Third Quarter Accounting and Financial Reporting Developments

Quarterly Reports
| 10/29/2019
During the third quarter of 2019, the Financial Accounting Standards Board issued one new standard, which updates U.S. GAAP to incorporate various Securities and Exchange Commission (SEC) rules and disclosures. It also proposed guidance to address effective date deferral of major standards for certain entities, narrow-scope improvements to the credit losses standard, interaction between recognition and measurement of financial instruments and equity method investments, improvements in distinguishing liabilities from equity, reference rate reform, and debt classification.
 
In addition to these highlights from the quarter, this article covers the SEC proposal to modernize regulation S-K disclosures, the Public Company Accounting Oversight Board staff guidance on its new audit requirements, the American Institute of Certified Public Accountants credit losses standard practice aid, updates from the Governmental Accounting Standards Board, and more.
Third Quarter Accounting and Financial Reporting Developments
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