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News

SEC (US Securities and Exchange Commission) Image

SEC proposes to amend definitions of “accelerated filer” and “large accelerated filer”

May 09, 2019

The SEC has issued a proposed rule, “Amendments to the Accelerated Filer and Large Accelerated Filer Definitions.”

The proposal would amend Exchange Act Rule 12b-2 and “reduce costs for certain lower-revenue companies by more appropriately tailoring the types of companies that are categorized as accelerated and large accelerated filers while maintaining effective investor protections.”

Comments on the proposed rule are due 60 days after the date of its publication in the Federal Register.

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

SBAC meeting Image

SBAC holds May 2019 meeting

May 06, 2019

At its May 2, 2019, meeting, the Small Business Advisory Committee (SBAC) discussed technology in financial reporting, certain identifiable intangible assets, goodwill, disclosure by business entities about government assistance, financial performance reporting, and the disclosure framework related to income taxes.

The SBAC also received updates on the FASB’s projects on distinguishing liabilities from equity, simplifying the balance sheet classification of debt, and improvements made to the FASB’s disclosure requirements in response to the SEC’s final rule related to disclosure update and simplification.

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

FASB document Image

FASB issues proposed ASU to align certain SEC disclosure requirements with Codification guidance

May 06, 2019

The FASB has issued a proposed ASU, “Disclosure Framework — Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.”

The purpose of the proposed amendments is to “clarify or improve disclosure and presentation requirements of a variety of Codification Topics” by aligning “the requirements in the Codification with SEC’s regulations.”

Com­ments on the pro­posed ASU are due by June 28, 2019. For more in­for­ma­tion, see the proposed ASU on the FASB’s Web site.

SEC (US Securities and Exchange Commission) Image

SEC proposes improvements to disclosures about acquisitions and dispositions of businesses

May 03, 2019

The SEC has issued a proposed rule, “Amendments to Financial Disclosures About Acquired and Disposed Businesses.”

The proposal would “improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies.”

Comments on the proposed rule are due 60 days after the date of its publication in the Federal Register. For more information, see our related Heads Up newsletter as well as the press release and proposed rule on the SEC’s Web site.

IASB document Image

IASB releases proposal related to reform of interest rate benchmarks

May 03, 2019

The IASB has published an exposure draft (ED), “Interest Rate Benchmark Reform,” that would amend IFRS 9 and IAS 39 in response to reforms made to interest rate benchmarks (e.g., interbank offered rates).

The purpose of the proposed amend­ments is to “provide relief from specific hedge accounting requirements that could have resulted in the discontinuation of hedge accounting solely due to the uncertainty arising from interest rate benchmark reform.”

Comments on the ED are due by June 17, 2019. For more information, see Deloitte’s IFRS in Focus newsletter as well as the press release and ED on the IASB’s Web site.

GASB document Image

GASB issues implementation guide on recent pronouncements

May 02, 2019

The GASB has issued Implementation Guide No. 2019-1, “Implementation Guidance Update — 2019,” which consists of Q&As that “clarify, explain, or elaborate on” certain GASB Statements.

Topics ad­dressed in the guide’s Q&As include:

  • Derivative instruments.
  • Disaster-related expenditure-driven grants.
  • Irrevocable split-interest agreements.
  • Postemployment benefits.
  • Tax abatement disclosures.
  • Transfers of capital assets within a financial reporting entity.

In ad­di­tion, the im­ple­men­ta­tion guide amends certain Q&As from pre­vi­ously issued imple­men­ta­tion guides. It is effective for reporting periods beginning after June 15, 2019.

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

FAF (US Financial Accounting Foundation)  Image

FAF president to step down

Apr 26, 2019

FAF president and CEO Teresa S. Polley has announced that she will resign from the organization.

Ms. Polley joined the FAF in 1987 and became president in 2008 and CEO in 2010. She will remain with the FAF until details of a leadership transition are finalized. John W. Auchincloss will serve as acting president until a replacement is made.

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

FASB document Image

FASB makes narrow-scope amendments to financial instruments standards

Apr 25, 2019

The FASB has issued an Accounting Standards Update (ASU), “Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.”

The ASU is intended to clarify and improve “areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement.”

For more information, see our related Heads Up newsletter as well as the press release and ASU on the FASB’s Web site.

FASB meeting Image

FASB discusses financial performance reporting

Apr 25, 2019

At its April 24, 2019, meeting, the FASB discussed its project on financial performance reporting, specifically the portion of the project dedicated to disaggregation of performance information.

The Board discussed an “internal view approach” in which the objective is “to disaggregate income statement expense information based on how management internally views consolidated expenses.” No decisions were made, but the Board directed its staff to begin outreach efforts related to this topic.

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

FAF (US Financial Accounting Foundation)  Image

FAF reelects chairman and appoints vice-chairman and two new trustees

Apr 19, 2019

The Financial Accounting Foundation (FAF) has reelected Charles H. Noski as chairman of the board of trustees and has appointed Diane M. Rubin as vice-chairman.

In addition, the FAF has appointed two new trustees, Mary E. Barth and David H. Lillard.

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

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