We’re pleased to present Quarterly Accounting Roundup: Year in Review — 2019. Notable standards issued by the FASB in 2019 include Accounting Standards Updates that:

• Change some effective dates for certain new accounting standards, including those on hedging, leases, credit losses, goodwill impairment testing, and long-duration insurance contracts.
• Revise certain aspects of the FASB’s new credit losses standard.
• Clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments.
• Make Codification improvements to the Board’s new leasing standard.
• Clarify the accounting for share-based payments issued as sales incentives to customers.
• Extend certain private-company alternatives to not-for-profit entities.

On the regulatory front, SEC Chairman Jay Clayton announced that the Commission advanced 34 of the 39 rules on its near-term agenda in 2019 (as of December 10, 2019). Noteworthy SEC publications in 2019 include:

• Final rules that modernize and simplify certain disclosure requirements in Regulation S-K and amend the capital, margin, and segregation requirements for security-based swap dealers and broker-dealers.
• A statement that highlights risks for entities to consider as they transition away from the London Interbank Offered Rate.
• Proposed rules that would amend disclosures for acquisitions or dispositions of businesses and the definitions of accelerated filer and large accelerated filer.

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