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July

SEC opens comment period on the PCAOB’s changes to the auditor’s report

Jul 28, 2017

On July 28, 2017, the PCAOB’s proposed rules on the auditor’s report on the audit of financial statements were published in the Federal Register. Comments on the proposed rules are due to the SEC by August 18, 2017.

If approved by the SEC, the new standard will significantly modify the auditor’s reporting model. While the new standard will retain the current “pass/fail” approach, it will also significantly increase the informational value of auditors’ reports.

For more information, see the related SEC release as well as Deloitte’s June 1, 2017, article and June 20, 2017, Heads Up on the standard.

AICPA issues new technical practice aids

Jul 26, 2017

The AICPA has issued five new Q&As related to its Technical Practice Aids on reporting issues.

Specifically, the following Q&As have been added to TIS Section 9160:

  • .31, “Following Accounting Standards as Promulgated by FASB by a State or Local Governmental Entity.”
  • .32, “Reporting on Accounting Standards as Promulgated by FASB by a State or Local Government.”
  • .33, “Engagement Acceptance When a State or Local Government Elects to Follow a Special Purpose Framework.”
  • .34, “Accounting Standards as Promulgated by FASB as a Special Purpose Framework.”
  • .35, “Reporting on Indian Tribe Financial Statements Prepared in Accordance With Accounting Standards as Promulgated by FASB.”

For more information, see the recently issued technical questions and answers page on the AICPA’s Web site.

GASB proposes implementation guide for postemployment benefits other than pensions

Jul 25, 2017

The GASB has issued proposed Implementation Guide No. 201X-Z, “Accounting and Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting).”

The implementation guide con­sist­s of Q&As that would “clarify, explain, or elab­o­rate on the requirements of Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended.”

Com­ments on the pro­posed im­ple­men­ta­tion guide are due by September 25, 2017. For more in­for­ma­tion, see the pro­posed guide on the GASB’s Web site.

EITF discusses cloud computing arrangements at July meeting

Jul 21, 2017

At its July 20, 2017, meeting, the EITF discussed 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.”

For a de­tailed summary of the meeting, see De­loitte’s July 2017 EITF Snap­shot.

President Trump nominates new SEC commissioner

Jul 21, 2017

President Donald Trump has announced the nomination of Hester Maria Peirce as SEC commissioner.

Ms. Peirce is currently a senior research fellow and director of the financial markets working group at the Mercatus Center at George Mason University. President Barack Obama nominated Ms. Peirce for the position last year; however, the Senate did not have a hearing on her nomination.

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

SEC staff releases FAQs on investment-company reporting modernization reforms

Jul 21, 2017

The staff in the SEC’s Division of Investment Management has issued FAQs related to the Commission’s final rule “Investment Company Reporting Modernization,” which became effective on January 17, 2017.

Topics covered in the FAQs include the following:

  • Compliance dates and general filing obligations.
  • Form N-Port.
  • Regulation S-X.
  • Form N-CEN.

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

FASB discusses disclosure framework

Jul 21, 2017

At its July 19, 2017, meeting, the FASB discussed its project on the disclosure framework, including its proposed Concepts Statement “Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements.”

The Board made tentative decisions related to:

  • The proposed Concepts Statement’s scope.
  • Potential negative consequences of disclosures.
  • Disclosures about line-item changes that are not easily understood.
  • Disclosures about alternative measures that are useful to the assessment of prospects for future cash flows.

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

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 proposes to amend requirements related 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 by August 21, 2017. For more in­for­ma­tion, see the pro­posed rule on the SEC’s Web site.

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.

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