- As the deadline for the FASB’s lease accounting standard’s effective date creeps closer, many financial executives are worried that they will not be able to implement it on time, according to a survey from an international accounting firm. The amount of data required to follow the standard and a dearth of software solutions for complex lease accounting questions means companies are fearful about the 2018 public company effective date.
- SEC Chairman Jay Clayton said the SEC will host a roundtable to discuss whether the commission’s proxy rules should be updated to better reflect today’s capital market environment. The agency will shortly announce the details of the roundtable which are currently being finalized.
- The Center for Audit Quality published a guide to explain the PCAOB’s auditor reporting requirements. The guide is intended to help investors and audit committees better understand the requirements for auditors to describe critical audit matters (CAMs) in their reports.
- The SEC’s rule that requires public companies to embed eXtensible Business Reporting Language (XBRL) data tags directly into their financial statements may improve the reliability and consistency of financial information in an interactive format. But the lack of an audit requirement for the XBRL tags may limit the information’s value for investors.
- The FASB agreed to clarify its new accounting standard requiring earlier recognition of credit losses to ensure that community banks and credit unions have extra time to comply with it compared to larger financial institutions. The proposed change to the effective date is intended to match what the FASB wanted when it published the standard in 2016.