As part of its disclosure effectiveness project, the SEC has requested comments regarding the financial disclosure requirements in Regulation S-X for non-registrants. Regulation S-X is the Commission’s rule that governs the form and content of financial reports.
The SEC staff continues to evaluate how Regulation S-X disclosure requirements interact with applicable accounting standards and how they are utilized by investors to make investment and voting decisions. The release focuses primarily on Regulation S-X rules related to:
Among other topics, the SEC is asking for comments on how investors are using the information required by the above rules, what challenges are faced by registrants in preparing and providing the required disclosures, and whether the requirements result in any disclosures that investors do not consider useful.
Comments are due by December 1.
For more information on the Regulation S-X request for comment, read PwC’s In brief.
On September 30, the FASB proposed amendments to the new revenue standard guidance related to collectibility, noncash consideration, completed contracts at transition, and the addition of new practical expedients. The proposed amendments are intended to address implementation issues discussed by the FASB’s Transition Resource Group.
Previously proposed amendments address identifying performance obligations, accounting for licenses, and principal versus agent considerations.
On July 9, the FASB voted to delay the effective date of the new revenue standard by one year (to 2018 for calendar year-end public entities). The FASB also decided to allow entities to early adopt the standard as of the original effective date for public companies (2017 for calendar year-end entities).