US Weekly News Recap: January 16, 2025
The US Week in Review highlights the latest developments and emerging issues in the financial reporting world, providing access to technical accounting guidance and thought leadership from EY.
In recent updates, the FASB staff is seeking input on whether to pursue standard setting on intangibles and future standard-setting agendas. Additionally, the SEC in Focus – January 2025 report summarizes SEC developments from the previous quarter.
EY has submitted a comment letter on the FASB proposal regarding credit losses for private companies and certain NFPs, supporting efforts to simplify guidance in measuring credit losses for current accounts receivable and contact assets under ASC 606. While overall supporting the FASB proposal, EY recommends certain clarifications to improve operability and consistency in applying the guidance.
On the regulatory front, SEC Chief Accountant Paul Munter has announced his retirement from federal service effective January 24, 2025. Mr. Munter, who joined the Commission in 2019 and became Chief Accountant in January 2023, will be stepping down after serving in the role in an acting capacity since 2021.
In the realm of standard setters, the FASB recently discussed derivatives scope refinements (Topic 815) and decided not to add a project related to credit risk transfer transactions to its agenda during a meeting on January 15, 2025.
For those interested in staying updated on upcoming events and webcasts, information can be found on the EY webcast site.
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