SEC Chief Accountant Sagar Teotia identified several areas of accounting and financial reporting that will require "significant judgments and estimates" due to the evolving status of the COVID-19 pandemic.
FDIC Chair Jelena McWilliams urged the Financial Accounting Standards Board to delay the implementation of an accounting standards update in order to allow banks to focus on addressing the impact of COVID-19.
An insurance and financial holding company settled SEC charges for failing to maintain (i) accurate books and records and (ii) a sufficient system of internal account controls in connection with its annuities products.
The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.