Yesterday, the SEC released transition guidance on its new proxy disclosure rules on risk, compensation and governance. Separately, the SEC posted for public comment proposed amendments to Rule 163, As noted in SEC's press release, the proposal would further facilitate the ability of certain large companies (those meeting the SEC's definition of Well Known Seasoned Issuer or WKSI) to communicate with broader groups of potential investors and gauge the level of interest in the market for their securities offerings, by allowing them to authorize an underwriter or dealer to communicate with potential investors on their behalf about potential securities offerings prior to filing registration statements for such offerings. The comment deadline is 30 days after publication in the Federal Register.
On the FASB front, four proposed Accounting Standards Updates (ASUs) were released last week, emanating from EITF consensuses, and each carries a comment deadline of Feb. 12, 2010: (1) Proposed ASU: Receivables (Topic 310): Effect of a Loan Modification When the Loan is Part of a Pool That is Accounted for as a Single Asset; (2) Proposed ASU: Financial Services - Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts; (3) Proposed ASU: Entertainment - Casinos (Topic 924): Casino Base Jackpot Liabilities; (4) Proposed ASU: Compensation - Stock Compensation (Topic 718): Effect of Denominating the Excercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades. and the IASB has posted its December, 2009 IASB Update.
In the world of the IASB, the December, 2009 IASB Update was posted yesterday. Separately, in what may be a first for a standard-setter/regulator that I can recall, IASB Chairman Sir David Tweedie posted a holiday message entitled A Message of Thanks, which reviews major accomplishments of the past year
Separately, the PCAOB posted on its website a Summary Report of its Office of Internal Oversight and Performance Inspections (IOPA) on: International Inspections. (See IOPA summary report.) And as we reported last week, the PCAOB released for comment reproposed risk assessment standards, with a comment deadline of March 2.
Read more details about developments at the rule-makers, and find some additional resources here.