News & Analysis as of

Financial Reporting

Insights from the Director of the Division of Corporation Finance

Bill Hinman, Director of the Securities and Exchange Commission’s Division of Corporation Finance delivered the keynote address at the Practising Law Institute’s annual Securities Regulation in Europe program. During his...more

Regulators Focus on Audit Quality, New Accounting Standards and Other Developments at 2017 AICPA Conference

by WilmerHale on

Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more

SEC Staff Provides Disclosure and Accounting Guidance in Response to Recent Tax Reform Legislation

On December 22, 2017, President Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Bill). The Tax Bill made significant changes to corporate taxation, including, among other...more

Connecticut Insurance Department Issues Two Bulletins

by Carlton Fields on

The Connecticut Insurance Department recently issued two bulletins, both of which mandate financial reporting by insurers to the Department....more

Early Signing of Tax Bill Has Financial Reporting Implications

by Pepper Hamilton LLP on

Last week, President Trump signed H.R. 1 (New Act), the new tax bill amending the Internal Revenue Code to reduce tax rates, modify policies, credits, and deductions for individuals and businesses “to provide for...more

Blog: A Christmas Gift From The SEC Staff: Guidance On Disclosure Of The Accounting Effect Of The Tax Cuts And Jobs Act

by Cooley LLP on

On December 22, 2017, the staffs of the Office of Chief Accountant and Corp Fin issued guidance regarding disclosure of the accounting impact of the Tax Cuts and Jobs Act, just signed into law on December 22. As discussed in...more

SEC Staff Guidance Related to Tax Cuts and Jobs Act

The Staff of the Office of the Chief Accountant and of the Division of Corporation Finance issued SAB 118 in order to provide guidance for issuers as they prepare their financial statements. The staff guidance provides a...more

New Revenue Recognition Standard-Part V, What does it all mean?

by Thomas Fox on

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for public business entities, certain not-for-profit entities, and...more

The Year of Bitcoin: Gains Subject to Tax by the IRS

by Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

SEC Updates Financial Reporting Manual (Again)

On December 1, 2017, the SEC’s Division of Corporation Finance updated its Financial Reporting Manual for the following changes...more

Changes to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” since 2018

by DLA Piper on

On October 05, the Law of Ukraine “On Introduction of Changes to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” (in respect of improvement of certain provisions)” No. 2164-VIII (the Law) was adopted....more

SEC Chief Accountant at the 2017 ICPA Conference on Current SEC and PCAOB Developments

On December 4, 2017, the SEC’s Chief Accountant, Wesley Bricker spoke at the 2017 AICPA Conference on Current SEC and PCAOB Developments. Highlights of Mr. Bricker’s comments include the following: ..Ongoing Priorities....more

SEC Chairman Clayton Expects New Rules on Smaller Reporting Company Definition Soon

by Bass, Berry & Sims PLC on

We thought you may find of interest prepared remarks by SEC Chairman Jay Clayton at the annual Government-Business Forum on Small Business Capital Formation held on November 30, 2017, where he stated, “In the coming months I...more

Blog: New Guidance From Corp Fin Related To Adoption Of New Accounting Standards

by Cooley LLP on

Corp Fin recently revised some of the guidance in its Financial Reporting Manual related to adoption of new accounting standards. One revision relates to the adoption of a new accounting standard in the context of a...more

Commodity Futures Trading Commission Issues No-Action Relief to Swap Execution Facilities from Timing Requirements for Certain...

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission Division of Market Oversight has issued no-action relief to Swap Execution Facilities and their chief compliance officers from certain timing requirements regarding annual compliance...more

Governance & Securities Law Focus: Latin America Edition - November 2017

by Shearman & Sterling LLP on

This newsletter provides a snapshot of the principal US and selected international governance and securities law developments during the third quarter of 2017 that may be of interest to Latin American corporations and...more

“Don’t Be Afraid to Ask.” SEC Staff Ready to Respond to Rule 3-13 Waiver Requests from Registrants

At the PLI Securities Regulation Institute, Mark Kronforst, the SEC’s Division of Corporation Finance (“Corp Fin”) Chief Accountant, reminded registrants that the SEC is willing to consider and process Rule 3-13 waiver...more

SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key...

by Fenwick & West LLP on

After a record-breaking fiscal year 2016, the Securities and Exchange Commission’s Enforcement Division had a somewhat quieter year, at least in terms of the number of actions filed. The Enforcement Division released its...more

ESMA Updates MiFIR Data Reporting Q&As

The European Securities and Markets Authority (“ESMA“) published an updated version on November 14, 2017, of its Q&As on data reporting under the Markets in Financial Instruments Regulation (Regulation 600/2014)...more

SEC Chief Accountant Offers Guidance to Audit Committees During Period of Change

by WilmerHale on

In a November 14 speech at the Financial Executives International 36th Annual Current Financial Reporting Issues Conference, SEC Chief Accountant Wesley Bricker commented on a range of topics, including effective financial...more

European Commission Consults on Measures to Address Non-Performing Loan Build-Up in the EU

by Shearman & Sterling LLP on

The European Commission has launched a consultation on proposals for statutory prudential backstops to address insufficient provisioning for newly originated loans that turn into non-performing loans. Since the 2007/08...more

SEC Chief Accountant Gives Speech on Effective Financial Reporting in a Period of Change

On November 14, 2017, SEC Chief Accountant Wesley R. Bricker gave remarks before the Financial Executives International 36th Annual Current Financial Reporting Issues Conference: Effective Financial Reporting in a Period of...more

Bill 27: Expansion of the Conflicts of Interest Act to Public Agencies

by Field Law on

Bill 27 passed first reading in the Alberta Legislature on November 8, 2017. If passed, the legislation will amend the Conflicts of Interest Act (the "Act"), and expand its coverage to include public agencies, boards and...more

Tennessee Revises Rules Regarding Captive Insurance Companies

by Carlton Fields on

The Tennessee Department of Commerce and Insurance has substantially revised its rules for captive insurance companies. Significant changes include...more

COSO Framework: Fraud, Corruption and Compliance (Part I of II)

by Michael Volkov on

Global companies need to actively work to prevent fraud and corruption. Fraud and corruption go hand-in-hand. To commit bribery, bad actors have to gain access to money for unauthorized (illegal) purposes. A failure to...more

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