Roaring Twenties Nomination Period is Now Open
Do you know a South Carolina-based company that is a catalyst for growth? Nominate them for this year’s South Carolina Roaring Twenties awards, hosted by SC Biz News (“SCBIZ”) and Cherry Bekaert LLP! The annual awards celebrate the success of thriving middle-market companies in South Carolina. Twenty large companies and 20 small companies will be selected and honored at an event on Thursday, October 19, as well as featured in the winter issue of SCBIZ magazine. To nominate a fast-growing company in South Carolina , visit the SC Biz News website. Nominations must be submitted by Friday, April 21. For questions about the Roaring Twenties awards, please. Read More.
Basel Committee Issues Lease Accounting Guidance
Last week, the Basel Committee on Banking Supervision issued interpretative guidance for the Financial Accounting Standards Board and International Accounting Standards Board’s upcoming lease accounting changes. Presented as frequently asked questions, the guidance relates to Accounting Standards Update No. 2016-02, Leases (Topic 842), and International Financial Reporting Standards 16, Leases. Specifically, the three questions cover how new assets and liabilities are disclosed on bank balance sheets due to the FASB and IASB’s changes to accounting for a company’s rented office space and equipment. The first question says that a leased intangible asset should be exempt from the regulatory capital calculation.. Read More.
IASB Proposes Change to Financial Instrument Standard
A slight change could be coming to the International Accounting Standards Board’s (“IASB”) financial instruments standard. On Wednesday, the IASB announced a proposed amendment to International Financial Reporting Standards (“IFRS”) 9, Financial Instruments, which would require assets to be calculated either at amortized cost or at fair value with changes disclosed under other comprehensive income. The proposed amendment is intended to determine interest in permitting a measurement change for certain financial assets with prepayment options. IASB research staff members plan to move quickly to issue the proposal for public comment by the end of April. If approved, a final amendment. Read More.
Bank Regulators Issue Interpretive Guidance for Credit Loss Standard
Interpretative guidance has been published describing the scope of Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Issued by federal banking regulators in a frequently asked questions format, the document explains the reasons for the Financial Accounting Standards Board (“FASB”) credit loss standard, the accounting changes, and how banks’ write-down practices should be modified. ASU No. 2016-13 was issued in June and applies to any banking institutions that file regulatory reports wherein the reporting requirements follow U.S. GAAP. The standard will be effective for public companies in 2020;. Read More.
FASB Roundtable on Insurance Accounting Coming in March
A public roundtable meeting on proposed amendments to insurance accounting is scheduled for Wednesday, March 15, 2017, at the Financial Accounting Standards Board (“FASB”) offices in Norwalk, CT. The meeting will allow those who submitted a comment letter regarding the Proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts , to voice their opinions with the standard-setter. The FASB hopes financial statement users, preparers and auditors participate in the roundtable. Interested participants are required to submit a comment letter on the proposal and register online before Thursday, December 15. Nonparticipating attendees can also register , but must do so by Wednesday, March 1, 2017. An audio webcast of the FASB’s March 17 roundtable meeting will also be. Read More.
Final Overtime Rule on Hold
A November 22 preliminary injunction has blocked the Final Overtime Rule scheduled to become effective Thursday. Last week’s ruling by Federal Judge Amos Mazzant determined that the Department of Labor overstepped its authority by amending the salary threshold for employees exempt from overtime pay. The overtime rule would have increased the salary level for exempt white collar employees to $913 per week. Nearly two dozen governors and attorneys general challenged the overtime rule. Judge Mazzant sided with the plaintiffs, saying that the Department of Labor could not create a distinct standard for overtime eligibility. The Department of Labor is likely. Read More.