BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

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BDO KNOWLEDGE WEBINAR SERIES Technical Update – Q3 2015

October 7, 8 and 9, 2015 Alternative audio option: • Call: 1-855-233-5756 • Code: 307-216-7162##

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CPE AND SUPPORT

CPE Participation Requirements ‒ To receive CPE credit for this webcast: • You’ll need to actively participate throughout the program. • Be responsive to at least 75% of the participation pop-ups.

Certificate of Attendance: If you are logged for the entire time and respond to the requisite participation pop-ups, you will be able to print your certificate from the “Participation” section at the end of the webcast. If you log out before printing your certificate: • Clients and Contacts and all other individual participants ‒ You will be

emailed instructions on how to access your certificate. • BDO USA professionals ‒ CPE will automatically be issued in CPE Tracking &

Reporting. A copy of your certificate will be sent after you have been issued credit.

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CPE AND SUPPORT (CONTINUED)

Group Participation ‒ To receive credit: • Sign-in sheets must list a Proctor name and CPA license number. • Clients and contacts ‒ Email sign-in sheets to cpe@bdo.com within 24 hours of

the webcast. • BDO Alliance USA ‒ Should proctor their own group participants. This process is

detailed in the LearnLive Participant Guide on the Alliance Portal > Resource Center. Call LearnLive Support for questions – 1-888-228-4088.

• BDO International ‒ Unfortunately, we cannot currently support group CPE for International Firms. Those wanting CPE must register and log in on their own computer.

• BDO USA ‒ Submit your sign-in sheets using a General Training & Development Request in BDO Service Now found at: https://apps.bdo.com > A to Z > BDO Service Now > Click “Request” in the upper right menu, then chose “Training & Development” from the Filter Category drop-down, click on “Training & Development Support”.

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CPE AND SUPPORT (CONTINUED)

Audio by Teleconference: Dial the teleconference number to listen to webcast audio by phone: • Dial: 1-855-233-5756 • Enter Conference Code 307-216-7162##

Q&A: Submit all questions using the Q&A feature on the lower right corner of the screen. At the end of the presentation, the presenter(s) will review and answer all questions submitted. Technical Support: If you should have technical issues, please contact LearnLive: • Click on the Live Chat icon under the Support tab, OR call: 1-888-228-4088

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WITH YOU TODAY

Adam Brown National Director of Accounting BDO USA, LLP Direct: (214) 665-0673 abrown@bdo.com Paula Hamric Director, SEC Practice BDO USA, LLP Direct: (312) 616-3947 phamric@bdo.com

Jeff Lenz National Director of SEC Practice BDO USA, LLP Direct: (312) 616-3944 jlenz@bdo.com Amy Rojik National Assurance Partner BDO USA, LLP Direct: (617) 239-7005 arojik@bdo.com

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AGENDA

• Accounting Update • SEC Matters Update • PCAOB and Governance Update

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Accounting Update

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ACCOUNTING UPDATE – DISCUSSION OUTLINE

• “Big 3” Convergence Projects - Revenue - Leases - Financial Instruments

• Other FASB, EITF and PCC matters

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REVENUE RECOGNITION

Transition Resource Group • Next meeting: November 2015 FASB Issued ASU • Effective date –1 year deferral

https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-august-2015-(1)

FASB Proposed ASUs • Performance obligations • Licenses of intellectual property • Principal vs Agent (Gross vs Net) • Narrow-Scope Improvements BDO Resource Webpage https://www.bdo.com/services/assurance/revenue-recognition/overview

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REVENUE RECOGNITION

ASU 2015-14: Deferral of the Effective Date

• Public entities - FYs beginning after 12/15/17 (and interim periods within) - Early adoption permitted only as of FYs beginning after 12/15/16 (and

interim periods within)

• Nonpublic entities

- FYs beginning after 12/15/18 (and interim periods within FYs beginning after 12/15/19)

- Early adoption permitted as of either: • FYs beginning after 12/15/16 (and interim periods within), or • FYs beginning after 12/15/16 and interim periods within FYs beginning one year

after the annual period in which an entity first applies the new standard.

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REVENUE RECOGNITION

Remarks of Wes Bricker, Deputy Chief Accountant Bloomberg BNA Conference on Revenue Recognition – Sept. 17, 2015 Topics • Obtaining resources from senior management • Internal controls: disclose changes • SAB 74: disclose anticipated impact as more is known • Cautioned against conclusions designed to preserve current accounting • Second guessing: consider the CAQ Professional Judgment Resource

- http://www.thecaq.org/docs/reports-and-publications/professional-judgment-resource.pdf?sfvrsn=4

Complete speech: http://www.sec.gov/news/speech/wesley-bricker-remarks-bloomberg-bna-conf-revenue-recognition.html

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REVENUE RECOGNITION

Proposed ASU – Principal versus Agent (Gross vs Net) • Unit of account at which an entity would determine whether it is a

principal or an agent - Requires an entity to identify the good or service before applying the control

principle - If a contract includes more than one good or service, an entity could be a

principal for some and an agent for others

• Apply control principle by assessing what a principal controls before the good or service is transferred to the customer

• Addresses purpose of the control indicators and their relationship to the control principle

• Amends existing examples • Comment deadline: October 15, 2015

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REVENUE RECOGNITION PROPOSED ASU – NARROW SCOPE IMPROVEMENTS

Area Amendment

Step 1 - Collectability Recognize revenue upon transfer of control, no further obligations remain and consideration received is nonrefundable.

Step 3 – Sales taxes Option to exclude sales and similar taxes from transaction price.

Step 3 – Noncash consideration Measurement date is inception. Only consider variability for reasons other than form of consideration.

Transition Expedient to allocation transaction price for all performance obligations in a modified contract as of earliest period presented.

Transition Contract is considered complete when all revenue is recognized under legacy GAAP.

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POLL

Where is your company in considering its implementation plan for the new revenue recognition standard? 1. Have not yet begun 2. Have begun employee education for understanding the standard 3. Implementation efforts are well underway 4. Implementation is complete 5. N/A - I’m not a preparer of financial statements (e.g., analyst, auditor, etc.) or

this standard does not apply to my organization

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LEASES – Q3 TENTATIVE DECISIONS

• None in Q3 2015 (last discussion held: May 13, 2015)

• Status: final drafting of the standard is underway.

• Final standard expected in Q4 2015. Future BDO Knowledge Webinar planned

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FINANCIAL INSTRUMENTS – Q3 TENTATIVE DECISIONS

• None in Q3 2015 (last discussion held: June 29, 2015)

• Status - Classification and Measurement: ASU expected in Q4 2015 - Impairment: ASU expected in Q4 2015 - Hedging: Proposed ASU expected in Q4 2015

• http://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdatePage&ci

d=1176159271017#decisions

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FASB UPDATE

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FINAL ASUS ISSUED Q3 2015 ASU 2015- Title

11 Simplifying the Measurement of Inventory

12 (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

13 Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets

14 Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date

15 Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)

16 Simplifying the Accounting for Measurement-Period Adjustments

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ASU 2015-11: MEASUREMENT OF INVENTORY

• Inventory within the scope (e.g. FIFO or average cost) – measured at lower of cost and net realizable value

• Inventory excluded from the scope (i.e. LIFO or retail inventory method) – measured at lower of cost or market

• Effective date: (early adoption permitted)

• Transition: Prospective • BDO Alert: https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-july-2015

Public Business Entities All Other Entities

FYs beginning after 12/15/16 (and interim periods within)

FYs beginning after 12/15/16 (interim periods within FYs beginning after 12/15/17)

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ASU 2015-12: EMPLOYEE BENEFIT PLANS

• Part I. Fully Benefit-Responsive Investment Contracts* - Contract value is the only required measure - Eliminates requirement to measure, present and disclose at fair value

• Part II. Plan Investment Disclosures** - Eliminates certain disclosure requirements - Reduces disclosures required specifically for investments using the NAV per

share practical expedient - Requires investments to be grouped only by general type

• Part III. Measurement Date Practical Expedient** - Allows plans to measure investments and investment-related accounts as of

a month-end date that is closest to the plan’s fiscal year-end. *Applies to entities within the scope of Topics 962 (Defined Contribution Pension Plans) and 965 (Health and Welfare Benefit Plans) **Apply to reporting entities that follow the requirements of Topics 960 (Defined Benefit Pension Plans), 962 (Defined Contribution Pension Plans) and 965 (Health and Welfare Benefit Plans)

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ASU 2015-12: EMPLOYEE BENEFIT PLANS

• Effective date: - FYs beginning after 12/15/15 - Early adoption is permitted for all 3 parts individually or in the aggregate

• Transition: - Parts I and II should be applied retrospectively - Part III should be applied prospectively

• BDO Alert: https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-august-2015

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ASU 2015-13: NORMAL PURCHASES AND NORMAL SALES (“NPNS”) SCOPE EXCEPTION

• Use of locational marginal pricing (“LMP”) for certain contracts for the purchase or sale of electricity on a forward basis utilizing a nodal energy market does not, by itself, cause the contract to fail the physical delivery criterion of the NPNS elective scope exception of Topic 815.

• Effective date: Upon issuance

• Transition: Prospective

• BDO Alert: https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-september-2015

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ASU 2015-15: DEBT ISSUANCE COSTS RELATED TO LINE-OF-CREDIT ARRANGEMENTS

• SEC staff announcement: won’t object when debt issuance costs related to a revolving debt arrangement are presented as an asset regardless of whether there is an outstanding balance on the revolving debt arrangement

• ASU codifies the SEC staff announcement

• Effective date: Upon issuance

• BDO Alert: https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-september-2015-(1)

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POLLING QUESTION

How do you plan to account for debt issuance costs associated with a revolving debt agreement? A. Defer the cost as an asset and reclassify as a direct deduction from

debt when proceeds are received. B. Defer as cost and continue to present as asset even after the proceeds

are received and associated liability is recorded, consistent with SEC staff observer comment.

C. Undecided. D. Not applicable.

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ASU 2015-16: SIMPLIFYING THE ACCOUNTING FOR MEASUREMENT-PERIOD ADJUSTMENTS

• Eliminates the requirement to account for measurement-period adjustments retrospectively

• Measurement-period adjustments, including cumulative effect of changes in depreciation, amortization, or other income effects = recognize in current-period financial statements

• Incremental disclosures: - Nature and amount of measurement-period adjustments recognized

in current period - Amount of adjustment to current-period income statement, by line

item, relating to income effects as a result of the change to the provisional amounts

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ASU 2015-16: SIMPLIFYING THE ACCOUNTING FOR MEASUREMENT-PERIOD ADJUSTMENTS • Effective date:

• Transition: Prospectively to measurement-period adjustments that occur after the effective date of this Update

• Early adoption is permitted • Refer to BDO Flash report:

https://www.bdo.com/insights/assurance/fasb/fasb-flash-report-october-2015

Public Business Entities All Other Entities

FYs beginning after 12/15/15 (and interim periods within)

FYs beginning after 12/15/16 (interim periods within FYs beginning after 12/15/17)

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EITF AND PCC UPDATE

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EITF UPDATE

EITF meeting - September 2015 • Did not reach any final consensuses or consensuses-for-exposure • Issues discussed:

- Issue 15-B: Recognition of Breakage for Certain Prepaid Stored-Value Cards - Issue 15-F: Statement of Cash Flows: Classification of Certain Cash Receipts and Cash

Payments

Next meeting is scheduled for November 2015

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PCC UPDATE

PCC Meeting – July 2015 • Preferability Assessment and Transition of PCC Alternatives • Applying Variable Interest Entities (VIE) Guidance to Non-Leasing Common

Control Arrangements • Leasing • Simplifying the Balance Sheet Classification of Debt • Statement of Cash Flows • Disclosure by Business Entities about Government Assistance FASB Exposure Draft - PCC Consensus • Assessing the Preferability of Private Company Accounting Alternatives • Extending Transition Guidance beyond the Effective Date for Electing Private

Company Accounting Alternatives • http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocument

Page&cid=1176166423329

• Comments due by November 16, 2015.

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PCC UPDATE

PCC Meeting – September 2015 • Identified topics as top priorities for the FASB to consider • Discussed private company issues relating to intangible assets • Provided input on certain FASB projects

Next meeting planned for December 2015

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SEC Matters Update

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RULEMAKING – PAY RATIO DISCLOSURE

• Release at: http://www.sec.gov/rules/final/2015/33-9877.pdf

• Flash report at: https://www.bdo.com/insights/assurance/sec/sec-flash-report-august-2015

• Rule amends Item 402 of Regulation S-K and requires issuers to disclose the following: - The median annual total compensation of all employees except the chief

executive officer - The annual total compensation of the CEO - The ratio of the median annual total compensation of all employees to the

annual total compensation of the CEO

• Disclosures required in any annual report, proxy, or registration statement for first fiscal year beginning on or after January 1, 2017 - Certain filers are exempt from the requirements

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RULEMAKING – PAY RATIO DISCLOSURE

The rule requires a registrant to: 1. Identify the employee whose annual total compensation is the median

of all employees (except CEO) - Procedure required once every three years (unless significant changes in employee

population)

2. Compute median employee’s annual total compensation 3. Compute the ratio – median employee = 1 and CEO = calculated

number - For example, if median employee’s total compensation = $57,000 and the CEO’s total

compensation = $4,600,000, the pay ratio is “1 to 81” (or express narratively)

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RULEMAKING – PAY RATIO DISCLOSURE

• Determine median employee by analysis of all U.S. and non U.S. full-time, part-time, seasonal, and temporary workers employed by registrant and its subsidiaries as of any date within the last three months of the year - Analyze entire employee population, use statistical sampling methodology,

or any other reasonable method - Data privacy and de minimus exceptions available

- Use a consistently applied compensation measure (e.g., amounts from payroll or tax records)

- Can make adjustments to account for differences between the cost-of-living in the CEO’s jurisdiction and the cost-of-living in other jurisdictions

• Determine annual total compensation in accordance with Item 402(c)(2)(x) of Regulation S-K - Can make estimates when calculating elements of total compensation

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PAY RATIO – POLLING QUESTION

I would expect the pay ratio for my company to approximate: A. A ratio of less than 50:1. B. A ratio between 50:1 and 100:1. C. A ratio greater than 100:1. D. I can’t guess, I really have no idea.

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PAY RATIO – POLLING QUESTION

I would expect that calculating the pay ratio for my company will be: A. Difficult, time-consuming, and costly. B. Only moderately difficult, time-consuming and not too costly. C. Fairly easy. D. I can’t guess, I really have no idea.

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SEC STAFF ACTIVITIES

• August 25, 2015 update of the Financial Reporting Manual (FRM) posted: http://www.sec.gov/divisions/corpfin/cffinancialreportingmanual.shtml - Provides guidance for registrants with delinquent filings who seek to become current

by presenting all information that would have been included in the delinquent filings in a comprehensive annual report on Form 10-K

- The staff will generally not issue comments asking a delinquent registrant to file separately all of its delinquent filings if the registrant takes this approach

• Request for comment on the effectiveness of financial disclosures about entities other than the registrant http://www.sec.gov/rules/other/2015/33-9929.pdf - Flash report available at: https://www.bdo.com/insights/assurance/sec/sec-flash-

report-october-2015 - Part of SEC staff’s broader-based Disclosure Effectiveness Initiative - Focuses on financial information requirements of Rules 3-05, 3-09, 4-08(g), 3-10, and

3-16 - Comments should be submitted by November 30

• New rulemaking index available - “One-stop shopping” for rulemaking information

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PCAOB AND GOVERNANCE MATTERS

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PCAOB CURRENT PROJECTS Project Timing

Reorganization of PCAOB Auditing Standards Effective as of 12/31/2016 with early implementation by auditors permitted.

Improving Transparency Through Disclosure of Engagement Partner and Certain Other Participants in Audits

Supplemental Request for Comment issued July 2015; comments were due 8/31/2015 Moving toward adoption – Q4 2015

Supervision of Other Auditors and Multi-Location Audit Engagements

Proposed standard anticipated – Q4 2015

Going Concern Staff Consultation Paper anticipated - Q1 2016

Auditor’s Reporting Model Reproposed standard anticipated – Q1 2016

Auditor’s Use of the Work of Specialists Staff Consultation Paper issued May 2015; comments were due 7/31/2105 Moving toward proposal phase – Q2 2016

Auditing of Accounting Estimates… Proposed standard anticipated – Q2 2016

Quality Control Standards Staff Consultation Paper anticipated – Timing TBD

Confirmation Reproposed standard anticipated – Timing TBD

Audit Quality Indicators Concept Release issued July 2015; comments were due 9/28/2015

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PCAOB RECENT ACTIVITY

PCAOB Staff Inspection Brief (October 2015) - http://pcaobus.org/Inspections/Documents/Inspection-Brief-2015-2-2015-Inspections.pdf

• Details objectives, focus, and scope of ongoing inspections of auditors registered with the PCAOB

• Three general areas*: o Auditing internal control over financial reporting; o Assessing and responding to risks of material misstatement; and o Auditing accounting estimates, including fair value measurements.

*These are among the most common areas where inspectors found significant deficiencies in the past several years.

Certain economic developments that factor into the 2015 selections include: • The high pace of mergers and acquisitions activity • The search for higher-yielding investment returns in a low interest rate

environment • The recent fluctuation in oil prices and its varying effects on the financial

reporting risks of different industries

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PCAOB CONCEPT RELEASE AUDIT QUALITY INDICATORS

• Identified 28 potential quantitative audit quality indicators (AQIs) at both the firm and engagement level

• Not intended to result in a comprehensive firm-wide scorecard but rather to provide information and a basis for more informed discussions with auditors

• PCAOB’s Goal: Reduce this set of AQIs to the most meaningful to be included in a future proposed standard.

• Comment period ended September 28, 2015; public roundtable to be scheduled for fall 2015

• Majority of comment letters reviewed point toward encouragement of voluntary, principles-based approach to be determined between the auditor and the audit committee.

• Note: The Center for Audit Quality is currently completing its own AQI project • PCAOB Concept Release is accessible at:

http://pcaobus.org/Rules/Rulemaking/Docket%20041/Release_2015_005.pdf

• Refer to BDO’s Alerts: https://www.bdo.com/insights/assurance

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SEC AUDIT COMMITTEE FOCUS SEC Concept Release 33-9862 Possible Revisions to Audit Committee Disclosures • Explores ideas around how audit committee (AC) disclosures could be made

more robust and useful to shareholders and others who rely on them. • Focuses on the AC’s reporting of its process for overseeing the independent

auditor, including whether the AC would disclose the tenure of the audit firm and the engagement partner.

• Comments were due 9/8/2015. • Trends point toward encouragement of voluntary, principles-based approach to

be determined by the audit committee. • Refer to BDO’s Alert: https://www.bdo.com/insights/assurance

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CENTER FOR AUDIT QUALITY ACTIVITY

The Center for Audit Quality (CAQ), through its partnerships, provides a variety of thought leadership, events, and information to enhance investor confidence and public trust in the global capital markets. Examples include: • Profession in Focus video series • Main Street Investor Survey • Anti-Fraud Collaboration: Kendallville Bank Case Study • 7th Annual CAQ Symposium: “The Audit and Engagement Team of the Future”

Much more is available on at: http://thecaq.org/

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ADDITIONAL RESOURCES ACCESSIBLE VIA BDO BOARD GOVERNANCE: HTTPS://WWW.BDO.COM/SERVICES/ASSURANCE/BOARD-GOVERNANCE/OVERVIEW RECENT BDO PUBLICATIONS: • SEC Adopts Rule for Pay Ratio Disclosure • Continuous Monitoring • Q2 2015 Significant Accounting and

Reporting Matters • SEC Proposed Rules Requiring Clawback of

Executive Compensation • 2015 BDO IPO Halftime Report • SEC Issues Concept Release Seeking

Comment on Possible Revisions to Audit Committee Disclosures

• PCAOB Issues Proposals to Improve Transparency and Provide Insight Into Audit Quality

• PCAOB Audit Committee Dialogue and Other Resources

• SEC Adopts Amendments to Regulation A • External Auditor Assessment Tools • Audit Committee Disclosure Resources • SEC Proposal on Pay vs. Performance

Disclosures • FASB ASU on Going Concern • PCAOB AS 18 – Related Party Transactions • Center for Audit Quality Approach to Audit

Quality Indicators

BDO BOARD GOVERNANCE

For a complete listing of BDO publications, refer to: https://www.bdo.com/insights/

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BDO BOARD GOVERNANCE Upcoming BDO Governance and Financial Reporting Knowledge Webinars: • Establishing an Effective Internal Audit Function* - October 22 • Effective Audit Committees – November 9* • Quarterly Technical Update (Q4 2015)* - January 7, 8 and 11 *Registration will be available shortly on https://www.bdo.com/events

Recent Archived Webinars: • The Board’s Role in Anticorruption Compliance – October 2015 • Revenue Recognition Transition Resource Group 2015 Update – September 2015 • Quarterly Technical Update (Q2 2015) – July 2015 • How ASU 2015-02 Changes Consolidation Accounting - May 2015 • Data Analytics and Risk Management – A Board Primer – April 2015 • 2015 Q1 Technical Update – April 2015 • 2015 Executive Pay Outlook for Mid-Cap Companies – March 2015 • What’s On the Minds of Boards – January 2015

Page 46

GET TO KNOW BDO BDO commits significant resources to keep our professionals and our clients up to date on current and evolving technical, governance, industry and reporting developments. Visit http://www.bdo.com for all of our offerings.

To begin receiving email notifications regarding BDO publications and event invitations (live and web-based), visit https://www.bdo.com/member/registration and create a user profile. If you already have an account on BDO’s website, visit the My Profile page to login and manage your account preferences https://www.bdo.com/member/my-profile. Some examples of our thought leadership offerings include the following:

Board Governance — Resources that include BDO’s proprietary studies, publications, practice aids, and educational programs to keep board members of both public and private companies up to date on emerging issues and trends to assist in fulfilling their corporate oversight responsibilities. Such resources contain customized information for the various committees of the board. For example, refer to our Effective Audit Committees in the Ever Changing Marketplace practical guide and related tools. Visit our Insights page on http://www.bdo.com.

Significant Accounting and Reporting Matters Guide — Quarterly digest of final and proposed financial accounting standards designed to help audit committees, boards and financial executives keep up to date on the latest corporate governance and financial reporting developments.

Client Advisories — Concise documents that provide timely commentary, analysis and insights on events and trends of interest to management and boards of directors.

Page 47

GET TO KNOW BDO Tax Newsletters and Alerts — Updates with respect to federal,

state, local, expatriate, and international developments, along with other specific tax planning and strategy considerations including specific practice areas such as compensation and benefits, private client and individual filer services, transfer pricing, Foreign Account Tax Compliance Act, etc.

Technical Research Tools — BDO uses Accounting Research Manager™ (ARM) as a primary source of insightful interpretations on GAAP, GAAS and Securities and Exchange Commission rules. ARM is updated daily and is considered to be one of the timeliest and most comprehensive online databases of analytical interpretations of accounting, auditing and SEC matters. Access to ARM, and a number of other research tools, provides each professional the technical research capability to respond immediately to client-specific technical issues.

BDO Knows Flash Reports — Provide briefs about select technical and regulatory developments and emerging issues are made immediately available to BDO professionals and to clients.

BDO Knows Financial Reporting Letters — Provide more in-depth discussions and practical guidance on technical guidance affecting both public and private entities.

Industry Newsletters, Alerts, Reports, Proprietary Studies and Surveys — A variety of publications depicting specific industry issues, emerging trends and developments.

BDO Knowledge Webinar Series — An educational series designed to assist those charged with governance (e.g., Audit Committees) and financial executives in keeping up to date on the latest corporate governance, risk management and financial reporting developments. The program is multi-faceted and consists of complimentary CPE webinars and archived self-study courses, covering both broad and specific topics of interest, publications and links to various BDO and external resources.

Additionally, consider our monthly tax series that provide insights and perspectives on the tax issues most important to our clients and their businesses. Visit our Event/Webinar page for a current listing of programming on http://www.bdo.com.

Page 48

EVALUATION

We continually try and improve our programming and appreciate constructive feedback. Following the program, we will be sending out a thank you e-mail that contains a link to a brief evaluation. Thank you in advance for your participation!

Page 49

CONCLUSION THANK YOU FOR YOUR PARTICIPATION! Certificate Availability – If you participated the entire time and responded to at least 75% of the polling questions, click the Participation tab to access the print certificate button.

Group Participation Reminder – to receive credit: • Sign-in sheets must list a Proctor name and CPA license number. • Clients and Contacts – Email sign-in sheets to cpe@bdo.com w/in 24 hours of the webcast. • BDO Alliance USA – Should proctor their own group participants. This process is detailed in

the LearnLive Participant Guide on the Alliance Portal > Resource Center. Call LearnLive Support for questions – 1-888-228-4088.

• BDO International - Unfortunately, we cannot currently support group CPE for International Firms. Those requesting CPE must have registered and participated from their own computer.

• BDO USA ‒ Submit your sign-in sheets using a General Training & Development Request in BDO Service Now found at: https://apps.bdo.com > A to Z > BDO Service Now > Click “Request” in the upper right menu, then chose “Training & Development” from the Filter Category drop-down, click on “Training & Development Support”.

Please exit the interface by clicking the red “X” in the upper right hand corner of your screen.

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APPENDIX Effective Dates of U.S. Accounting Pronouncements

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 205, Presentation of Financial Statements

ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Effective for all entities, unless they have adopted the liquidation basis of accounting under Subtopic 205-30. The new standard applies prospectively to annual periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted.

Effective for all entities, unless they have adopted the liquidation basis of accounting under Subtopic 205-30. The new standard applies prospectively to annual periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted.

ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Effective for annual periods beginning on or after December 15, 2014, and interim periods within those years. Entities should not apply the amendments to a component of an entity (or a business or nonprofit activity) that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements.

Effective for annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. Entities should not apply the amendments to a component of an entity (or a business or nonprofit activity) that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 225, Income Statement

ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015.

Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015.

ASC 260, Earnings Per Share

ASU 2015-06, Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions (a consensus of the Emerging Issues Task Force)

Effective retrospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted.

Effective retrospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted.

ASC 310, Troubled Debt Restructuring by Creditors

ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure

Effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted, if the entity has already adopted ASU 2014-04.

Effective for annual periods ending after December 15, 2015, and interim periods beginning after December 15, 2015. Early adoption is permitted, if the entity has already adopted ASU 2014-04.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 310, Troubled Debt Restructuring by Creditors

ASU 2014-04, Reclassification of Residential Real Estate collateralized consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force)

Effective for annual periods and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. An entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method.

Effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method.

ASC 323, Investments – Equity Method and Joint Ventures

ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)

Effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. If adopted, the amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments.

Effective for annual periods beginning after December 15, 2014, and interim periods within annual reporting periods beginning after December 15, 2015. Early adoption is permitted. If adopted, the amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 330, Inventory

ASU 2015-11, Simplifying the Measurement of Inventory

Effective prospectively for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted as of the beginning of an interim or annual reporting period. If an entity has previously written down inventory (within the scope of the ASU) below its cost, that reduced amount is considered the cost upon adoption. Upon adoption, the change from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of the ASU will be accounted for as a change in accounting principle

Effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted as of the beginning of an interim or annual reporting period. If an entity has previously written down inventory (within the scope of the ASU) below its cost, that reduced amount is considered the cost upon adoption. Upon adoption, the change from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of the ASU will be accounted for as a change in accounting principle

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 350, Intangibles – Goodwill and Other

ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

Effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. An entity can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively.

Effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted. An entity can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively.

ASU 2014-02, Accounting for Goodwill (a consensus of the Private Company Council)

Not applicable to public entities. The accounting alternative, if elected, should be applied prospectively to goodwill existing as of the beginning of the period of adoption and new goodwill recognized in annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Early application is permitted, including application to any period for which the entity’s annual or interim financial statements have not yet been made available for issuance.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 360, Property, Plant, and Equipment

ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

Effective for annual periods beginning on or after December 15, 2014, and interim periods within those years. Entities should not apply the amendments to a component of an entity (or a business or nonprofit activity) that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements.

Effective for annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. Entities should not apply the amendments to a component of an entity (or a business or nonprofit activity) that is classified as held for sale before the effective date even if it is disposed of after the effective date. That is, the ASU must be adopted prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been previously reported in the financial statements.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 405, Liabilities ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)

Effective for fiscal years, and interim periods within those years, beginning after December 31, 2013. Early adoption is permitted. Retrospective application is required for all periods presented. Entities are permitted to use hindsight when determining the appropriate amount to be recorded in prior periods.

Effective for fiscal years ending after December 31, 2014 and interim and annual periods thereafter. Early adoption is permitted. Retrospective application is required for all periods presented. Entities are permitted to use hindsight when determining the appropriate amount to be recorded in prior periods.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 606, Revenue

ASU 2014-09, Revenue from Contracts with Customers; ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date

Effective for annual periods beginning after December 15, 2017, including interim periods therein. Entities may adopt using a retrospective approach (with certain optional practical expedients) or a cumulative effect approach. Under the this alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application (e.g. January 1, 2018) and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year.

Effective for annual periods beginning after December 15, 2018. In addition, the new standard is effective for interim periods within annual periods that begin after December 15, 2019. The same transition alternatives apply. Early adoption is permitted as of either: • An annual reporting period beginning

after December 15, 2016, including interim periods within that year, or

• An annual reporting period beginning after December 15, 2016 and interim periods within annual reporting periods beginning one year after the annual period in which the entity first applies the new standard.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 715, Compensation—Retirement Benefits

ASU 2015-04, Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets

Effective prospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted.

Effective prospectively for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 718, Compensation—Stock Compensation

ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force)

Effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost.

Effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 740, Income Taxes

ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)

Effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted.

Effective for fiscal years and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 805, Business Combinations

ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments

Effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted.

Effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted.

ASU 2015-08, Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update)

SAB 115 became effective November 21, 2014.

Not applicable to private entities.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 805, Business Combinations

ASU 2014-18, Accounting for Identifiable Intangible Assets in a Business Combination (a consensus of the Private Company Council)

Not applicable to public entities.

If elected, the accounting alternative should be applied to eligible transactions in fiscal years beginning after December 15, 2015. Specifically, if the first eligible transaction occurs in the first fiscal year beginning after December 15, 2015, the elective adoption will be effective for that fiscal year’s annual financial reporting and all interim and annual periods thereafter. If the first eligible transaction occurs in fiscal years beginning after December 15, 2016, the elective adoption will be effective in the interim period that includes the date of that first in-scope transaction and subsequent interim and annual periods thereafter. Early application is permitted for any interim and annual financial statements that have not yet been made available for issuance.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 805, Business Combinations

ASU 2014-17, Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)

Effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event.

Effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event.

ASC 810, Consolidation

ASU 2015-02, Amendments to the Consolidation Analysis

Effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015.

Effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017.

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ASC 810, Consolidation

ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity

Effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. Entities may adopt using either a full or modified retrospective approach. The modified approach only impacts the annual period of adoption by recording a cumulative-effect adjustment to equity.

Effective for annual periods beginning after December 15, 2016, and interim and annual periods thereafter. Early adoption is permitted as of the beginning of an annual period. Entities may adopt using either a full or modified retrospective approach. The modified approach only impacts the annual period of adoption by recording a cumulative-effect adjustment to equity.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 810, Consolidation

ASU 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements (a consensus of the Private Company Council)

Not applicable to public entities. If elected, the accounting alternative is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Early application is permitted, including application to any period for which the entity’s annual or interim financial statements have not yet been made available for issuance. The accounting alternative should be applied retrospectively to all periods presented. Prospective adoption is not permitted.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 815, Derivatives and Hedging

ASU 2015-13, Application of the Normal Purchases and Normal Sales Exception to Certain Electricity Contracts within Nodal Energy Markets

Effective upon issuance and should be applied prospectively. An entity will have the ability to designate qualifying contracts that are entered into on or after the effective date of the ASU as normal purchases and normal sales (“NPNS”). Because an entity may elect the NPNS scope exception at contract inception or at a later date, it also will be able to designate qualifying contracts entered into before the effective date as NPNS, but only prospectively.

Effective upon issuance and should be applied prospectively. An entity will have the ability to designate qualifying contracts that are entered into on or after the effective date of the ASU as normal purchases and normal sales (“NPNS”). Because an entity may elect the NPNS scope exception at contract inception or at a later date, it also will be able to designate qualifying contracts entered into before the effective date as NPNS, but only prospectively.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 815, Derivatives and Hedging

ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force)

Effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015.

Effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016.

ASU 2014-03, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps – Simplified Hedge Accounting Approach (a consensus of the Private Company Council)

Not applicable to public entities.

If elected, the simplified hedge accounting approach will be effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Early adoption is permitted, and private companies are able (but not required) to adopt the new standards for December 31, 2013 year-end financial statements that are not yet available for issuance. Private companies have the option to apply the amendments in this Update using either a modified or full retrospective approach.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 820, Fair Value Measurement

ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (a consensus of the Emerging Issues Task Force)

Effective retrospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted.

Effective retrospectively for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted.

ASC 830, Foreign Currency Matters

ASU 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force)

Effective prospectively for all entities with derecognition events after the effective date. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 31, 2013. Early adoption is permitted. If early adoption is elected, the guidance should be applied as of the beginning of the entity’s fiscal year of adoption.

Effective prospectively for all entities with derecognition events after the effective date. The guidance is effective for fiscal years beginning after December 31, 2014 and interim and annual periods thereafter. Early adoption is permitted. If early adoption is elected, the guidance should be applied as of the beginning of the entity’s fiscal year of adoption.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 835, Interest

ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)

Effective upon issuance. Effective upon issuance.

ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs

Effective retrospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted.

Effective retrospectively for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption is permitted.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 853, Service Concession Arrangements

ASU 2014-05, Service Concession Arrangements (a consensus of the FASB Emerging Issues Task Force)

Effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied on a modified retrospective basis, to all arrangements existing at the beginning of the fiscal year of adoption and to all arrangements entered into after that date.

Effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. Early adoption is permitted. The amendments should be applied on a modified retrospective basis, to all arrangements existing at the beginning of the fiscal year of adoption and to all arrangements entered into after that date.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 860, Transfers and Servicing

ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures

The accounting changes and disclosure for certain transactions accounted for as a sale are effective for the first period (interim or annual) beginning after December 15, 2014. Earlier application for a public business entity is prohibited. The disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and for interim periods after March 15, 2015.

The accounting changes and both new disclosures are effective for annual periods beginning after December 15, 2014 and interim periods after December 15, 2015. These entities may elect early application and apply the requirements for interim periods beginning after December 15, 2014.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 915, Development Stage Entities

ASU 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation

DSE requirements – Effective for annual reporting periods beginning after December 15, 2014 and interim periods therein. While the elimination of the DSE financial reporting requirements applies retrospectively, the new disclosures about related risks and uncertainties are required prospectively. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. Consolidation update – Effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. The amendments apply retrospectively and also generally incorporate the transition provisions of Statement 167 to address situations in which it may not be practicable to obtain the necessary information for prior years. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. See also ASC 810, Consolidation.

DSE requirements – Effective for annual reporting periods beginning after December 15, 2014, and interim periods beginning after December 15, 2015. While the elimination of the DSE financial reporting requirements applies retrospectively, the new disclosures about related risks and uncertainties are required prospectively. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. Consolidation update – Effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods beginning after December 15, 2017. The amendments apply retrospectively and also generally incorporate the transition provisions of Statement 167 to address situations in which it may not be practicable to obtain the necessary information for prior years. Early adoption is permitted for financial statements that have not yet been issued or made available for issuance. See also ASC 810, Consolidation.

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ASC 944, Financial Services—Insurance

ASU 2015-09, Disclosures about Short-Duration Contracts

Effective for annual reporting periods beginning after December 15, 2015 and interim reporting periods within annual periods beginning after December 15, 2016. Early adoption is permitted.

Effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within annual periods beginning after December 15, 2017. Early adoption is permitted.

ASC 958, Not-for-Profit Entities

ASU 2013-06, Services Received from Personnel of an Affiliate

Not applicable to public entities. Effective prospectively for fiscal years beginning after June 15, 2014, and interim and annual periods thereafter. A recipient not-for-profit entity may apply the amendments using a modified retrospective approach under which all prior periods presented upon the date of adoption should be adjusted, but no adjustment should be made to the beginning balance of net assets of the earliest period presented. Early adoption is permitted.

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PRONOUNCEMENT EFFECTIVE DATE – PUBLIC EFFECTIVE DATE – NON PUBLIC

ASC 960, Defined Benefit Pension Plans

ASU 2015-12, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all parts individually or in the aggregate. Part II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all parts individually or in the aggregate. Part II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

ASC 962, Defined Contribution Pension Plans

ASU 2015-12, (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all three parts individually or in the aggregate. Parts I and II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all three parts individually or in the aggregate. Parts I and II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

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ASC 962, Health and Welfare Benefit Plans

ASU 2015-12, (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all three parts individually or in the aggregate. Parts I and II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

Effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for all three parts individually or in the aggregate. Parts I and II of the ASU should be applied retrospectively, while Part III should be applied prospectively.

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Other

ASU 2015-10, Technical Corrections and Improvements

Transition guidance varies based on the individual amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments became effective upon issuance.

Transition guidance varies based on the individual amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments became effective upon issuance.

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