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FASB Removes Outdated SEC Interpretive Guidance for Financial Instruments Standard

The Financial Accounting Standards Board (“FASB”) has issued Accounting Standards Update (“ASU”) No. 2018-04, Investments — Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273, which eliminates out-of-date interpretive guidance from the Securities and Exchange Commission (“SEC”) on financial instruments. The change to U.S. GAAP was made in response to ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The U.S. GAAP update is highlighted in Staff Accounting Bulletin (“SAB”) No. 117, in which. Read More.

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