Search Results for keywords:"accounting standards"

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Search Results: keywords:"accounting standards"

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  • 2024-28227 — Joint Report to Congressional Committees: Differences in Accounting and Capital Standards Among the Federal Banking Agencies as of September 30, 2024
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    Type:Notice
    Citation:89 FR 95786
    Reading Time:about 12 minutes

    The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a report to Congress. As of September 30, 2024, they found no major differences in the accounting and capital standards for the banks they oversee. While there are some minor differences concerning definitions and rules, these do not significantly affect the institutions. The report highlights how certain rules apply differently to specific banking groups due to legal and regulatory requirements.

    Simple Explanation

    The report shows that three important groups who watch over banks found that they all mostly follow the same rules for how banks should manage their money. Even though there are small differences in the rules for some banks, these don’t change things too much.

  • 2025-01864 — Staff Accounting Bulletin No. 122
    Type:Rule
    Citation:90 FR 8492
    Reading Time:about 3 minutes

    The Securities and Exchange Commission (SEC) released Staff Accounting Bulletin No. 122, which removes the previous guidance about protecting crypto-assets held for platform users in their Staff Accounting Bulletin Series. This change affects how companies account for their responsibility to safeguard these assets and requires them to determine if they need to recognize a liability for potential losses. Companies are advised to apply this change retrospectively starting after December 15, 2024, and must provide clear disclosures about how this change affects their financial statements. The aim is to help investors understand a company's obligations concerning crypto-assets.

    Simple Explanation

    The SEC took away old rules about how companies should handle and report on digital money they keep safe for their users. Now, companies must think carefully about if they need to say they might owe money if any of that digital money gets lost, and they have to tell people what's changed in the way they count this money.