Staff Accounting Bulletin No. 115, 69373-69374 [2014-27618]

Download as PDF Federal Register / Vol. 79, No. 225 / Friday, November 21, 2014 / Rules and Regulations under the National Environmental Policy Act in accordance with FAA Order 1050.1E, ‘‘Environmental Impacts: Policies and Procedures,’’ paragraph 311a. This airspace action is not expected to cause any potentially significant environmental impacts, and no extraordinary circumstances exist that warrant preparation of an environmental assessment. List of Subjects in 14 CFR Part 71 Airspace, Incorporation by reference, Navigation (air). Adoption of the Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR Part 71 as follows: PART 71—DESIGNATION OF CLASS A, B, C, D AND E AIRSPACE AREAS; AIR TRAFFIC SERVICE ROUTES; AND REPORTING POINTS 1. The authority citation for 14 CFR Part 71 continues to read as follows: ■ Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959– 1963 Comp., p. 389. § 71.1 [Amended] 2. The incorporation by reference in 14 CFR Part 71.1 of the Federal Aviation Administration Order 7400.9Y, Airspace Designations and Reporting Points, dated August 6, 2014, and effective September 15, 2014 is amended as follows: ■ Paragraph 6005 Class E airspace areas extending upward from 700 feet or more above the surface of the earth. * * * AWP CA E5 * * Lakeport, CA [Amended] rljohnson on DSK3VPTVN1PROD with RULES Lampson Field, CA (Lat. 38°59′26″ N., long. 122°54′03″ W.) Sutter Lakeside Hospital Heliport, CA Point in Space Coordinates (Lat. 39°06′09″ N., long. 122°53′19″ W.) That airspace extending upward from 700 feet above the surface within a 4-mile radius of Lampson Field, and within a 5-mile radius of the Point in Space serving the Sutter Lakeside Hospital Heliport. Issued in Seattle, Washington, on November 6, 2014. Christopher Ramirez, Acting Manager, Operations Support Group, Western Service Center. [FR Doc. 2014–26860 Filed 11–20–14; 8:45 am] SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 211 [Release No. SAB 115] Staff Accounting Bulletin No. 115 Securities and Exchange Commission. ACTION: Publication of Staff Accounting Bulletin. AGENCY: This staff accounting bulletin rescinds portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with a recent consensus of the Financial Accounting Standards Board Emerging Issues Task Force, Accounting Standards Update No. 2014–17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force). DATES: Effective Date: November 21, 2014. SUMMARY: FOR FURTHER INFORMATION CONTACT: Christopher D. Semesky, Professional Accounting Fellow, Office of the Chief Accountant, at (202) 551–7678, or Todd E. Hardiman, Associate Chief Accountant, Division of Corporation Finance, at (202) 551–3516, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. SUPPLEMENTARY INFORMATION: The statements in staff accounting bulletins are not rules or interpretations of the Commission, nor are they published as bearing the Commission’s official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws. Dated: November 18, 2014. Brent J. Fields, Secretary. PART 211—[AMENDED] Accordingly, Part 211 of Title 17 of the Code of Federal Regulations is amended by adding Staff Accounting Bulletin No. 115 to the table found in Subpart B. This staff accounting bulletin rescinds portions of the interpretive guidance 16:31 Nov 20, 2014 included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with current authoritative accounting and auditing guidance and Securities and Exchange Commission (‘‘Commission’’) rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with a recent consensus of the Financial Accounting Standards Board Emerging Issues Task Force, Accounting Standards Update No. 2014–17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force) (ASU No. 2014–17). The following describes the changes made to the Staff Accounting Bulletin Series that are presented at the end of this release: 1. Topic 5: Miscellaneous Accounting a. Topic 5.J is removed. This topic provided guidance on the application of the ‘‘push down’’ basis of accounting in the separate financial statements of entities acquired in purchase transactions. Under this guidance, when a purchase transaction results in an entity becoming substantially wholly owned,1 a new basis of accounting should be established in the acquired entity’s financial statements to reflect the acquirer’s basis in the purchased assets and liabilities. Further, this guidance indicates circumstances when an acquired entity’s financial statements should reflect the acquirer’s debt, related interest expense, and allocable debt issuance costs, when the acquirer borrows funds to acquire substantially all of the common stock of the acquired entity. ASU No. 2014–17 establishes new guidance on the recognition of a new accounting basis. That guidance provides an option to apply ‘‘push down’’ accounting in the separate financial statements of an acquired entity upon the occurrence of an event in which an acquirer obtains control of the acquired entity. In addition, any acquisition-related debt incurred by the acquirer would be recognized in the acquired entity’s separate financial statements only if the acquired entity is required to recognize a liability for the debt in accordance with other applicable U.S. generally accepted accounting principles. Accordingly, the staff hereby amends the Staff Accounting Bulletin Series as follows: Staff Accounting Bulletin No. 115 BILLING CODE 4910–13–P VerDate Sep<11>2014 69373 Jkt 235001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 1 As E:\FR\FM\21NOR1.SGM defined in Rule 1–02(aa) of Regulation S–X. 21NOR1 69374 Federal Register / Vol. 79, No. 225 / Friday, November 21, 2014 / Rules and Regulations Note: The text of SAB 115 will not appear in the Code of Federal Regulations. * * * * * TOPIC 5: MISCELLANEOUS ACCOUNTING * * * * * J. Removed by SAB 115 * * * * * [FR Doc. 2014–27618 Filed 11–20–14; 8:45 am] BILLING CODE 8011–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA–R08–OAR–2011–0100; FRL–9918–35Region 8] Approval and Promulgation of Air Quality Implementation Plans; Montana; Revisions to the Administrative Rules of Montana—Air Quality, Subchapter 7, Exclusion for De Minimis Changes; Final Rule Environmental Protection Agency (EPA). ACTION: Final rule. AGENCY: The Environmental Protection Agency (EPA) is taking final action to correct final rules pertaining to the State of Montana’s State Implementation Plan (SIP). On February 13, 2012, EPA took final action to partially approve and partially disapprove SIP revisions and new rules as submitted by the State of Montana on June 25, 2010 and May 28, 2003. EPA subsequently discovered errors in our February 13, 2012 final action related to the materials incorporated by reference and the associated regulatory text that inadvertently reversed portions of our July 8, 2011 final action. EPA is taking final action, under section 110 of the Clean Air Act (CAA). DATES: This final rule is effective December 22, 2014. ADDRESSES: EPA has established a docket for this action under Docket ID No. EPA–R08–OAR–2011–0100. All documents in the docket are listed in the www.regulations.gov index. Although listed in the index, some information may not be publicly available, e.g., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, will be publicly available only in hard copy. Publicly available docket materials are available either electronically in www.regulations.gov or in hard copy at the Air Program, Environmental rljohnson on DSK3VPTVN1PROD with RULES SUMMARY: VerDate Sep<11>2014 14:49 Nov 20, 2014 Jkt 235001 Protection Agency (EPA), Region 8, 1595 Wynkoop Street Denver, Colorado 80202–1129. EPA requests you contact the individual listed in the FOR FURTHER INFORMATION CONTACT section to view the hard copy of the docket. You may view the hard copy of the docket Monday through Friday, 8:00 a.m. to 4:00 p.m., excluding federal holidays. FOR FURTHER INFORMATION CONTACT: Jaslyn Dobrahner, Air Program, EPA, Region 8, Mail Code 8P–AR, 1595 Wynkoop, Denver, Colorado 80202– 1129, (303) 312–6252, dobrahner.jaslyn@epa.gov. SUPPLEMENTARY INFORMATION: Definitions For the purpose of this document, we are giving meaning to certain words or initials as follows: (i) The words or initials Act or CAA mean or refer to the Clean Air Act, unless the context indicates otherwise. (ii) The initials ARM mean or refer to the Administrative Rules of Montana. (iii) The words EPA, we, us or our mean or refer to the United States Environmental Protection Agency. (iv) The initials SIP mean or refer to State Implementation Plan. (v) The words State or Montana mean the State of Montana, unless the context indicates otherwise. Table of Contents I. Background II. Response to Comments III. Final Action IV. Statutory and Executive Orders Review I. Background In our rule published on February 13, 2012 (77 FR 7531), EPA took final action to partially approve and partially disapprove SIP revisions and new rules as submitted by the State of Montana on June 25, 2010 and May 28, 2003. On page 7534, third column, under the regulatory text in 40 CFR 52.1370(c)(72)(i) Incorporation by reference, paragraph (A), EPA inadvertently incorporated by reference all of Administrative Rules of Montana (ARM), 17.8.740, Definitions. We are taking final action to amend the regulatory text in 40 CFR 52.1370(c)(72)(i)(A) to specify that EPA only approved the phrase ‘‘, except when a permit is not required under ARM 17.8.745’’ in ARM 17.8.740(8)(a) and the phrase ‘‘, except as provided in ARM 17.8.745’’ in ARM 17.8.740(8)(c). Therefore, the regulatory text in 40 CFR 52.1370(c)(72)(i)(A) reads as set forth in the regulatory text of this final rule. This correction is consistent with: (1) The preamble of our February 13, 2012 final rule (77 FR 7531, 7534); and (2) the PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 July 8, 2011 final rule (76 FR 40237) and associated regulatory text found in 40 CFR 52.1370(c)(70)(i)(B)(2) where we disapproved the phrase in ARM 17.8.740(2) ‘‘includes a reasonable period of time for startup and shakedown and’’ and the definitions in ARM 17.8.740(10) and (14), ‘‘Negligible risk to the public health, safety, and welfare and to the environment’’ and ‘‘Routine Maintenance, repair, or replacement,’’ respectively. We also confirm that our approval of the phrase ‘‘unless the increase meets the criteria in ARM 17.8.745 for a de minimis change not requiring a permit, or’’ in 17.8.764(1)(b) of our July 8, 2011 final rule (76 FR 40237) is accurate, while the same phrase in the preamble of the July 8, 2011 and February 13, 2012 final rules is incorrect. In this action, EPA is also taking final action to correct the associated IBR material for our February 13, 2012 (77 FR 7531) rule by striking out the aforementioned phrases (ARM 17.8.740(2), ARM 17.8.743(1)(c)) and two definitions (ARM 17.8.740(10), ARM 17.8.740(14)) that were inadvertently included in the IBR SIP material from the State’s May 28, 2003 submittal. For more detailed information regarding these February 13, 2012 and July 8, 2011 actions, see 77 FR 7531 and 76 FR 40237. II. Response to Comments We did not receive any comments on our August 5, 2014 proposal (79 FR 45393) to correct final rules pertaining to the State of Montana’s SIP. III. Final Action EPA is taking final action to amend the text in 40 CFR 52.1370(c)(72)(i)(A) to read as follows: ‘‘Administrative Rules of Montana, 17.8.740, Definitions, ARM 17.8.740(8)(a), the phrase ‘, except when a permit is not required under ARM 17.8.745’ and ARM 17.8.740(8)(c), the phrase ‘, except as provided in ARM 17.8.745’; 17.8.743, Montana Air Quality Permits—When Required, (except the phrase in 17.8.743(1)(b), ‘asphalt concrete plants, mineral crushers, and’, and 17.8.743(1)(c)); and 17.8.764, Administrative Amendment to Permit; effective 12/27/2002.’’ IV. Statutory and Executive Orders Review Under the CAA, the Administrator is required to approve a SIP submission that complies with the provisions of the Act and applicable federal regulations (42 U.S.C. 7410(k), 40 CFR 52.02(a)). Thus, in reviewing SIP submissions, EPA’s role is to approve state choices, E:\FR\FM\21NOR1.SGM 21NOR1

Agencies

[Federal Register Volume 79, Number 225 (Friday, November 21, 2014)]
[Rules and Regulations]
[Pages 69373-69374]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-27618]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 211

[Release No. SAB 115]


Staff Accounting Bulletin No. 115

AGENCY: Securities and Exchange Commission.

ACTION: Publication of Staff Accounting Bulletin.

-----------------------------------------------------------------------

SUMMARY: This staff accounting bulletin rescinds portions of the 
interpretive guidance included in the Staff Accounting Bulletin Series 
in order to make the relevant interpretive guidance consistent with 
authoritative accounting guidance and Securities and Exchange 
Commission rules and regulations. Specifically, the staff is updating 
the Series in order to bring existing guidance into conformity with a 
recent consensus of the Financial Accounting Standards Board Emerging 
Issues Task Force, Accounting Standards Update No. 2014-17--Business 
Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB 
Emerging Issues Task Force).

DATES: Effective Date: November 21, 2014.

FOR FURTHER INFORMATION CONTACT: Christopher D. Semesky, Professional 
Accounting Fellow, Office of the Chief Accountant, at (202) 551-7678, 
or Todd E. Hardiman, Associate Chief Accountant, Division of 
Corporation Finance, at (202) 551-3516, Securities and Exchange 
Commission, 100 F Street NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The statements in staff accounting bulletins 
are not rules or interpretations of the Commission, nor are they 
published as bearing the Commission's official approval. They represent 
interpretations and practices followed by the Division of Corporation 
Finance and the Office of the Chief Accountant in administering the 
disclosure requirements of the Federal securities laws.

    Dated: November 18, 2014.
Brent J. Fields,
Secretary.

PART 211--[AMENDED]

    Accordingly, Part 211 of Title 17 of the Code of Federal 
Regulations is amended by adding Staff Accounting Bulletin No. 115 to 
the table found in Subpart B.

Staff Accounting Bulletin No. 115

    This staff accounting bulletin rescinds portions of the 
interpretive guidance included in the Staff Accounting Bulletin Series 
in order to make the relevant interpretive guidance consistent with 
current authoritative accounting and auditing guidance and Securities 
and Exchange Commission (``Commission'') rules and regulations. 
Specifically, the staff is updating the Series in order to bring 
existing guidance into conformity with a recent consensus of the 
Financial Accounting Standards Board Emerging Issues Task Force, 
Accounting Standards Update No. 2014-17--Business Combinations (Topic 
805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task 
Force) (ASU No. 2014-17).
    The following describes the changes made to the Staff Accounting 
Bulletin Series that are presented at the end of this release:

1. Topic 5: Miscellaneous Accounting

    a. Topic 5.J is removed. This topic provided guidance on the 
application of the ``push down'' basis of accounting in the separate 
financial statements of entities acquired in purchase transactions. 
Under this guidance, when a purchase transaction results in an entity 
becoming substantially wholly owned,\1\ a new basis of accounting 
should be established in the acquired entity's financial statements to 
reflect the acquirer's basis in the purchased assets and liabilities. 
Further, this guidance indicates circumstances when an acquired 
entity's financial statements should reflect the acquirer's debt, 
related interest expense, and allocable debt issuance costs, when the 
acquirer borrows funds to acquire substantially all of the common stock 
of the acquired entity. ASU No. 2014-17 establishes new guidance on the 
recognition of a new accounting basis. That guidance provides an option 
to apply ``push down'' accounting in the separate financial statements 
of an acquired entity upon the occurrence of an event in which an 
acquirer obtains control of the acquired entity. In addition, any 
acquisition-related debt incurred by the acquirer would be recognized 
in the acquired entity's separate financial statements only if the 
acquired entity is required to recognize a liability for the debt in 
accordance with other applicable U.S. generally accepted accounting 
principles.
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    \1\ As defined in Rule 1-02(aa) of Regulation S-X.
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    Accordingly, the staff hereby amends the Staff Accounting Bulletin 
Series as follows:



[[Page 69374]]


    Note: The text of SAB 115 will not appear in the Code of Federal 
Regulations.

* * * * *

TOPIC 5: MISCELLANEOUS ACCOUNTING

* * * * *

J. Removed by SAB 115

* * * * *

[FR Doc. 2014-27618 Filed 11-20-14; 8:45 am]
BILLING CODE 8011-01-P