Current reporting issueSEC provides assistance to filers affected by Hurricane Sandy The Securities and Exchange Commission announced that it is preparing relief measures that include extending filing deadlines for individuals and entities with filing obligations that have been affected by Hurricane Sandy and its aftermath. It is anticipated that filing deadlines for any filing due from October 29 to November 20, 2012 will be extended to November 21, 2012. The Divisions of Corporation Finance and Investment Management will also consider requests for additional relief on a case-by-case basis. FASB All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot. Decisions reflected in Exposure Drafts are often changed in redeliberations by the Board based on information received in comment letters, at public roundtable discussions, and from other sources. Board decisions become final after a formal written ballot to issue a final Accounting Standards Update. Meeting held October 31 At its October 31 meeting, the FASB discussed its financial instruments project and began discussions on a new project focusing on balance sheet offsetting. Highlights of those discussions are summarized below. Balance sheet offsetting The FASB announced the addition of a project to the Board's agenda to address implementation issues related to the scope of FASB Accounting Standards Update (ASU) 2011-11, Disclosures about Offsetting Assets and Liabilities. After its initial discussion, the Board tentatively decided that the scope of the disclosure requirements in ASU 2011-11 would be limited to derivatives, repurchase agreements and reverse repurchase agreements, and securities lending and securities borrowing arrangements. Currently, the disclosure requirements in ASU 2011-11 apply to all recognized financial instruments and derivatives that are either Offset in accordance with FASB Accounting Standards Codification® (ASC) 210-20-45, Balance Sheet: Offsetting, or ASC 815-10-45, Derivatives and Hedging. Subject to an enforceable master netting arrangement or similar agreement. Constituents had expressed concerns over the significant cost and limited benefit to providing these disclosures for short-term trade receivables and trade payables. Under the proposed changes, the disclosure requirements would continue to be effective for annual reporting periods beginning on or...
On The Horizon - November 6, 2012
|Author:||Ms Grant Thornton's Audit Practice Group|
|Profession:||Grant Thornton LLP|
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