Effective for plan years beginning after December 31, 2018, the Internal Revenue Service has amended the requirements for taking a hardship distribution from Section 401(k) plans.
The Financial Accounting Standards Board (FASB) voted this week to issue an exposure draft for a 30-day comment period that will propose new effective dates for accounting for leases, credit losses, hedging and long-duration contracts for certain companies.
In May, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (SAS 134).
Beginning with fiscal years ending on or after June 30, 2019, large accelerated filers will be required to disclose critical audit matters (CAMs) in the auditor's report.
On March 4 the Financial Accounting Standards Board issued a draft proposal ASU 2019-400: Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606) that modifies ASU 2018-07: Compensation - Stock Compensation (718): Improvements to Nonemployee Share-Based Payment Accounting and is intended to further improve upon the measurement and recording of share-based compensation awarded to customers in conjunction with selling goods or services.