SEC moves toward requiring electronic filings
The commission proposed amendments that would require registrants to file a number of submissions electronically as it works to modernize the agency’s information collection and analysis methods.
Accounting & Reporting
FASAB issues bulletin on reimbursable work agreements
FASAB issued a technical bulletin to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.
SEC proposals target cybersecurity
Proposals would expand who must report on cybersecurity and data breaches, as well as what they must report.
FASB proposes enhancements to income tax disclosures
FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.
3 trends that will reshape accounting and finance in 2023
The chief accounting officer of Workday shares on technology and talent strategy, zero-day close, and accounting’s role in driving value creation.
Managing interest rate risk with FASB’s new hedging flexibility
Find out how to apply FASB’s updated hedge accounting guidance, which more closely aligns a company’s financial reporting with the results of its risk management strategy.
FAF debuts enhanced access to online accounting standards
The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.
Opportunity knocks for firms as ESG reporting, assurance levels rise
More large companies than ever are reporting ESG data and obtaining assurance, according to a global survey, prompting many U.S. audit firms to explore how to best position themselves for an increased role.
First global sustainability standards approach the finish line
The International Sustainability Standards Board announces that IFRS S1 and IFRS S2 will be released in June and effective for some companies in 2024.
SEC adopts rule changes to reduce risks, proposes two other rules
The SEC adopted rule changes to reduce risks in clearance and settlement, shortening the standard settlement cycle for most broker-dealer transactions in securities, and proposed two other rules.
GASB proposes implementation guidance on subscription-based IT arrangements
GASB issued a proposed implementation guidance that is intended to clarify, explain, or elaborate on existing guidance on subscription-based information technology arrangements.
FinCEN provides time estimates for compiling beneficial ownership details
FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.
FASB provides update on disaggregation project
Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.
FinCEN proposes rules about access to beneficial ownership information
Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
Addressing ESG: Experts advise action but also patience
Regulation is an important step to establishing a baseline for ESG reporting, but it’s only a first step, according to panelists at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
Initial direct cost and deferred rent under FASB ASC 842
Topic 842 requires that initial direct costs be added to the right-of-use asset and included in its subsequent amortization.
FASB defers sunset date of reference rate reform guidance
FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.
FASB releases GAAP Taxonomy reports
FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.
FASB set to draft cryptoasset disclosure standard
The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.
SEC adopts insider trading rule, proposes 4 rules to protect stock traders
While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”
