- The SEC wants to finalize some proposed rule changes to simplify the public company disclosure requirements for regulatory filings. The SEC proposed the changes to modernize and simplify its disclosure rules for registration statements and annual and quarterly reports.
- SEC Chief Accountant Wesley Bricker urged public companies to make sure that they have clearly disclosed in their 10-K filings how they expect the FASB’s revenue recognition standard to affect their financial statements for upcoming reporting periods. He said the agency’s staff wants to verify that the disclosures will help investors understand the accounting change before they are incorporated in the primary financial statements in 2018 quarterly and annual filings.
- Guidance released by AICPA compares System and Organization Controls (SOC) for Cybersecurity with SOC 2®, enabling organizations to select the appropriate examination to meet stakeholder needs.
- Two years after releasing a proposal to improve the disclosure requirements for pensions and other postretirement benefits, the FASB has begun to publicly debate the disclosure requirements that will remain and those that will be dropped. The discussion was part of the board’s broader project to improve U.S. GAAP’s requirements for the information in financial statement footnotes.
- The FASB released a proposal to add a benchmark interest rate to its standard for hedge accounting. The proposed benchmark rate was developed by the Federal Reserve as an alternative to the London Interbank Offered Rate (LIBOR), which was tarnished by a rate-rigging scandal in 2012.
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