Featured Product

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019. The staff was directed to draft a final Accounting Standards Update on the June 2019 proposal for credit losses standard. FASB also discussed the results of staff research on four potential projects related to accounting for warrant modifications, initial recognition and measurement of non-monetary assets in a joint venture, accounting for acquired financial assets in a business combination that do not meet the definition of purchased financial assets with credit deterioration, and interest income recognition and measurement.

    FASB added a project to the Emerging Issues Task Force (EITF) agenda to address the issuers’ accounting for modifications of equity classified warrants—that is, equity classified freestanding call options that are outside the scope of Topic 718 on stock compensation or Topic 815 on derivatives and hedging. FASB limited the scope of the project to equity classified freestanding call options that remain equity classified after the modifications. FASB discussed a summary of comments received on its June 2019 proposed Accounting Standards Update, titled "Codification Improvements to Financial Instruments—Credit Losses (Topic 326)." FASB directed the staff to draft a final Accounting Standards Update for vote by written ballot, post the affirmation of its decisions on the following issues:

    • Negative allowances for purchased financial assets with credit deterioration
    • Negative allowances for available-for-sale debt securities
    • Transition relief for troubled debt restructurings
    • Disclosures related to accrued interest receivables
    • Financial assets secured by collateral maintenance provisions
    • Conforming amendments to Subtopic 805-20 on Business Combinations—Identifiable Assets and Liabilities, and Any Non-controlling Interest.
    • Effective date and transition requirements

    Additionally, FASB decided to add a high-level principle to Topic 270 on interim reporting, for interim disclosure based on the removed portion of SEC Regulation S-X, Rule 10-01 on interim financial statements. FASB discussed the staff’s approach to the project and directed the staff to perform research and outreach to reassess disclosure requirements related to interim reporting.

     

    Related Links

    Keywords: Americas, US, Banking, Accounting, Tentative Decisions, Accounting Standards Update, Topic 326, Financial Instruments, IFRS 9, CECL, Derivatives and Hedging, Reporting, SEC, FASB

    Featured Experts
    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5469