Financial Reporting and Regulatory Update

The quarterly Financial Reporting and Regulatory Update is prepared by the Financial Education & Research Foundation (FERF) in collaboration with Crowe LLP, highlighting pronouncements from the U.S. SEC, FASB, PCAOB, and other regulators and standard-setters. Each update includes ASU Effective Date Checklists for Public and Non-Public Business Entities.

First Quarter 2019

Getting Into the ESG Weeds

A Q&A with Gregg Anderson of Crowe

Gregg Anderson is a Managing Director for Crowe’s Risk Consulting.  

Gregg Anderson
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Financial Reporting & Regulatory Update, First Quarter 2019

During the first quarter of the 2019 calendar year, the Financial Accounting Standards Board (FASB) issued new accounting standards on the following topics:

  • Clarifications to lease accounting
  • Guidance in the film and episodic television series industry
  • Updates to the definition of “collections”

The FASB also issued proposals during the quarter to clarify the accounting for share-based payments issued as sales incentives to customers, ease the transition to the credit losses standard, clarify accounting recognition of contract liabilities assumed in a business combination, and improve income tax disclosures.

In addition, the FASB issued a question-and-answer (Q&A) document addressing estimating current expected credit losses.

The Securities and Exchange Commission (SEC) issued a final rule to modernize and simplify disclosures, proposed a new rule to expand the “test-the-waters” provision for securities offerings, and extended the comment period for a variable annuity and variable life insurance contracts proposal.

The Public Company Accounting Oversight Board (PCAOB) released staff guidance on the implementation of critical audit matters requirements and the staff inspection outlook for audit committees for 2019.

The Center for Audit Quality (CAQ) released an audit quality framework.

In addition to these highlights from the quarter, we have included recent developments from the Governmental Accounting Standards Board (GASB).

Checklists for the effective dates of FASB Accounting Standards Updates (ASUs) are provided in the appendix.