• Forum to explore high-frequency trading’s effect on financial markets

    The SEC and New York University will hold a forum to discuss the effects of high-frequency stock trading on financial markets. The event is planned as the fifth in a series hosted by the SEC’s Division of Economic Risk Analysis in partnership with NYU’s Salomon Center for the Study of Financial Institutions.
  • Investor groups want assurance of interactive data in financial statements

    The Council of Institutional Investors (CII) and the CFA Institute asked the PCAOB to ensure the accuracy of interactive data tags that public companies must embed directly into their financial statements using a process called the inline eXtensible Business Reporting Language (XBRL). The SEC rule did not impose an audit requirement of the interactive data tags, but the investor groups say having a level of assurance would increase confidence in the quality of financial information.
  • Fine-tuning of liability definition continues

    The FASB’s latest effort to update its Conceptual Framework is focusing on the so-called “building blocks” of financial statements — the definitions of assets and liabilities. These questions have confounded the FASB for years, and the board still needs more work to decide how to improve the framework’s definition of a liability.
  • Final version of amended debt classification guidance is approved

    The FASB agreed to publish a final version of its amended guidance for classifying debt as long-term or short-term. Before it issues the final update, the accounting board still wants to solicit feedback about its decision that a long-term financing arrangement would be ignored in determining how other debt should be classified.