- The SEC’s chairman supports the effort to rethink quarterly reporting rules and perhaps move public companies to a less frequent reporting cycle. The SEC added the issue to its regulatory agenda for 2019, largely at the behest of an August tweet from President Donald Trump that criticized the quarterly reporting regime for imposing a short-term mindset on senior executives at U.S. public companies.
- Members of the PCAOB’s Investor Advisory Group (IAG) discussed the implementation challenges, particularly with the proper application of the critical audit matters (CAM) requirement, of the regulatory board’s expanded auditor reporting requirements. The rule represents a major change to the brief pass-fail auditor reports that have been in place for years.
- SEC Chief Accountant Wesley Bricker said companies that use digital currencies should be prepared to account for them as intangible assets according to U.S. GAAP. The intangible asset standard should also be applied to digital assets that are treated as securities for the purposes of securities regulation.
- Anthem agreed to pay the Department of Health and Human Services’ (HHS) Office for Civil Rights (OCR) $16 million after 2015 data breach.
- Earlier in October, President Trump signed into law two bills banning the use of pharmacy “gag clauses” in both Medicare and private health plans.
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