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
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    EIOPA Risk Assessment Shows Increase in Credit and Market Risks

    EIOPA published its risk dashboard based on Solvency II data from the fourth quarter of 2019.

    May 18, 2020 WebPage Regulatory News
    News

    MNB Issues Statement on Loan Payments After Moratorium Expires

    MNB published a statement on loan payments post the announced moratorium, in addition to a set of new questions and answers (Q&A) on supervisory measures and requirements announced amid COVID-19 pandemic.

    May 18, 2020 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for May 2020

    EBA updated the Single Rulebook question and answer (Q&A) tool for banks.

    May 15, 2020 WebPage Regulatory News
    News

    US Agencies Temporarily Amend Supplementary Leverage Ratio Calculation

    US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.

    May 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5195