease-accounting</link>
			<guid>http://mcgladrey.com/Insights/FASB-issues-revised-exposure-draft-on-lease-accounting</guid>
			<description><![CDATA[(May 20, 2013) The Financial Accounting Standards Board (FASB), as part of their joint project on leases with the International Accounting Standards Board (IASB) (collectively, the Boards), issued a revised exposure draft, Leases (Topic 842), on May 16, 2013 (the revised ED). The revised ED reflects the conclusions reached by the Boards in their redeliberations of the proposed guidance included in the exposure drafts both boards issued in August 2010. Given the significant concerns raised by constituents in connection with the 2010 exposure drafts, the proposed guidance in the revised ED reflects many substantial changes from the proposed guidance in the 2010 exposure drafts. In addition, the proposed guidance in the revised ED would result in numerous changes to current lease accounting, including the following:]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>2013 COSO Framework Update webcast and whitepaper</title>
			<link>http://mcgladrey.com/Insights/2013-COSO-Framework-Update-webcast-and-whitepaper</link>
			<guid>http://mcgladrey.com/Insights/2013-COSO-Framework-Update-webcast-and-whitepaper</guid>
			<description><![CDATA[(May 20, 2013) In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published Internal Control-Integrated Framework, which has become commonly known as the COSO Framework. On May 14, 2013, COSO issued an updated Internal Control-Integrated Framework to reflect changes in the business world over the 20 years since release of the original Framework. The 2013 Framework retains the five components of internal control (i.e., control environment, risk assessment, information and communication, control activities, and monitoring activities); however it adds 17 principles associated with these five components that are necessary for effective internal control. To provide a summary of these and other changes, we have issued a whitepaper, An overview of COSO's 2013 Internal Control-Integrated Framework.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Proposed interim standard for accounting for rate regulated activities</title>
			<link>http://mcgladrey.com/Insights/Proposed-interim-standard-for-accounting-for-rate-regulated-activities</link>
			<guid>http://mcgladrey.com/Insights/Proposed-interim-standard-for-accounting-for-rate-regulated-activities</guid>
			<description><![CDATA[(May 7, 2013) Many jurisdictions applying International Financial Reporting Standards (IFRS) have industry sectors that are subject to rate regulation, such as the transportation and utilities sectors. Rate regulation can have a significant impact on the timing and amount of an entity’s revenue. Existing IFRS do not provide any specific guidance for rate-regulated activities.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Accounting and financial reporting for nonexchange financial guarantees</title>
			<link>http://mcgladrey.com/Insights/Accounting-and-financial-reporting-for-nonexchange-financial-guarantees</link>
			<guid>http://mcgladrey.com/Insights/Accounting-and-financial-reporting-for-nonexchange-financial-guarantees</guid>
			<description><![CDATA[(May 7, 2013) A nonexchange financial guarantee is a credit enhancement or assurance offered by a guarantor (a government or organization that offers the guarantee) without receiving equal or approximately equal value in exchange. The guarantor agrees to pay an obligation holder in the event that the issuer of the obligation is not able to make its required payments to the obligation holder. Financial guarantees represent potential claims on a government's resources when it is the guarantor, and a potential reduction of a government's obligations when it is the issuer of the obligation.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Proposed accounting for investments in qualified affordable housing projects</title>
			<link>http://mcgladrey.com/Insights/Proposed-accounting-for-investments-in-qualified-affordable-housing-projects</link>
			<guid>http://mcgladrey.com/Insights/Proposed-accounting-for-investments-in-qualified-affordable-housing-projects</guid>
			<description><![CDATA[(May 7, 2013) The low income housing tax credit program is an indirect tax subsidy that allows investors in a flowthrough limited liability entity, such as a limited partnership or limited liability company that manages or invests in a qualified affordable housing project, to receive the benefits of the tax credits allocated to the entity that owns the qualified affordable housing project. Currently, an entity that invests in a qualified affordable housing project through a limited partnership investment may elect to account for the investment using the effective yield method (described in FASB Accounting Standards Codification (ASC) paragraphs 323-740-35-2 and 323-740-45-2), which provides a presentation of the investment's performance net of taxes, provided all of the following conditions are met:]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
		<item>
			<title>Liquidation basis of accounting</title>
			<link>http://mcgladrey.com/Insights/Liquidation-basis-of-accounting</link>
			<guid>http://mcgladrey.com/Insights/Liquidation-basis-of-accounting</guid>
			<description><![CDATA[(May 7, 2013) Historically, there has been minimal guidance in U.S. generally accepted accounting principles (GAAP) addressing when it is appropriate to apply, or how to apply, the liquidation basis of accounting. To clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities as well as requirements for financial statements prepared using the liquidation basis of accounting, the Financial Accounting Standards Board (FASB) recently issued Accounting Standard Update (ASU) 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The ASU applies to all entities that issue financial statements presented in conformity with U.S. GAAP except investment companies that are regulated under the Investment Company Act of 1940.]]></description>
		<dc:creator>McGladrey</dc:creator>
		</item>
	</channel>
</rss>
