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SEC Adopts New Rules for Asset-Backed Securities

Announced via press release Wednesday, the Securities and Exchange Commission (“SEC”) has adopted revised rules for overseeing the disclosure, reporting, and offering process for asset-backed securities (ABS). The new rules address problems and significant losses ABS holders suffered from the 2008 financial crisis, as well as increase transparency, enhance investor protection and assist capital formation in the securitization market. Required by the new rules are loan-level reporting for certain assets, including residential and commercial mortgages, and car loans. Further, the rules give investors additional time to review a securitization offering, update the criteria for using an accelerated offering process and make key. Read More.

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FASB Issues ASU No. 2014-15 to Help Reporting of Going Concern

Helping to disclose substantial doubt concerning a company’s ability to move forward as a going concern, the Financial Accounting Standards Board (“FASB”) has released Accounting Standards Update (ASU) No. 2014-15 , Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Announced on Wednesday, the ASU provides principles and definitions to an organization’s management for decreasing diversity in disclosures that are currently made available in financial statement footnotes. Presently, U.S. GAAP does not provide an organization’s management guidance regarding its responsibility to assess whether substantial doubt exists regarding the ability to continue as a going concern. Read More.

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