• Proposal excludes community banks from Volcker Rule

    The SEC and other financial regulators issued a joint proposal that would exclude community banks from the Volcker Rule which restricts proprietary trading. The Economic Growth, Regulatory Relief, and Consumer Protection Act, which became law in May 2018, mandated the exemption for small banks.
  • Center for Audit Quality shares early lessons from test runs to prepare for expanded audit reports

    Accounting firms’ test runs to prepare for the PCAOB’s new requirement for auditors to provide more insight about their work indicate that they must apply significant judgment to comply with the rule, the Center for Audit Quality said. Many accounting firms have been doing what they call “dry runs” to implement a PCAOB rule that requires auditors of public companies to add critical audit matters (CAMs) on the audit report.
  • Rule released on disclosure of hedging of company stock

    The SEC published final rules that require public companies to disclose whether their officers, employees and boards of directors are allowed to hedge or offset a decrease in the market value of company stocks. The rule was mandated by the Dodd-Frank Act.
  • Proposal offers goodwill amortization to not-for-profit groups

    The FASB has released for public comment a proposal that would allow not-for-profit groups to take advantage of an accounting break on accounting for goodwill that currently only is allowed for private companies. The proposal also offers not-for-profit groups a simpler method to account for certain intangible assets in a business combination.