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News

SEC document Image

SEC simplifies and modernizes certain disclosure requirements in Regulation S-K

Mar 21, 2019

The SEC has issued a final rule, “FAST Act Modernization and Simplification of Regulation S-K.”

The final rule is intended to "mod­ern­ize and sim­plify certain dis­clo­sure re­quire­ments in Reg­u­la­tion S-K, and related rules and forms, in a manner that reduces the costs and burdens on reg­is­trants while con­tin­u­ing to provide all ma­te­r­ial in­for­ma­tion to in­vestors." The overall purpose of the final rule is to increase the transparency of reg­is­trants' dis­clo­sures while eliminating "rep­e­ti­tion and dis­clo­sure of im­ma­te­r­ial in­for­ma­tion."

For more in­for­ma­tion, see the press release and final rule on the SEC's Web site. Also, watch for Deloitte’s upcoming Heads Up newsletter on the final rule.

SEC document Image

SEC proposes offering reforms for business development companies and registered closed-end funds

Mar 21, 2019

The SEC has issued a proposed rule, “Securities Offering Reform for Closed-End Investment Companies.”

The pro­posal would “modify the registration, communications, and offering processes available to [business development companies] and registered closed-end funds, building on offering practices that operating companies currently use.”

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 and pro­posed rule on the SEC’s Web site.

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FASB issues guidance on the definition of collections

Mar 21, 2019

The FASB has issued an Accounting Standards Update (ASU), “Updating the Definition of Collections.”

The ASU amends the definition of the term “collections” in U.S. GAAP by aligning it with the definition used in the Code of Ethics for Museums of the American Alliance of Museums. The amendments in the ASU “require that a collection-holding entity disclose its policy for the use of proceeds from when collection items are deaccessioned (that is, removed from a collection).”

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

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FASB discusses balance sheet classification of debt

Mar 21, 2019

At its March 20, 2019, meeting, the FASB discussed its project on simplifying the balance sheet classification of debt.

The Board continued redeliberating its proposed ASU Simplifying the Classification of Debt in a Classified Balance Sheet (Current Versus Noncurrent) and made ten­ta­tive de­ci­sions about unused long-term financing arrangements and disclosures. In ad­di­tion, the Board di­rected its staff to draft a revised proposed ASU for a vote by written ballot.

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

PCAOB (US Public Company Accounting Oversight Board) Image

PCAOB issues staff guidance on implementing CAM requirements

Mar 19, 2019

The PCAOB has issued three staff guidance documents related to the implementation of the new critical audit matter (CAM) requirements.

The documents consist of a high-level overview, staff observations from a review of audit methodologies, and a deeper dive on the determination of CAMs.

For more in­for­ma­tion, see the press release on the PCAOB’s Web site.

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FASB announces appointment of new SBAC members

Mar 14, 2019

The FASB has announced the appointment of Frank J. Cesario and Christopher J. Lafond to the Small Business Advisory Committee (SBAC).

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

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Highlights of the March 2019 meeting of the FASB's Not-for-Profit Advisory Committee

Mar 13, 2019

At its March 4–5, 2019, meeting, the FASB’s Not-for-Profit Advisory Committee (NAC) discussed (1) implementation issues related to certain FASB ASUs, (2) updating the definition of “collections,” and (3) other recently issued ASUs and ongoing FASB projects.

Im­ple­men­ta­tion issues related to certain FASB ASUs

Com­mit­tee members dis­cussed im­ple­men­ta­tion issues related to the fol­low­ing guid­ance:

  • ASU 2014-09, Revenue From Con­tracts With Cus­tomers.
  • ASU 2016-14, Pre­sen­ta­tion of Fi­nan­cial State­ments of Not-for-Profit En­ti­ties.
  • ASU 2016-02, Leases.
  • ASU 2016-13, Mea­sure­ment of Credit Losses on Fi­nan­cial In­stru­ments.
  • ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities.
  • ASU 2018-07, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

Up­dat­ing the de­f­i­n­i­tion of “col­lec­tions”

The NAC dis­cussed the Board’s redeliberations of its pro­posed ASU Up­dat­ing the De­f­i­n­i­tion of Col­lec­tions.

Other re­cently issued ASUs and ongoing FASB pro­jects

The NAC discussed comment-letter responses on the FASB’s proposed ASU Extending Private Company Alternatives on Certain Identifiable Intangible Assets and Goodwill to Not-for-Profit Entities and indicated that the feedback was generally positive. In addition, the Board discussed its projects on:

  • Identifiable intangible assets and subsequent accounting for goodwill.
  • Facilitation of the effects of the interbank offered rate transition on financial reporting.
  • Balance sheet classification of debt.
  • Financial performance reporting.
  • The disclosure framework initiative.

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

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SEC accepts 2019 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

Mar 13, 2019

The FASB has announced that the SEC has accepted the 2019 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy. The 2019 taxonomies reflect accounting standards issued during the past year as well as other corrections and improvements to the 2018 taxonomies.

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

SEC (US Securities and Exchange Commission) Image

SEC updates EDGAR filer manual and technical specifications

Mar 12, 2019

The SEC has implemented Release 19.1 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The release updates volume II and tech­ni­cal spec­i­fi­ca­tions for ABS XML, Form ATS-N XML, Form MA XML, Form N-CEN XML, Form N-PORT XML, and Reg A XML of the EDGAR Filer Manual. In addition, the SEC has issued a draft Form N-PORT XML technical specification, which is expected to be approved on or around April 1, 2019.

For more information, see the final rule on the SEC's Web site.

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Highlights of the FASB’s March 6 meeting

Mar 07, 2019

At its March 6, 2019, meeting, the FASB discussed (1) whether to add to its technical agenda a project addressing disclosures “referred to the Board by the SEC” and (2) its project on the definition of collections.

Disclosure improvements in response to SEC release on disclosure update and simplification

The FASB tentatively decided to add to its agenda a project on “disclosures referred to the Board as part of the SEC’s Disclosure Update and Simplification initiative.” The Board directed the staff to draft a proposed Accounting Standards Update (ASU) on this topic for a vote by written ballot.

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

Updating the definition of collections

The Board dis­cussed feedback on its proposed ASU Updating the Definition of Collections and tentatively decided to clarify that “the scope of the guidance on collections in Subtopics 958-360 and 958-605 includes both not-for-profit and business entities, consistent with the pre-Codification guidance in FASB Statement No. 116, Accounting for Contributions Received and Contributions Made.”

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

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