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FASB Finalizes Updated Hedge Accounting Guidance

Announced on Monday, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that improves the guidance related to hedge accounting. ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, aligns the accounting provisions with an entity’s risk management activities, as well as reflects the economic impact of hedging in financial statements, and streamlines hedge accounting treatment. In addition, the new standard expands hedge accounting for financial and commodity risks. The requirements provide additional clarity regarding how economic results are disclosed in financial statements. ASU No. 2017-12 will be effective for public. Read More.

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Financial Accounting Foundation Seeks New FASAC Members

New members are requested for the Financial Accounting Standards Board’s (“FASB”) main advisory panel. The Financial Accounting Foundation is currently seeking candidates to join the Financial Accounting Standards Advisory Council (“FASAC”), a 35-member group that offers feedback on the FASB’s standard-setting projects and its priorities. The Financial Accounting Foundation wants nominees from private and public companies with a background in the financial services, retail, manufacturing, transportation, health care, agriculture, or service sector. Investors, such as securities analysts and hedge fund or private equity managers, and investment bankers, are also encouraged. Selected members will serve four one-year terms with the FASAC.. Read More.

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FAF Trustees Continue GASB Scope of Authority Policy

The Financial Accounting Foundation’s (“FAF”) Board of Trustees recently approved the continuation of the Governmental Accounting Standards Board’s (“GASB”) scope of authority policy. The report, Three-Year Review of GASB Scope of Authority: Consultation Process Policy, offers the GASB and FAF’s Standard-Setting Process Oversight Committee a pre-agenda consultation roadmap for deciding whether information the GASB considers for standard-setting purposes fits the board’s standard-setting mission. The report also orders the FAF to assess the consultation process three years after implementation.

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SEC Advisor Speaks on Materiality and Auditor’s Report

At a recent speech for management accountants at a conference in Tulsa, OK, Stephen Deane discussed mini-case studies on policymaking associated with materiality and the independent auditor’s report. Deane, an investment engagement advisor in the Securities and Exchange Commission’s (“SEC”) Office of the Investor Advocate, said that the mini-case studies offer insight into the policymaking process and the problems that policymakers face. The mini-case studies also distinguish between outside investors and managers inside the company. During his speech, Deane provided attendees a technical review of the Financial Accounting Standards Board’s attempts to establish materiality guidance and the Public Company Accounting. Read More.

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Four New Private Company Council Members Appointed

On Tuesday, the Financial Accounting Foundation’s Board of Trustees appointed the following new members to the Private Company Council (“PCC”): Jeremy Dillard, partner with Singer Lewak, LLP Michael Minnis, associate professor at the University of Chicago Booth School of Business Dev Strischek, retired senior vice president and senior credit policy officer, corporate risk management at SunTrust Banks, Inc. Frank Tarallo, chief executive officer at Theragenics Corporation Dillard, Stischek and Tarallo will replace Messrs. Jeff Bryan, Steve Brown and Larry Weinstock, whose terms on the PCC conclude December 31, 2017. In addition, the appointment of Minnis increases the number of PCC. Read More.

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SEC Advisory Committee Announces Public Meeting

A public meeting by the Securities and Exchange Commission (“SEC”) Advisory Committee on Small and Emerging Companies (“Committee”) is scheduled for Wednesday, September 13. According to the meeting’s agenda, the Committee will discuss matters concerning rules and regulations impacting small and emerging business under federal securities laws. The meeting will start at 9:30 a.m. ET, and will be hosted in Washington, D.C., at the agency’s headquarters. A live stream of the meeting will be available on SEC.gov.

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