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News

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SEC names interim chief accountant

Jul 21, 2016

The SEC has named Wesley Bricker as the interim chief accountant in the SEC’s Office of the Chief Accountant, which oversees accounting interpretations, professional practice issues, and international accounting matters. Mr. Bricker will hold the position while Chief Accountant James Schnurr recovers from a bicycle accident.

For ad­di­tional in­for­ma­tion, see the press release on the SEC’s Web site.

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Summary of the July 2016 PCC meeting

Jul 19, 2016

At today’s meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) short-term improvements to the accounting for financial instruments with characteristics of both liabilities and equity, (2) balance sheet classification of debt, (3) disclosures by business entities about government assistance, and (4) financial performance reporting.

The next PCC meeting is sched­uled for September 30, 2016. For more in­for­ma­tion, see the media meeting recap on the FASB’s Web site.

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SEC staff updates C&DIs related to filing of Schedules 13D and 13G

Jul 15, 2016

The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs) related to filing Schedules 13D and 13G (Rule 13d-1).

The updated guid­ance ad­dresses whether a shareholder is exempt from filing on Schedule 13G on the basis of the provisions in the Hart-Scott-Rodino Act. For more in­for­ma­tion, see Ques­tion 103.11 of the C&DIs on the SEC’s Web site.

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Highlights from the FASB’s July 13 meeting

Jul 14, 2016

At its July 13, 2016, meeting, the FASB discussed its projects on hedging and defined benefit plans.

Financial instruments — hedging

The FASB made tentative decisions related to the critical-terms-match method, the application of the shortcut method, transition, hedged forecasted transactions, and cost-benefit analysis.

The FASB di­rected its staff to begin draft­ing a proposed ASU for a vote by written ballot. For more in­for­ma­tion, see De­loitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.

Disclosure framework — disclosure review: defined benefit plans

The FASB discussed feedback on its proposed ASU, Changes to the Disclosure Requirements for Defined Benefit Plans, and directed its staff to conduct additional research. For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

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SEC proposes disclosure-related updates and simplification

Jul 13, 2016

The SEC has issued a proposed rule, “Disclosure Update and Simplification.”

This proposed rule would “eliminate redundant, overlapping, outdated, or superseded provisions, in light of subsequent changes to Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (U.S. GAAP), International Financial Reporting Standards (IFRS), and technology.” The Commission is issuing this proposal as part of its overall efforts to improve disclosure effectiveness as well as to implement certain provisions of the Fixing America’s Surface Transportation Act.

Comments are due 60 days after the date of the proposal’s publication in the Federal Register. For more information, see Deloitte's related Heads Up newsletter as well as the press release and proposed rule on the SEC’s Web site.

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SEC proposes to enhance order handling information

Jul 13, 2016

The SEC has issued a proposed rule, “Disclosure of Order Handling Information.”

The proposed rule would require “broker-dealers to disclose the handling of institutional orders to customers” and “expand the information included in existing retail order disclosures.”

Comments are due 60 days after the date of the proposal’s publication in the Federal Register. For more information, see the press release and the proposed rule on the SEC’s Web site.

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SEC issues final rule on administrative proceedings

Jul 13, 2016

The SEC has issued a final rule, “Amendments to Commission’s Rules of Practice Regarding Administrative Proceedings.”

According to SEC Chair Mary Jo White, this final rule will offer parties “additional opportunities to conduct depositions and add flexibility to the timelines of [the SEC’s] administrative proceedings, while continuing to promote the fair and timely resolution of the proceedings.”

The final rule will become ef­fec­tive 60 days after the date of its pub­li­ca­tion in the Federal Reg­is­ter. For more in­for­ma­tion, see the press release and final rule on the SEC’s Web site.

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SEC issues final rule on Regulation SBSR

Jul 13, 2016

The SEC has issued a final rule, “Regulation SBSR — Reporting and Dissemination of Security-Based Swap Information.”

The final rule, which im­ple­ments requirements in Title VII of the Dodd-Frank Wall Street Reform and Con­sumer Pro­tec­tion Act, enhances transparency by regulating the “reporting and public dissemination of security-based swap transactions.”

The final rule will become ef­fec­tive 60 days after the date of its pub­li­ca­tion in the Federal Reg­is­ter. For more in­for­ma­tion, see the press release and final rule on the SEC’s Web site.

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SEC staff updates C&DIs on Securities Act sections and forms

Jul 12, 2016

The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs) related to Securities Act sections and forms.

The updated guid­ance ad­dresses ques­tions related to an issuer’s representation about the absence of a distribution of the securities received in an exchange. For more in­for­ma­tion, see Question 111.02 and Question 125.13 of the C&DIs on the SEC’s Web site.

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AICPA proposes amendments to going-concern guidance

Jul 08, 2016

The AICPA’s Auditing Standards Board has issued a proposed Statement on Auditing Standards (SAS) that would supersede the guidance in SAS No. 126, “The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern,” and amend various sections of SAS No. 122, “Statements on Auditing Standards: Clarification and Recodification.”

The proposal is part of an effort to converge the AICPA’s guidance with the IAASB’s International Standards on Auditing. The amendments would affect:

  • “Audits of special purpose frameworks and audits of single financial statements and specific elements, accounts, or items of a financial statement.”
  • “Interim financial information.”

Comments on the proposed SAS are due by September 5, 2016. For more information, see the proposal on the AICPA’s Web site.

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