- Recent updates published by the FASB ease some burden for equipment and property lessors by clarifying guidance for lessor costs.
- 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.
- The SEC’s Office of Compliance Inspections and Examination (OCIE) said digital assets and cybersecurity are among the priorities for examination in 2019. OCIE said the market for digital assets has grown rapidly but may present risks to investors.
- 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.
- 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.