Quarterly Accounting Update

October 19, 2015

Welcome to the Third 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

This section includes an executive summary of selected items and/or hot topics covered in this update.

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FASB Update

This section includes an overview of selected Accounting Standards Updates (ASUs) issued during the period.

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Regulatory Update

This section includes an overview of selected updates, releases, rules and actions during the period that might impact financial information, operations and/or governance.

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Other Developments

This section includes an overview of other developments, actions, and projects of the FASB, PCC, EITF and/or other rulemaking organizations.

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On the Horizon

This section includes an overview of selected projects and exposure drafts of the FASB.

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Appendices

• A – Important Implementation Dates

• B – Illustrative Disclosures for Recently Issued Accounting Pronouncements

• C – North Carolina Tax Rate Disclosure Example