- SEC Commissioner Hester Peirce said at a gathering of institutional investors that she does not agree with their push for disclosures about corporate board members’ personal characteristics. She is worried about unintended consequences of such disclosures, including invasion of board directors’ privacy.
- With less than a year before publicly traded companies must start applying the FASB’s new credit losses standard, several business groups led by the U.S. Chamber of Commerce asked the SEC and the board to delay the effective date of 2020. The banking industry in the past several months has been lobbying for a delay to no avail, and now business groups that represent all industries have banded together in the hopes that the FASB will change its mind.
- The FASB voted to issue a proposal about incorporating various SEC disclosure rules into GAAP. The work would simplify compliance without significantly altering the total mix of information provided to investors.
- A coalition of investors and investment advisers recently asked the SEC to write a rule that would require public companies to disclose greenhouse gas emissions from renewable energy. With rising concerns about climate change, the coalition said companies that manufacture and sell biofuels often make dubious claims that the biomass products reduce greenhouse gas emissions, and the group believes that clear guidance from the commission would bring consistency and comparability to the information.
- The AICPA released an updated version of the Audit and Accounting Guide for Revenue Recognition. The 2019 edition includes guidance on FASB’s update to U.S. GAAP concerning collaborative arrangements.