- The Financial Accounting Standards Board (FASB) released revised guidance for financial reporting on discontinued operations in April 2014. The new rules directly respond to concerns that too many disposals of assets, including small groups of assets that are recurring in nature, qualify for discontinued operations, and that the guidance for applying the current definition of a discontinued operation is complicated to interpret and apply.
- On April 2, 2014 the Federal Financial Institutions Examination Council (FFIEC) released a statement related to Distributed Denial of Service (DDoS) attacks on public facing websites. The statement highlights that DDoS attacks have increased since late 2012 and, in many cases, have been executed by politically motivated groups.
- As part of continuing efforts to ease the burden on private companies that prepare their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standards Board (FASB) has established another alternative to GAAP reporting requirements. The alternative, described in Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, may provide relief for private companies that lease property from a business entity owned by an owner of the private company.
- At the recent National Association of Insurance Commissioners (NAIC) Spring 2014 national meeting, two new documents were approved for release as exposure drafts: the Draft Own Risk and Solvency Assessment (ORSA) Guidance for Financial Analysts and the Draft ORSA Guidance for Financial Examiners. While the documents are intended to be guidance for insurance department financial analysts and examiners, the guidance provides a window into expectations for the future.
- The National Association of Insurance Commissioners (NAIC) 2014 Spring National Meeting was held in Orlando, FL. A number of issues and statutory accounting changes, both substantive and nonsubstantive, were addressed over the course of the meeting. Highlights from some of the working group and committee meetings are summarized.
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