SEC Staff Accounting Bulletin 118 on Tax Cuts and Jobs Act Income Taxes
The SEC staff has published Staff Accounting Bulletin No. 118 to provide guidance on applying accounting standards for income taxes following the Tax Cuts and Jobs Act of 2017. This bulletin clarifies interpretations for registrants regarding ASC Topic 740, Income Taxes.
SEC Staff Accounting Bulletin 119 on Credit Loss Guidance
The SEC's Office of the Chief Accountant published Staff Accounting Bulletin 119 to update guidance on measuring credit losses on financial instruments. This update aligns SEC staff interpretations with the FASB's Accounting Standards Codification Topic 326, which introduces an expected credit loss model.
SEC Staff Accounting Bulletin 120: Fair Value Guidance for Share-Based Payments
The SEC's Office of the Chief Accountant and Division of Corporation Finance have issued Staff Accounting Bulletin (SAB) 120, updating guidance on estimating the fair value of share-based payment transactions when a company possesses material non-public information. This update aligns existing interpretive guidance with current accounting standards, specifically FASB ASC Topic 718.
SEC Rescinds Staff Accounting Bulletin No. 121
The SEC has rescinded Staff Accounting Bulletin No. 121, which provided guidance on the accounting for obligations to safeguard crypto-assets held for platform users. This rescission is effective April 11, 2022, and was done in conjunction with the publication of SAB No. 122.
SEC Rescinds SAB 121, Issues SAB 122 on Crypto-Asset Custody
The SEC has rescinded Staff Accounting Bulletin (SAB) 121 and issued SAB 122, which provides new guidance on accounting for crypto-asset custody obligations. This change affects how entities recognize and measure liabilities related to safeguarding crypto-assets for platform users.
SEC Dismisses Civil Enforcement Action Against Nader Al-Naji
The SEC announced the dismissal, with prejudice, of its civil enforcement action against Nader Al-Naji and several relief defendants. The dismissal is based on the specific facts and circumstances of the case, as outlined in a joint stipulation filed with the court. The case number is 1:24-cv-05738-JAV.