What’s new from EY To the Point: FASB proposes clarifying the guidance for contributions received and contributions made The FASB proposed clarifying the guidance on how entities determine whether a transfer of assets is a contribution or an exchange transaction and on how they distinguish between conditional and unconditional contributions. Although the accounting for contributions primarily affects not-for-profit entities, the proposal would apply to all entities (including business entities) that receive or make contributions. Comments are due by 1 November 2017.

Standard Setter updates

Financial Accounting Standards Board (FASB)

Upcoming meetings No FASB meetings are scheduled for the week of 14 August 2017. For more information, see the FASB’s calendar.

In this issue: What’s new from EY ..................... 1 Standard Setter updates .............. 1 International standard setter

updates ................................... 2 Upcoming Thought Center

webcasts and podcasts ........... 2

US Week in Review Week ending 10 August 2017

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.

EY AccountingLink | ey.com/us/accountinglink

2 | US Week in Review Week ending 10 August 2017

International standard setter updates

International Federation of Accountants/International Auditing and Assurance Standards Board (IFAC/IAASB)

The New Auditor’s Report: A comparison between IAASB and US PCAOB Standards The IAASB’s Auditor Reporting Implementation Working Group has released two publications comparing the IAASB’s revised Auditor Reporting standards and the recently released PCAOB standard. These are presented in two formats – long form, which describes the similarities and differences between the standards, and a table, which provides a summary.

Upcoming Thought Center webcasts and podcasts EY Q3 2017 financial reporting update 14 September 2017, 1 p.m. Eastern time

Information regarding upcoming events can be found on the Thought Center webcasts and podcasts site.

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