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Rep. Maloney Introduces Controversial Disclosure Bill to House

Resembling a 2010 bill enacted by California, H.R. 4842, the Business Supply Chain Transparency on Trafficking and Slavery Act of 2014, was recently introduced in the House of Representatives. The proposed bill requires U.S. public companies with $100 million in yearly sales to submit annual reports to the U.S. Securities and Exchange Commission (“SEC”) detailing their efforts to recognize suppliers that use slaves, forced labor or children for producing goods. Rep. Carolyn Maloney, the bill’s sponsor, remarked that the requirement would inform consumers on what measures companies are taking to stop illegal labor practices, and reaffirms such businesses to communicate what. Read More.

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New FASB Repurchase Disclosure Standard Released

Recently issued by the Financial Accounting Standards Board (“FASB”), Accounting Standards Update (ASU) No. 2014-11 , Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, the ASU requires separate accounting separate accounting for a transfer executive with a repurchase agreement with the same counter party resulting in secured borrowing accounting for the repurchase agreement. Finally, the ASU adds new disclosures to provide for transparency with respect to the transaction. The effective dates are as followed: Public Private Public Interim Private Interim Accounting Changes beginning after December 15, 2014 beginning after Decem­ber 15,. Read More.

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