Quarterly Accounting Update

July 24, 2014

Welcome to the Second Quarter issue of our Quarterly Accounting Update. Each quarter we will provide you with up-to-date information for consideration in your financial reporting and disclosures. Our goal is for you to have current, relevant information available prior to finalizing your financial reporting deliverables. This update is organized as follows:

Selected Highlights
(an executive summary of selected items and/or hot topics included in this update)

FASB Update
(an overview of selected accounting standards updates (“ASUs”) issued during the period)

Regulatory Update
(an overview of selected updates, releases, rules and actions during the period that might impact financial information, operations and/or governance)

Other Developments
(an overview of other developments, selected exposure drafts issued by the FASB as well as actions and projects of the FASB, PCC, EITF and/or other rulemaking organizations)

Appendices
A – Important Implementation Dates
B – Illustrative Disclosures for Recently Issued Accounting Pronouncements
C – Recently Issued Accounting Pronouncements

Please review and feel free to contact one of your Elliott Davis engagement team members with any questions. We look forward to working with you during the audit and throughout the financial reporting process.