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SEC (US Securities and Exchange Commission) Image

SEC and NASAA issue statement on the application of securities laws to opportunity zone investments

Jul 16, 2019

The SEC and North American Securities Administrators Association (NASAA) have issued a joint statement, “Staff Statement on Opportunity Zones: Federal and State Securities Laws Considerations.”

The opportunity zone program, which was established by the Tax Cuts and Jobs Act, provides “tax incentives for long-term investing in designated economically distressed communities.” The purpose of the statement is to “help participants in the opportunity zone program understand the compliance implications for qualified opportunity funds under federal and state securities laws.”

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

SEC (US Securities and Exchange Commission) Image

SEC issues statement on LIBOR transition

Jul 12, 2019

The SEC has issued a statement regarding the expected discontinuation of LIBOR after 2021 and how market participants can manage their transition from LIBOR by evaluating existing contracts, new contracts, and other business risks.

In addition, the statement details guidance from the Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets, as well as from the Office of the Chief Accountant, on the discontinuation of LIBOR and how registrants can respond to the risks.

For more information, see Deloitte's Heads Up newsletter as well as the press release and statement on the SEC’s Web site.

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PCAOB issues resources on critical audit matters for audit committees and investors

Jul 12, 2019

The PCAOB has issued resources on critical audit matters (CAMs) for investors and audit committees.

The resource for investors addresses changes to the auditor’s report; frequently asked questions about CAMs; and the implementation of PCAOB Auditing Standard 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion.

The resource for audit committees contains information on working with auditors to apply the new CAM requirements.

CAQ document Image

CAQ issues discussion document on monitoring inflation

Jul 12, 2019

The Center for Audit Quality (CAQ) International Practices Task Force (IPTF) has issued a discussion document, “Monitoring Inflation in Certain Countries.”

The dis­cus­sion doc­u­ment addresses the IPTF’s “frame­work for com­pil­ing in­fla­tion data to assist reg­is­trants in mon­i­tor­ing in­fla­tion sta­tis­tics in con­nec­tion with their de­ter­mi­na­tion of the in­fla­tion­ary status of coun­tries in which they have op­er­a­tions.”

For more in­for­ma­tion, see the discussion document on the CAQ’s Web site.

CAQ document Image

CAQ issues publication on critical audit matters

Jul 12, 2019

The CAQ has issued “Investor Relations: Get Up to Speed Now on Critical Audit Matters.”

The publication is intended to help investor relations groups communicate with investors regarding critical audit matters (CAMs), since communications about CAMs will need to be included in auditors’ reports starting in the summer of 2019.

For more information, see the publication on the CAQ’s Web site.

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AICPA issues SAS 136 and SAS 137

Jul 10, 2019

The AICPA’s Auditing Standards Board has published two Statements on Auditing Standards (SASs): No. 136, “Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA,” and No. 137, “The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports.”

SAS 136 “addresses the auditor’s responsibility to form an opinion on the financial statements of employee benefit plans (EBPs) subject to the Employee Retirement Income Security Act of 1974 (ERISA), hereinafter referred to as ERISA plans. It also addresses the form and content of the auditor’s report issued as a result of an audit of ERISA plan financial statements.”

SAS 137 “addresses the auditor’s responsibilities relating to other information, whether financial or nonfinancial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report.”

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

SEC document Image

SEC and other organizations issue guidance to exclude community banks from the scope of the Volcker Rule

Jul 10, 2019

The SEC and several other government agencies — including the Federal Reserve Board, CFTC, FDIC, and OCC — have jointly issued a final rule, “Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds,” in response to amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Under the final rule, “community banks with $10 billion or less in total consolidated assets and total trading assets and liabilities of 5 percent or less of total consolidated assets” are excluded from the scope of the Volcker Rule. In addition, the final rule permits certain hedge funds or private equity funds to “share the same name or a variation of the same name with an investment adviser as long as the adviser is not an insured depository institution, a company that controls an insured depository institution, or a bank holding company.”

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

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GASB issues exposure draft, “Omnibus 20XX”

Jul 09, 2019

The GASB has issued an exposure draft (ED), “Omnibus 20XX.”

The ED ad­dresses “various accounting and financial reporting issues iden­ti­fied during the im­ple­men­ta­tion and ap­pli­ca­tion of certain GASB pronouncements.”

Comments on the ED are due by October 4, 2019. For more in­for­ma­tion, see the press release and ED on the GASB’s Web site.

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FASB issues invitation to comment on certain identifiable intangible assets and the subsequent accounting for goodwill

Jul 09, 2019

The FASB has issued an invitation to comment (ITC), “Identifiable Intangible Assets and Subsequent Accounting for Goodwill.”

The Board is releasing the ITC to seek further feedback in light of mixed comments from public-company stakeholders about the costs versus the benefits of providing information about accounting for certain identifiable intangible assets acquired in a business combination and the subsequent accounting for goodwill. The ITC is divided into five sections addressing the following topics:

  1. Whether to change the subsequent accounting for goodwill.
  2. Whether to modify the recognition of intangible assets in a business combination.
  3. Whether to add or change disclosures about goodwill and intangible assets.
  4. Comparability and scope.
  5. Other topics for consideration.

Com­ments on the ITC are due by October 7, 2019. For more in­for­ma­tion, see the press release, video, and ITC on the FASB’s Web site.


SEC (US Securities and Exchange Commission) Image

SEC commissioner sworn in

Jul 08, 2019

On June 20, 2019, the Senate confirmed former SEC enforcement official Allison H. Lee as a commissioner of the SEC for a term ending June 2022. Ms. Lee succeeds Kara Stein, whose tenure ended earlier this year.

See the state­ment issued by SEC Chair­man Jay Clayton and com­mis­sion­ers Robert J. Jackson Jr., Hester M. Peirce, and Elad L. Roisman on the SEC's Web site.

On July 8, 2019, Ms. Lee was sworn into office.

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