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.


SEC (US Securities and Exchange Commission) Image

SEC staff publishes C&DIs on interactive data

Aug 21, 2019

The staff in the SEC’s Division of Corporation Finance (the “Division”) has updated its compliance and disclosure interpretations (C&DIs) related to interactive data.

Specifically, the Division added nine C&DIs addressing inline XBRL.

For more in­for­ma­tion, see the C&DIs on the SEC’s Web site.


Michael Morrow appointed as FASAC chairman

Aug 21, 2019

The Financial Accounting Foundation (FAF) has announced that Michael Morrow has been appointed as chairman of the Financial Accounting Standards Advisory Council (FASAC) for a two-year term beginning on January 1, 2020.

Mr. Morrow joined the FASAC in January 2019. He will replace Andrew G. McMaster Jr. as chairman, who is stepping down at the end of the year.

For ad­di­tional in­for­ma­tion, see the press release on the FAF's Web site.

PCC (Private Company Council) (mid blue) Image

FAF trustees announce new and reappointed PCC members

Aug 21, 2019

The Financial Accounting Foundation’s (FAF’s) board of trustees has appointed Holly Nelson and Zubin Avari to the Private Company Council (PCC). The trustees have also announced the reappointments of current PCC members Yan Zhang and Richard Reisig.

The three-year terms of both the new and reappointed PCC members will begin on January 1, 2020. For more in­for­ma­tion, see the press release on the FAF’s Web site.

AICPA document Image

AICPA releases working drafts on implementation issues related to credit losses

Aug 19, 2019

The AICPA’s Financial Reporting Executive Committee has released for public comment three working drafts on accounting issues associated with the implementation of FASB Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses” (issued in June 2016), which “provides a new current expected credit loss (CECL) model to measure impairment for financial assets (and instruments) measured at amortized cost.”

The working drafts address the following topics:

Com­ments on the working draft are due by October 15, 2019. For more in­for­ma­tion, see the CECL issues page on the AICPA’s Web site.

Document (dk gray) Image

OCC updates “Bank Accounting Advisory Series”

Aug 16, 2019

The Office of the Comptroller of the Currency (OCC) has updated its “Bank Accounting Advisory Series” (BAAS), which “expresses the office’s positions on accounting topics relevant to national banks and federal savings associations.”

Changes to the BAAS include re­vi­sions made to reflect guidance in the FASB’s standards on hedging and credit losses.

For more in­for­ma­tion, see the BAAS update on the OCC’s Web site.

GASB (Governmental Accounting Standards Board) (blue) Image

GASB issues implementation guide on lease accounting

Aug 16, 2019

The GASB has issued an implementation guide containing Q&As on lease accounting.

The guide’s purpose is to help state and local governmental entities better understand the requirements in GASB Statement No. 87, Leases.

For more in­for­ma­tion, see the press release and im­ple­men­ta­tion guide on the GASB’s Web site.

FASB document Image

FASB proposes to delay certain effective dates for private companies, NFPs, and small public companies

Aug 15, 2019

The FASB has issued a proposed Accounting Standards Update (ASU), “Effective Dates,” which would give private companies, not-for-profit (NFP) entities, and certain small public companies additional time to implement the Board’s standards on current expected credit losses (CECL), hedging, and leases.

On the basis of input from the Private Company Council and Small Business Advisory Committee, the FASB has outlined a new philosophy under which it plans to extend and simplify effective dates for private companies, smaller public companies, NFPs, and employee benefit plans. In its press release on the proposal, the Board explains this philosophy as follows:

Under this philosophy, a major standard would first be effective for larger public companies. For all other entities, the Board would consider requiring an effective date staggered at least two years later. Generally, it is expected that early application would continue to be permitted for all entities.

The table below, which is adapted from the proposed ASU, indicates how the effective dates of the hedging, leasing, and CECL standards would be amended for affected entities (in this table, a calendar year-end is assumed).

Standard SEC filers All other public business entities Private and all other
Hedging January 2019 January 2019 January 2020
January 2021
Leases January 2019 January 2019* January 2020
January 2021
CECL January 2020
(Except SRCs
January 2023)
January 2021
January 2023
January 2022
January 2023

Bold indicates no change in effective date.

* Also includes employee benefit plans and not-for-profit conduit bond obligors that file or furnish financial statements with or to the SEC.

Comments on the proposed ASU are due by September 16, 2019. For more information, see Deloitte's related Heads Up newsletter as well as the proposal and FASB in Focus newsletter on the FASB’s Web site.

SEC document Image

SEC proposes modernizing certain disclosure requirements in Regulation S-K

Aug 08, 2019

The SEC has issued a proposed rule, “Modernization of Regulation S-K Items 101, 103, and 105.”

The proposed rule would “modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K.”

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

SEC document Image

SEC amends rules for NRSROs

Aug 07, 2019

The SEC has issued a final rule, “Amendments to Rules for Nationally Recognized Statistical Rating Organizations.”

The final rule codifies “an existing exemption [to Exchange Act Rule 17g-5(a)(3)] for credit rating agencies registered with the Commission as nationally recognized statistical rating organizations (NRSROs).” The exemption applies to “certain structured finance products issued by non-U.S. persons and offered and sold outside the United States.”

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

SEC document Image

SEC makes technical corrections related to certain disclosure rules in Regulation S-K

Aug 07, 2019

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

The final rule makes technical corrections related to:

  • Certain registration statement forms under the Securities Act of 1933.
  • The exhibit table in Regulation S-K, Item 601(a).
  • Typographical errors and cross-references in the regulatory text of the amendments.

For more in­for­ma­tion, see the 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.