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SEC document Image

SEC issues proposed rule related to margin requirements for security futures

Jul 08, 2019

The SEC has issued a proposed rule, “Customer Margin Rules Relating to Security Futures.”

The proposed rule would “lower the margin requirement for an unhedged security futures position from 20% to 15%, as well as propose certain revisions to the margin offset table consistent with the proposed reduction in margin.”

The proposal is subject to approval by the Commodity Futures Trading Commission, which shares rulemaking authority related to margin requirements for security futures with the SEC. Com­ments on the pro­posed rule are due 30 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.

SEC (US Securities and Exchange Commission) Image

SEC names chief accountant

Jul 03, 2019

The SEC has appointed Sagar Teotia as chief accountant in the SEC’s Office of the Chief Accountant.

Mr. Teotia had been serving as the Commission’s acting chief accountant since the departure of Wesley Bricker in June. Previously, he has held positions as SEC professional accounting fellow, SEC deputy chief accountant, and partner at Deloitte LLP.

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

SEC (US Securities and Exchange Commission) Image

SEC staff updates Financial Reporting Manual

Jul 02, 2019

The SEC’s Division of Corporation Finance has published an update to its Financial Reporting Manual (FRM).

The revisions include:

  • Removal of Sections 1610, 2030.1, and 2030.3.
  • Updates to Topic 2 and Section 2020.1 to “clarify application of Rule 3-13 and Note 5 to Rule 8-01 of Regulation S-X.”
  • Consolidation of Sec­tion 5240 with the note to Topic 2.
  • Amendments to Section 10110 to change the “revenue threshold for EGCs pursuant to SEC Release 33-10332.”
  • Technical amendments to Sections 11100 and 11200 to replace references to ASU 2014-09 and ASU 2016-02 with those to ASC topics.

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

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PCC holds June 2019 meeting

Jul 02, 2019

At its June 24–25, 2019, meeting, the Private Company Council (PCC) and FASB discussed (1) the practical expedient related to measuring the grant-date fair value of equity-classified share-based payment awards, (2) implementation activities associated with the FASB’s standards on leases and current expected credit losses, (3) identifiable intangible assets and subsequent accounting for goodwill, (4) considerations related to additional delays in the effective dates of standards for private companies, (5) reference rate reform, (6) simplifications to the accounting for income taxes, and (7) EITF updates.

The next PCC meeting is sched­uled for September 10–11, 2019. For more in­for­ma­tion, see the media recap on the FASB’s Web site.

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FASB ratifies EITF consensus-for-exposure

Jun 28, 2019

At its June 26, 2019, meeting, the FASB ratified the Emerging Issues Task Force (EITF) consensus-for-exposure on Issue 19-A, “Financial Instruments — Clarifying the Interactions Between Topic 321 and Topic 323,” and directed its staff to draft a proposed ASU for public comment.

In ad­di­tion, the Board added a project on the presentation, disclosure, and valuation of gift-in-kind contributions to its research agenda.

For more in­for­ma­tion, see De­loitte’s EITF Snap­shot as well as the meeting minutes on the FASB's Web site.

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GASB proposes guidance on deferred compensation plans

Jun 28, 2019

The GASB has issued an exposure draft (ED), “Internal Revenue Code Section 457 Deferred Compensation Plans That Meet the Definition of a Pension Plan and Supersession of GASB Statement 32.”

The pro­posed guid­ance would “require that all accounting and financial reporting requirements relevant to pension plans be applied to Section 457 plans that meet the definition of a pension plan.”

Com­ments on the ED are due by Sep­tem­ber 27, 2019. For more in­for­ma­tion, see the press release and ED on the GASB’s Web site.

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FASB proposes improvements to credit losses standard

Jun 27, 2019

The FASB has issued a proposed Accounting Standards Update (ASU), “Codification Improvements to Topic 326, Financial Instruments — Credit Losses.”

The proposed ASU would amend the following aspects of the FASB’s guidance on credit losses: (1) negative allowances for purchased financial assets with credit deterioration, (2) transition relief for troubled debt restructurings, (3) disclosures related to accrued interest receivables, (4) financial assets secured by collateral maintenance provisions, and (5) a conforming amendment to ASC 805-20.

Comments on the proposed ASU are due by July 29, 2019. For more information, see the press release and proposed ASU on the FASB’s Web site.

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Highlights of the June 2019 FASAC meeting

Jun 26, 2019

At its June 20, 2019, meeting, the FASB’s Financial Accounting Standards Advisory Council (FASAC) discussed (1) effective date considerations for private companies, not-for-profit organizations, and small public companies; (2) implementation of the leasing standard; and (3) segment reporting.

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

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FASB begins second study on segment reporting

Jun 26, 2019

The FASB has announced that it will be conducting its second study on potential improvements to the segment disclosure and reconciliation requirements.

Specifically, the FASB is requesting feedback from public companies on “the issues preparers may face in applying different potential improvements for the existing segment disclosure requirements.”

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

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IASB publishes proposed amendments to IFRS 17

Jun 26, 2019

The IASB has published an exposure draft (ED), “Amendments to IFRS 17,” to address concerns and implementation challenges with IFRS 17, “Insurance Contracts,” which was published in 2017.

Revisions made by the proposed amendments would include:

  • Deferral of the date of initial ap­pli­ca­tion of IFRS 17 by one year to annual periods beginning on or after January 1, 2022, and change in the fixed expiry date for the temporary exemption in IFRS 4, Insurance Contracts, from applying IFRS 9, Financial In­stru­ments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after January 1, 2022.
  • Optional scope exclusion for loan contracts that transfer sig­nif­i­cant insurance risk and related tran­si­tion re­quire­ments to enable entities issuing such contracts to account for those contracts by applying either IFRS 17 or IFRS 9.
  • Scope exclusion for credit card contracts that provide insurance coverage.
  • Amend­ments related to al­lo­ca­tion, recog­ni­tion, re­cov­er­abil­ity assessment, and dis­clo­sure of insurance ac­qui­si­tion cash flows associated with expected contract renewals.
  • Amend­ments related to the con­trac­tual service margin al­lo­ca­tion.
  • Extension of the risk mit­i­ga­tion option to rein­sur­ance contracts held.
  • Requirement for entities to recognize a gain on rein­sur­ance contracts held when, at initial recog­ni­tion, such entities also recog­nized losses on onerous insurance contracts issued.
  • Sim­pli­fied pre­sen­ta­tion of insurance contracts in the statement of financial position.
  • Tran­si­tion relief related to business com­bi­na­tions.
  • Tran­si­tion relief related to the date of ap­pli­ca­tion of the risk mit­i­ga­tion option and the use of the fair value tran­si­tion approach.

The proposed effective date for the amend­ments would be the same as the proposed new effective date for IFRS 17 (January 1, 2022). Early ap­pli­ca­tion would be permitted. The amend­ments would be applied ret­ro­spec­tively.

Comments on the proposed amendments are due by September 25, 2019. For more information, see Deloitte's IFRS in Focus newsletter as well as the press release, snapshot, and ED on the IASB’s Web site.

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