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News

FASB document Image

FASB makes technical corrections and improvements to Codification

Jul 17, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-09, “Codification Improvements.”

The ASU’s amendments “clarify, correct errors in, or make minor improvements to the Codification.” Specifically, the ASU makes improvements to the following ASC topics:

  • ASC 220-10, Income Statement — Reporting Comprehensive Income.
  • ASC 470-50, Debt — Modifications and Extinguishments.
  • ASC 480-10, Distinguishing Liabilities From Equity.
  • ASC 718-740, Compensation — Stock Compensation — Income Taxes.
  • ASC 805-740, Business Combinations — Income Taxes.
  • ASC 815-10, Derivatives and Hedging.
  • ASC 820-10, Fair Value Measurement.
  • ASC 940-405, Financial Services — Brokers and Dealers — Liabilities.
  • ASC 962-325, Plan Accounting — Defined Contribution Pension Plans — Investments — Other.

For more in­for­ma­tion, see the ASU on the FASB’s Web site.

FASB meeting Image

FASB discusses interim reporting disclosures

Jul 12, 2018

At its July 11, 2018, meeting, the FASB discussed its project on interim reporting disclosures and directed its staff to develop principles for interim disclosure and to conduct additional research related to the project.

For more in­for­ma­tion, see the tentative Board decisions on the FASB’s Web site.

SEC (US Securities and Exchange Commission) Image

SEC updates EDGAR filer manual and technical specifications

Jul 09, 2018

The SEC has implemented Release 18.2 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual. The release updates volume II of EDGAR as well as various technical specifications.

In addition, as a result of the release, the EDGAR system will no longer support the 2016 GAAP Taxonomy.

For more in­for­ma­tion, see the announcement on the SEC’s Web site.

IAC meeting Image

Investor Advisory Committee holds June 2018 meeting

Jul 03, 2018

At its June 28, 2018, meeting, the FASB’s Investor Advisory Committee (IAC) discussed emerging issues and trends, income tax reform, the FASB’s ongoing project efforts, and the FASB’s disclosure review research project.

The next IAC meeting is scheduled for November 29, 2018. For more information, see the meeting recap on the FASB’s Web site.

PCC meeting Image

PCC holds June 2018 meeting

Jul 03, 2018

At its June 26, 2018, meeting, the Private Company Council (PCC) discussed feedback received on various topics from participants at recent Town Hall meetings as well as the EITF’s consensus on cloud computing, its outreach related to share-based compensation, revenue recognition implementation issues, the balance sheet classification of debt, and the FASB’s project to reorganize consolidation guidance.

The next PCC meeting is scheduled for October 9, 2018. For more information, see the meeting recap on the FASB’s Web site.

FASB meeting Image

Highlights of the FASB’s June 27 meeting

Jun 29, 2018

At its June 27, 2018, meeting, the FASB discussed its projects on (1) consolidation reorganization and targeted improvements and (2) the conceptual framework. In addition, the Board ratified two EITF Issues.

Consolidation reorganization and targeted improvements

The Board discussed feedback received on its proposed ASU, Consolidation (Topic 812): Reorganization, and tentatively decided to continue with the consolidation reorganization project.

For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Conceptual framework — elements

The Board dis­cussed application issues related to the tentative definition of a liability.

For more in­for­ma­tion, see the meeting minutes on the FASB’s Web site.

Ratification of EITF consensus and consensus-for-exposure

The FASB ratified the EITF’s:

  • Consensus on Issue No. 17-A, “Customer’s Accounting for Implementation, Setup, and Other Upfront Costs (Implementation Costs) Incurred in a Cloud Computing Arrangement That Is Considered a Service Contract.”
  • Consensus-for-exposure on Issue No. 18-A, “Recognition Under Topic 805 for an Assumed Liability in a Revenue Contract.”

The FASB directed its staff to draft an ASU and a proposed ASU on the consensus and consensus-for-exposure, respectively, for votes by written ballot.

For more information, see Deloitte’s June 2018 EITF Snapshot as well as the meeting minutes on the FASB’s Web site.

SEC document Image

SEC proposes amendments to whistleblower rules

Jun 28, 2018

The SEC has issued a proposed rule that would amend existing rules related to its whistleblower program.

The pro­posal provides additional tools to assist with award determinations; establishes a uniform definition of “whistleblower”; increases the efficiency of processing whistleblower award applications; and clarifies and enhances certain policies, practices, and procedures related to implementing the program.

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

SEC document Image

SEC amends certain disclosure requirements for registered open-end funds

Jun 28, 2018

The SEC has approved a new rule that amends the “public liquidity-related disclosure requirements for certain open-end funds.”

Specifically, such funds would be required to “discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity risk management programs.”

For more in­for­ma­tion, see the press release and final rule on the SEC’s Web site.

SEC document Image

SEC proposes modernization of ETF regulatory framework

Jun 28, 2018

The SEC has issued a proposed rule that would “modernize the regulatory framework for exchange-traded funds (ETFs).”

The pro­posal “would permit ETFs that satisfy certain conditions to operate within the scope of the Investment Company Act of 1940 . . . and come directly to market without the cost and delay of obtaining an exemptive order.”

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

SEC document Image

SEC issues amendments related to inline XBRL filing of tagged data

Jun 28, 2018

The SEC has approved a new rule that requires registrants to use the inline XBRL (iXBRL) format for operating companies and funds when submitting financial statement information and fund risk/return summary information. In addition, the rule removes the requirement for operating companies and funds to post XBRL data on their Web sites.

For more in­for­ma­tion, see the press release and final rule on the SEC’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.