On the Horizon: SEC’s CorpFin adds C&DIs on proxy rules and schedules

Contents FASB posts highlights from May 9 meeting SEC       CorpFin adds Proxy Rules and Schedules 14A/14C C&DIs

AICPA       Audit and Accounting Guides issued

IASB       IFRS Foundation issues document to accompany proposed amendments to IAS 8

FASB posts highlights from May 9 meeting All decisions reached at Board meetings are tentative and may be changed at future meetings.

The FASB met on May 9 to discuss its project on improving the accounting for asset acquisitions and business combinations, focusing on how certain areas of this guidance could be aligned. These areas include

  • Contingent consideration
  • In-process research and development
  • Acquisition costs

The Board made no tentative decisions based on this discussion.

SEC CorpFin adds Proxy Rules and Schedules 14A/14C C&DIs The Compliance and Disclosure Interpretations described below reflect the views of the SEC staff. They are not rules, regulations, or statements of the SEC and have not been approved by the Commission. The interpretations are intended as general guidance and should not be relied on as definitive.

The SEC’s Division of Corporation Finance (CorpFin) staff recently added Compliance and Disclosure Interpretations (C&DIs), Proxy Rules and Schedules 14A/14C, which replace previous interpretations published in the Proxy Rules and Schedule 14A Manual of Publicly Available Telephone Interpretations and the March 1999 Supplement to the Manual of Publicly Available Telephone Interpretations.

Compared to the Telephone Interpretations:

  • Questions 124.01, 124.07, 126.02, 151.01, 161.03, and 163.01 reflect substantive changes;
  • Questions 126.04, 126.05, 158.01, and 158.03 reflect technical revisions; and
  • The remaining questions reflect non-substantive changes.

CorpFin staff is currently in the process of updating other previously published interpretations related to the proxy rules. Any revised or new interpretations will be reflected in these C&DIs.

AICPA Audit and Accounting Guides issued The AICPA issued updated versions of the following Audit and Accounting Guides:

  • Not-for-Profit
  • Revenue Recognition

IASB IFRS Foundation issues document to accompany proposed amendments to IAS 8 The IFRS Foundation issued a document to accompany the Exposure Draft, Accounting Policy Changes (Proposed amendments to IAS 8), which provides an overview of the proposed amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and illustrates how to apply these proposed amendments.

See the April 5 On The Horizon for a summary of the proposed amendments.

© 2018 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP Update provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in the Update. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this Update.