US Week in Review Week ending 16 October 2014 The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY. In this issue: What’s new from EY ......................1 What’s new from EY Standard Setter updates ...............2 To the Point: FASB finishes deliberations on not-for-profit proposal Other .............................................2 The FASB has wrapped up deliberations on a proposal that would change financial reporting by all not-for-profit entities, including business-oriented health care entities. Our To the Point discusses the Board’s proposed changes to how not-for-profit entities classify net assets, measure financial performance and cash flows, classify expenses, and provide information about liquidity. Upcoming Thought Center webcasts and podcasts .............2 To the Point: FASB issues simplification proposals on debt issuance costs and retirement benefits The FASB issued proposals to simplify the presentation of debt issuance costs and the measurement date for defined benefit pension and other postretirement benefit plan sponsors as part of the Board’s simplification initiative. Our To the Point publication tells you what you need to know about the exposure drafts. To the Point: Michigan enacts legislation that could affect income apportionment In response to a Michigan Supreme Court decision, Michigan has enacted legislation that may alter the way a taxpayer determines Michigan taxable income. Our To the Point publication tells you what you need to know about the new legislation. To the Point: Final IRS regulations affect how annual pharma fee is recognized The IRS has issued final regulations for calculating the annual branded prescription drug fee imposed by the Affordable Care Act and requires covered entities to estimate and accrue the annual fee as sales occur. Our To the Point publication tells you what you need to know. EY AccountingLink | www.ey.com/us/accountinglink Standard Setter updates Upcoming meetings 22 October 2014 joint FASB/IASB videoconference meeting The Boards are scheduled to discuss their project on Leases, specifically the definition of a lease. 22 October 2014 FASB meeting The Board is scheduled to discuss its projects on Financial instruments: classification and measurement and Accounting for income taxes: intra-entity asset transfers and balance sheet classification of deferred taxes. For details, see the FASB's calendar. Education sessions See the FASB's calendar for upcoming education sessions. No decisions are made at these sessions. Other Federal Financial Institutions Examination Council (FFIEC) issues views on private company accounting alternatives In its Supplemental Instructions to the September 2014 Call Report, the Federal Financial Institutions Examination Council concluded that a bank or savings association that is a private company, as defined in US GAAP, can use private company accounting alternatives when preparing its Call Reports with certain exceptions. The report also provides considerations for banks in determining whether they are public business entities under the FASB’s definition. Upcoming Thought Center webcasts and podcasts Digital CFO: need to know quarterly webcast series 24 October 2014, 12 p.m. Eastern time Improving disclosure effectiveness 28 October 2014, 12 p.m. Eastern time The new revenue recognition standard: a closer look 11 November 2014, 2 p.m. Eastern time Information regarding these and other upcoming events can be found on the Thought Center webcasts and podcasts site. EY | Assurance | Tax | Transactions | Advisory © 2014 Ernst & Young LLP. All Rights Reserved. ey.com/us/accountinglink About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. 2 | US Week in Review Week ending 16 October 2014