Committee Activities and Updates:CCR has begun working with PwC on the 2nd annual revenue recognition implementation considerations survey to educate FEI members at large on issues they should be looking at as they prepare to implement the new standard. On January 27 CCR and COT jointly filed a comment letter in response to FASB’s exposure draft Accounting for Income Taxes specifically to Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. The letter expressed concerns that the committees had with the proposal. On July 14 CCR filed a comment letter in response to FASB’s Proposed Statement of Financial Accounting Concepts – Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements. CCR supports the objective of improving the effectiveness of disclosures in the notes to the financial statements (notes). CCR asked that the Board distinguish between information that is suitable for inclusion in the notes versus other components and devote significant attention to the issue of what information should be included in interim versus annual disclosures. The proliferation of disclosure requirements in recent years, coupled with disclosure redundancy between U.S. GAAP requirements and the Securities and Exchange Commission’s (SEC) Rules and Regulations, have put financial reporting on an unsustainable path in terms of a preparer’s ability to fulfill the requirements in the time allotted and a user’s ability to process all of the available data in an attempt to isolate critical information.PwC, in conjunction with FERF, issued a Revenue Recognition report entitled,” The New Revenue Recognition Standard. This report will be used by CCR to support its ongoing discussions with the FASB/IASB Transition Resource Group regarding the implementation of the standard. On May 19 CCR members had an in-person meeting with the SEC to discuss accounting and reporting issues that involve the SEC. On March 14 CCR filed an unsolicited letter with FASB and the IASB, for consideration during their joint Board meeting on Leases.On March 13 representatives of CCR met with FASB to discuss status on ongoing FASB and IASB Leasing project.