{"id":1527,"date":"2019-05-16T08:43:45","date_gmt":"2019-05-16T12:43:45","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=1527"},"modified":"2019-05-16T08:43:45","modified_gmt":"2019-05-16T12:43:45","slug":"fasbs-modernization-and-simplification-on-the-horizon","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/fasbs-modernization-and-simplification-on-the-horizon\/","title":{"rendered":"FASB\u2019s Modernization and Simplification on the Horizon"},"content":{"rendered":"

Over the last several years the SEC\u2019s focus on disclosure effectiveness<\/a>\u00a0and capital formation have driven significant change in public company reporting.\u00a0 From the 2015 and 2016 requests for comment on a variety of S-K and S-X requirements to the latest proposal to amend the definition of accelerated filer<\/a>\u00a0this process has generated much to watch and implement.<\/p>\n

In addition,the FASB has also reviewed disclosures and made improvements to many areas in the Codification.<\/p>\n

One area where there has been overlap between the SEC\u2019s and the FASB\u2019s activities is the SEC\u2019s August 2018 Disclosure Update and Simplification final rule.\u00a0 This rule included a number of changes to Regulation S-K and S-X and also identified places where the SEC required information that in part overlapped and also sometimes went beyond current GAAP requirements.\u00a0 The SEC referred these areas to the FASB\u00a0<\/strong>for consideration in the standard-setting process.<\/p>\n

On May 6, 2019, the FASB issued an exposure draft<\/a>\u00a0related to this \u201creferral\u201d from the SEC.\u00a0 The proposed amendments in the exposure draft would modify disclosure or presentation requirements in a variety of topics in the Codification, ranging from removing the impracticability exception, to the requirement to disclose revenues for each product and service or each group of similar products and services, to adding disclosure of where derivative instruments and their related gains and losses are reported in the statement of cash flows.\u00a0 The exposure draft<\/a>\u00a0has a very helpful table of all the proposed changes.<\/p>\n

As always. your comments and questions are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the last several years the SEC\u2019s focus on disclosure effectiveness\u00a0and capital formation have driven significant change in public company reporting.\u00a0 From the 2015 and 2016 requests for comment on a variety of S-K and S-X requirements to the latest proposal to amend the definition of accelerated filer\u00a0this process has generated much to watch and … Continue reading FASB\u2019s Modernization and Simplification on the Horizon<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[242],"tags":[],"coauthors":[154],"class_list":["post-1527","post","type-post","status-publish","format-standard","hentry","category-reporting"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=1527"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1527\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=1527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=1527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=1527"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=1527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}