This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

SEC XBRL Image

SEC updates EDGAR filer manual and technical specifications

Jul 18, 2017

The SEC has implemented Release 17.2 of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The release updates volume I and II of EDGAR as well as various tech­ni­cal spec­i­fi­ca­tions.

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

SEC document Image

SEC proposes amendment to certain securities on Investors Exchange LLC

Jul 17, 2017

The SEC has issued a proposed rule, “Covered Securities Pursuant to Section 18 of the Securities Act of 1933.”

This pro­posed rule would “designate certain securities on Investors Exchange LLC . . . as covered securities for purposes of Section 18(b) of the Securities Act” and would exempt those securities from state law registration requirements.

Com­ments on the pro­posal are due 30 days after the date of its pub­li­ca­tion in the Federal Reg­is­ter. For more in­for­ma­tion, see the pro­posed rule on the SEC’s Web site.

GASB document Image

GASB proposes guidance to improve certain debt disclosures

Jul 13, 2017

The GASB has issued an exposure draft (ED), “Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements,” which aims to “improve consistency in the information that is disclosed in the notes to government financial statements related to debt, including direct borrowings and direct placements, and to provide financial statement users with additional essential information about debt.”

Com­ments on the ED are due by September 15, 2017. For more in­for­ma­tion, see the ED on the GASB’s Web site.

FASB document Image

FASB amends guidance on accounting for financial instruments with characteristics of liabilities and equity

Jul 13, 2017

The FASB has issued a two-part Accounting Standards Update (ASU) No. 2017-11, “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” The guidance in the new standard is based on recommendations from the Private Company Council and is intended to simplify current accounting.

The ASU will (1) “change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features” and (2) improve the readability of ASC 480-10 by replacing the indefinite deferral of certain pending content with scope exceptions.

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

PCC meeting Image

PCC holds July 2017 meeting

Jul 11, 2017

At its July 11, 2017, meeting, the Private Company Council (PCC) discussed the FASB’s projects on (1) targeted improvements to the related-party guidance for variable interest entities, (2) targeted improvements to the guidance on financial instruments with characteristics of liabilities and equity, (3) cloud computing, (4) nonemployee share-based payments, (5) balance sheet classification of debt, and (6) agenda consultation.

The next PCC meeting is sched­uled for September 19, 2017. For more in­for­ma­tion, see the meeting recap on the FASB’s Web site.

AICPA document Image

AICPA issues proposed framework for financial instrument valuation professionals

Jul 10, 2017

The AICPA has issued a proposed disclosure framework, and related proposed application guidance, for the valuation of financial instruments.

The proposed framework, Disclosure Framework for the Valuation of Financial Instruments and the Certified in Valuation of Financial Instruments (“CVFI”) Credential, provides requirements related to “how much support, in terms of scope of work and documentation, should be prepared or obtained when designing, implementation, and conducting valuations of financial instruments used for management assertions made in financial statements or other reports issued for financial reporting or other purposes.”

The proposed application document, Application of the Disclosure Framework for the Valuation of Financial Instruments and the Certified in Valuation of Financial Instruments (“CVFI”) Credential, which will “continue to evolve and expand,” provides “guidance on how much work, what level of rigor, and what extent of documentation are required when performing valuation assignments for financial reporting purposes.”

Comments on both documents are due by September 27, 2017. For more information, see the disclosure framework page on the AICPA’s Web site.

SEC document Image

SEC adopts updates to EDGAR filer manual

Jul 07, 2017

The SEC has issued a final rule adopting updates to Volume I and Volume II of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system filer manual.

The updates “reflect amendments made to several forms under the Securities Act of 1933 (“Securities Act”) and the Securities Exchange Act of 1934 (“Exchange Act”) to effectuate inflation adjustments and other technical amendments required under Titles I and III of the Jumpstart Our Business Startups (“JOBS”) Act; support recent updates to Form C and Form D; [contain] instructions for hyperlinking to exhibits included with certain Securities Act and Exchange Act forms [, and include] certain corrective changes to previously revised sections.” The SEC is also updating the technical specifications for certain schema and taxonomies.

The changes will be available on July 17, 2017.

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

AICPA (American Institute of CPAs) Image

AICPA issues four revenue working drafts

Jul 06, 2017

The AICPA’s revenue recognition task forces have released for public comment four working drafts on accounting issues associated with the implementation of the new revenue standard for airlines, gaming, health care, and telecommunications industries.

The working drafts address the fol­low­ing topics:

  • Regional contracts (airlines).
  • The timing for recognition of a wide-area progressive operator’s liability for base progressive and incremental progressive jackpot amounts (gaming).
  • Consideration of the new revenue standard in connection with third-party settlement estimates (health care).
  • Miscellaneous fees (telecommunications).

Com­ments on the working drafts are due by September 1, 2017. For more in­for­ma­tion, see the revenue recog­ni­tion page on the AICPA’s Web site.

SEC (US Securities and Exchange Commission) Image

SEC to expand confidential review process of draft initial registration statements

Jun 30, 2017

The SEC’s Division of Corporation Finance has announced that the SEC is expanding to all companies certain benefits related to the confidential review process for draft initial registration statements under the Jumpstart Our Business Startups (JOBS) Act.

According to the announcement, effective July 10, 2017:

  • Any company will be able to provide a confidential draft initial public offering registration statement to the SEC staff for review before the company’s public filing. The company will be required to publicly file such draft and any related amendments with the SEC no later than 15 days before its roadshow or requested effective date.
  • An issuer may voluntarily submit a draft registration statement within one year of the effective date of its initial Securities Act registration statement or its Exchange Act Section 12(b) registration statement, for review on a nonpublic basis.
  • The SEC will not delay processing a draft registration statement if an issuer reasonably believes that omitted financial information will not be required at the time the registration statement is publicly filed.
  • The SEC will continue to consider any waiver requests made under Regulation S-X, Rule 3-13.  
  • Foreign private issuers can elect to avail themselves of these benefits.

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

GASB document Image

GASB issues new leases standard

Jun 28, 2017

The GASB has issued Statement No. 87, “Leases.”

The Statement "establishes a single approach to accounting for and reporting leases by state and local governments." The new standard’s objective is to enhance "the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract."

For more information, see Statement 87 and the press release on the GASB’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.