Quarterly Accounting Roundup: Third quarter — 2019

Published on: 27 Sep 2019

This issue of Quarterly Accounting Roundup discusses notable accounting and financial reporting developments that occurred in the third quarter of 2019, including:

  • The FASB’s issuance of proposed ASUs on:
    • Simplifying the balance sheet classification of debt.
    • Simplifying the issuer’s accounting for convertible instruments and contracts on an entity’s own equity.
    • Delaying the effective dates of certain major accounting standards for private companies, not-for-profit entities, and certain small public companies.
    • The interaction between the FASB’s standard on the equity method and that on financial instruments.
    • Deferring the effective date of the Board’s standard on long-duration insurance contracts.
    • The effects of reference rate reform.
  • The SEC’s release of (1) a statement on expected discontinuation of London Interbank Offered Rate (LIBOR) use in 2021 and how the transition from LIBOR may significantly affect financial markets and market participants and (2) a proposed rule on modernizing certain disclosure requirements in Regulation S-K.
  • The International Accounting Standards Board’s (IASB’s®) issuance of amendments related to interest rate benchmark reform as well as two exposure drafts of proposed amendments that would (1) improve disclosures about accounting policies and (2) clarify the accounting for deferred taxes on leases and decommissioning obligations.


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