Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FASB

FASB Ceases Work on Proposal To Amend Definition of “Materiality” for US GAAP

Posted in SEC/Corporate
As previously discussed in the September 1edition of Corporate & Financial Weekly Digest, the Financial Accounting Standards Board (FASB) had issued Proposed Accounting Standards Update (ASU) No. 2015-310, in which the FASB had proposed to remove its definition of materiality established in Concepts Statement No. (CON) 8, Conceptual Framework for Financial Reporting, in favor of… Continue Reading

Speech From the Office of the Investor Advocate Addresses FASB’s Proposals Regarding the Definition of Materiality

Posted in SEC/Corporate
On August 22, the Investor Engagement Advisor in the Office of the Investor Advocate, Stephen Deane, gave a speech to the Tulsa chapter of the Institute of Management Accountants in which, among other things, he addressed two proposals by the Financial Accounting Standards Board (FASB) to revise the definition of materiality under generally accepted accounting… Continue Reading

SEC Proposes Amendments To Update and Simplify Disclosure Requirements: A Closer Look

Posted in SEC/Corporate
On July 13, the Securities Exchange Commission proposed and requested comment regarding rule amendments to update and simplify certain disclosure requirements that may have become “redundant, duplicative, overlapping, outdated or superseded” in light of: 1) US Generally Accepted Accounting Principles (GAAP); 2) International Financial Reporting Standards (IFRS); 3) other SEC disclosure requirements; or 4) changes… Continue Reading

Financial Accounting Standards Board Issues New Loan Loss Rule

Posted in Banking
On June 16, the Financial Accounting Standards Board (FASB) issued its new and long-expected loan loss accounting framework, also known as the current expected credit loss model (CECL). Bank regulators have described CECL as the “biggest change to bank accounting ever,” a sentiment which has been echoed by accountants, bank securities lawyers and industry trade… Continue Reading

SEC Deputy Chief Accountant Discusses Use of Non-GAAP Measures

Posted in SEC/Corporate
In a May 5 speech at the 2016 Baruch College Financial Reporting Conference, Wesley Bricker, deputy chief accountant at the Securities and Exchange Commission, discussed his observations regarding the use of non-generally accepted accounting principles (GAAP) financial measures, the transition to new standards for revenue recognition and leases, and the Financial Accounting Standards Board’s (FASB)… Continue Reading

SEC Commissioner Piwowar Speaks at Current Financial Reporting Issues Conference

Posted in SEC/Corporate
On November 16, Securities and Exchange Commissioner Michael Piwowar addressed the 34th Annual Current Financial Reporting Issues Conference in New York to share his views on the current and future state of financial reporting. Commissioner Piwowar focused his remarks on three areas: (1) the future role of international financial reporting standards (IFRS) for financial statements… Continue Reading