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 American Institute of Certified Public Accountants' Working Group published a practice aid on how to account for and audit digital assets under U.S. generally accepted accounting principles and generally accepted auditing standards.
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.
The SEC named Rebekah Goshorn Jurata to the Public Company Account Oversight Board (PCAOB) for a five-year term that will run through October 24, 2024. Concurrently, SEC Commissioner Hester Peirce was chosen to lead the SEC's coordination with the PCAOB.
The Financial Accounting Standards Board requested comments on a proposed "Accounting Standards Update" aimed at easing potential accounting burdens on loan market participants presented by the LIBOR transition.