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On the Horizon -- SEC staff updates IFRS Taxonomy FAQs

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Contents FASB    PCC releases minutes from July 11 meeting

SEC staff updates FAQs on IFRS Taxonomy AICPA    ASEC proposes fixed asset subledger audit data standard



FASB PCC releases minutes from July 11 meeting The Private Company Council (PCC) posted the minutes from its July 11 meeting. See On the Horizon dated July 20, 2017 for the highlights of the meeting.

The next PCC meeting will be held on September 19.



SEC staff updates FAQs on IFRS Taxonomy On August 7, the staff of the SEC’s Office of Structured Disclosure updated its FAQs on the IFRS Taxonomy. A new FAQ was added to direct foreign private issuers that prepare their financial statements in accordance with IFRS Standards as issued by the IASB, to the U.S. GAAP Taxonomy for XBRL tags related to specific financial statement and schedule disclosures required by the Commission that are not included in the IFRS Taxonomy.


AICPA ASEC proposes fixed asset subledger audit data standard The Emerging Assurance Technologies Task Force of the AICPA’s Assurance Services Executive Committee (ASEC) issued an audit data standard (ADS) exposure draft, Audit Data Standard – Fixed Asset Subledger Standard. The exposure draft includes technical specifications for the fixed asset subledger account and data diagrams that depict the relationships between tables in the fixed asset subledger ADS.

Comments are due by November 6.



© 2017 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.