- The SEC has proposed updating its rules for exchange-traded funds (ETFs) and letting ETFs that satisfy certain conditions to come market more quickly. If the rule is finalized, the ETFs will be granted exemptions from the Investment Company Act’s requirements that govern the sale of fund shares.
- The SEC revised its regulatory definition of smaller reporting company and let 966 additional companies submit regulatory filings with a lighter set of disclosures. The threshold to qualify as a smaller reporting company was raised to $250 million of shares trading in the public’s hands from $75 million.
- The SEC adopted rules to require public operating companies to embed interactive data tags directly into their financial statements using a process called the inline eXtensible Business Reporting Language (XBRL). Investment companies are also required to provide risk-and-return summaries using inline XBRL.
- The GASB issued guidance to establish accounting requirements for the interest costs incurred before the end of a construction period. The board says the amended guidance simplifies the accounting for interest costs that are incurred while a project is under construction.
- The FASB updated U.S. GAAP to determine when a contribution to a not-for-profit organization should be accounted for as a contribution or an exchange and also decide when a contribution has conditions attached to it. The FASB says the accounting changes will resolve inconsistent reporting practices for cash payments and asset donations to not-for-profit groups by the recipients and the businesses, government bodies and not-for-profit groups that made them.
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