FASB Removes Outdated SEC Interpretive Guidance for Financial Instruments Standard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to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273, which eliminates out-of-date interpretive guidance from the Securities and Exchange Commission (“SEC”) on financial instruments.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.
Topics: Accounting Standards Update "ASU", Debt Securities, FASB, Financial Accounting Standards Board "FASB", Financial Instruments, Financial Liabilities, SEC, Securities and Exchange Commission "SEC", Staff Accounting Bulletin "SAB"
FASB Backs Task Force’s Recent Meeting Decisions
Reflecting decisions from its Emerging Issues Task Force’s June meeting, the Financial Accounting Standards Board (“FASB”) approved two Accounting Standards Updates. Per its meeting yesterday, the FASB will release Issue No. 12-G, “Measuring the Financial Assets and Financial Liabilities of a Consolidated Collateralized Financing Entity”, and Issue No. 13-F, “Accounting for the Effect of a Federal Housing Administration Guarantee.”
Topics: Accounting Standards Update "ASU", Consolidated Collateralized Financing Entitiy, Emerging issues Task Force, Federal Housing Administration Guarantee., Financial Accounting Standards Board "FASB", Financial Assets, Financial Liabilities