- The FASB plans to hold what Chairman Russell Golden believes will be the last public debate on its much-watched insurance accounting project in June. Golden said the board does not plan to reopen the debate on the method by which life insurers must update their cash flow assumptions, a central part of the plan that has been criticized by insurers.
- As companies prepare to implement some of the biggest accounting changes in decades, the FASB is focusing on making sure companies and organizations follow the new standards properly. The FASB plans to hold a webcast for private companies and not-for-profit groups tailored at implementing the revenue, leases and credit loss standards, as well as an overview of the FASB’s standard-setting activity.
- The SEC is planning to adopt rules that revise the definition of “smaller reporting company” by the fall of 2018 and let more public companies submit regulatory filings with a lighter set of disclosures. A top SEC official suggested during a congressional hearing that the agency may also revise the threshold for compliance with the auditor attestation rules for internal controls over financial reporting.
- The FASB published an update to U.S. GAAP that erases a reference in its financial services standard to a 1985 Office of the Comptroller circular that has since been rescinded. The update was part of the FASB’s regular effort to comb through the Codification of U.S. GAAP to eliminate errors and make improvements.
- Organizations should carefully evaluate their cybersecurity disclosure obligations now; SEC guidance focuses on preparing disclosures about cybersecurity risks and incidents.
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