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SEC Announcement Added to FASB Codification

The Financial Accounting Standards Board (“FASB”) recently announced the issuance of Accounting Standards Update (“ASU”) No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. The amendments update the FASB Codification for the Securities and Exchange Commission (“SEC”) Staff Announcement regarding the following standards: ASU No. 2014- 09, Revenue from Contracts with Customers (Topic 606) ASU No. 2016-02, Leases (Topic 842) ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit. Read More.

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Civil Monetary Penalties Adjusted for Inflation

A final rule has been introduced to carry out the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The final rule implements the first annual inflation adjustment of Securities and Exchange Commission-issued (“SEC”) civil monetary penalties under the following: Securities Act of 1933 Securities Exchange Act of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Certain penalties under the Sarbanes-Oxley Act of 2002 Violations that occurred after November 2, 2015, will be impacted upon the final rule’s effective date. For violations on or before that date, the SEC will reinstate penalty amounts in its previous adjustments as. Read More.

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Trump Appoints Jay Clayton to SEC Chair

Wall Street lawyer Jay Clayton has been tapped by President-elect Donald Trump to become Securities and Exchange Commission (“SEC”) chair. Announced on January 4, Clayton will help the incoming Trump administration with job creation by promoting investment opportunities in U.S. companies and overseeing the financial sector. He is also expected to overturn several Dodd-Frank Act rules that outgoing SEC Chair Mary Jo White handled during her tenure. Clayton must receive Senate confirmation before taking his new role.

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SEC Chief Accountant Pushes for IFRS Use

Fresh off his formal succession to Securities and Exchange Commission (“SEC”) Chief Accountant, Wesley Bricker wants the market regulator to resume consideration of International Financial Reporting Standards (“IFRS”). At a December 5 conference in Washington, D.C., Bricker said he believes the SEC should consider a proposal that would allow U.S. companies to supplement GAAP financial statements with IFRS information. James Schnurr, Bricker’s predecessor, had originally introduced the proposal prior to leaving the SEC. No immediate changes are expected due to the SEC’s slow regulatory process and the limited progress made in the U.S. market’s application of international standards. In addition, the SEC is currently dealing with an influx of leadership changes, with. Read More.

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Outgoing SEC Chair Wants Globally Accepted Standards

Stepping down at the end of the Obama administration, outgoing Securities and Exchange Commission (“SEC”) Chair Mary Jo White has issued a public statement asking the agency to continue its pursuit of high-quality, globally accepted accounting standards. White, who announced her resignation in November, urged incoming SEC Chair Jay Clayton and other commissioners to make the issue a priority and reach an agreement on the best path forward. White believes globally accepted standards will protect U.S. investors and companies, and strengthen the country’s markets. To read Chair White’s full statement, visit SEC.gov.

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SEC’s Bricker Officially Named Chief Accountant

Wesley Bricker will officially take over for James Schnurr as chief accountant with the Securities and Exchange Commission (“SEC”). On November 22, the SEC promoted Bricker moments after Schnurr announced he was stepping down from the position. Previously a deputy chief accountant, Bricker was Schnurr’s interim replacement while he recovered from a bicycling accident earlier this year. Schnurr’s resignation will allow him to focus on making a full recovery from his injuries. Bricker’s permanent appointment to chief accountant marks another change for the SEC. Mary Jo White recently announced her resignation as SEC chair at the end of the Obama administration.

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