Featured Product

    FASB Consults on Amendments in Response to SEC Disclosure Update

    May 06, 2019

    FASB proposed an Accounting Standards Update (ASU) that improves disclosure requirements in terms of codification amendments in response to the Disclosure Update and Simplification Initiative of SEC. The proposed changes cover, among others, topics such as related party disclosures and derivatives and hedging. The comment period on this exposure draft ends on June 28, 2019.

    In the Release No. 33-10532, titled "Disclosure Update and Simplification" and issued on August 17, 2018, SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles (GAAP) to the FASB for potential incorporation into the Codification. The amendments in this proposed Accounting Standards Update are the result of the FASB consideration of those referred disclosures. The amendments in this proposed Accounting Standards Update would affect a variety of topics in the Codification. Certain proposed amendments represent clarifications to, or technical corrections of, the current requirements. A summary table identifying the Codification Subtopics and the nature of the proposed amendments is provided in the “Amendments to the FASB Accounting Standards Codification” section.

    The proposed amendments would apply to all entities within the scope of the affected topics, unless otherwise indicated. FASB is seeking input on whether the proposed amendments should apply to private companies and not-for-profit entities. However, certain disclosures included in the amendments in the proposed Accounting Standards Update would not be required for entities other than public business entities. The proposed amendments would align the requirements in the Codification with the SEC regulations and, therefore, would make the Codification easier to apply by eliminating those redundancies and providing clarifications. The amendments in the proposed Accounting Standards Update would be applied prospectively to financial statements issued after the effective date. The effective date will be determined after FASB considers stakeholder feedback on the proposed amendments.

     

    Related Link: Exposure Draft (PDF)

    Comment Due Date: June 28, 2019

    Keywords: Americas, US, Accounting, Banking, Securities, Codification, Accounting Standards Update, Disclosures, Derivatives and Hedging, Reporting, US GAAP, SEC, FASB

    Featured Experts
    Related Articles

    PRA Publishes Q&A on Property Valuation Requirements Under CRR

    PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.

    May 29, 2020 WebPage Regulatory News

    EBA Publishes Guidelines on Loan Origination and Monitoring

    EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.

    May 29, 2020 WebPage Regulatory News

    EBA Proposes Revised Standards for Own Funds and Eligible Liabilities

    EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.

    May 29, 2020 WebPage Regulatory News

    EBA Sets Out Supervisory Convergence Plan for 2020

    EBA published a report on convergence of supervisory practices in 2019.

    May 29, 2020 WebPage Regulatory News
    News

    IOSCO Consults on Outsourcing Principles for Operational Resilience

    IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.

    May 28, 2020 WebPage Regulatory News
    News

    MAS Consortium to Develop AI Fairness Metrics for Credit Scoring

    MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.

    May 28, 2020 WebPage Regulatory News

    BoE Updates Definitions for BTL Data Collection

    BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.

    May 28, 2020 WebPage Regulatory News
    News

    FSI Examines Financial Stability Implications of Payment Deferrals

    FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.

    May 28, 2020 WebPage Regulatory News
    News

    RBNZ Publishes Financial Stability Report for May 2020

    RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.

    May 27, 2020 WebPage Regulatory News
    News

    PRA Finalizes Policy on Prudent Person Principle Under Solvency II

    PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.

    May 27, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5234