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March

SEC approves the FASB’s 2019 accounting support fee

Mar 26, 2019

The SEC has published a release announcing its approval of the FASB’s 2019 accounting support fee, a task that the Commission is required to perform annually under the Sarbanes-Oxley Act.

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

FASB issues proposed ASU to enhance income tax disclosure requirements

Mar 26, 2019

The FASB has issued a proposed ASU, “Disclosure Framework — Changes to the Disclosure Requirements for Income Taxes,” which is intended to enhance the income tax disclosure requirements in U.S. GAAP.

In addition to modifying certain existing income tax disclosure requirements, the proposed ASU would prescribe several new requirements. The purpose of the proposal, which is part of the Board’s disclosure framework project, is to increase the relevance of income tax disclosures for financial statement users.

Comments on the proposed ASU are due by May 31, 2019. For more information, see Deloitte's related Heads Up newsletter as well as the press release on the FASB’s Web site.

On April 29, 2019, the FASB issued for comment Proposed Taxonomy Improvements for Proposed Accounting Standards Update—Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes (Revision of Exposure Draft Issued July 26, 2016). Comments on the proposed taxonomy improvements are due by May 31, 2019.

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 Deloitte's related Heads Up newsletter as well as the press release and final rule on the SEC's Web site.

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.

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.

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 meeting minutes on the FASB’s Web site.

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.

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.

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.

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.

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.