- The FASB published an update to U.S. GAAP with 16 technical corrections for its much-watched lease accounting standard. The changes are considered editorial in nature and will not affect accounting outcomes, the FASB said.
- The FASB issued technical corrections to U.S. GAAP that it said will make its guidance easier to understand and apply. The changes address a number of topics, such as the reporting requirements for comprehensive income, the guidance for debt modifications and the accounting requirements for distinguishing liabilities from equity.
- The AICPA’s Auditing Standards Board (ASB) is expected to vote on issuing a final standard for audits of benefit plan financial statements covered by the Employee Retirement Income Security Act of 1974 (ERISA) at its next meeting. The planned standard is intended to help auditors better understand their responsibilities and provide plan sponsors and participants, Department of Labor (DOL) officials, and others with more information about what auditors do in examining the financial statements of benefit plans governed by ERISA.
- In this issue of the Tax Reform Progress Report, we focus on changes in federal income tax calculations, including those related to carried interests, retirement plan loans, Roth recharacterizations and section 965 transition taxes.
- The SEC is planning to adopt rules that revise the definition of “smaller reporting company” by the fall of 2018 and let more public companies submit regulatory filings with a lighter set of disclosures. A top SEC official suggested during a congressional hearing that the agency may also revise the threshold for compliance with the auditor attestation rules for internal controls over financial reporting.
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