Search Results for keywords:"financial reporting"

The National Credit Union Administration (NCUA) is announcing a notice of submission to the Office of Management and Budget (OMB) regarding the renewal of their information collection practices under the Paperwork Reduction Act of 1995. This involves collecting data from federally insured credit unions (FICUs) that must request approval before purchasing assets or assuming liabilities from other institutions. The public is invited to comment on this collection process, focusing on the need, accuracy, and ways to improve this data collection process. Comments should be submitted by January 27, 2025, to ensure they are considered.

The Administration for Children and Families (ACF) is seeking public comments on the extension of the ACF-696: Child Care and Development Fund (CCDF) Quarterly Financial Report form. This form is used by 50 states, the District of Columbia, and five U.S. Territories to report financial expenditures related to CCDF funding. The ACF proposes to renew this form without any changes and is requesting feedback on its necessity, accuracy, clarity, and any suggestions to reduce the reporting burden. Comments are invited within 60 days of the notice publication.

The National Credit Union Administration (NCUA) is revising its Call Report, Form 5300, which credit unions use to submit quarterly financial and statistical data. The changes, influenced by public comments, include the removal of certain accounts and the addition of new ones to improve monitoring of credit union activities. Notable revisions involve reporting on loans to officials, assets pledged, and maturity distribution of uninsured shares, with some proposals adjusted based on feedback. The updates aim to enhance oversight while managing the reporting burden and are scheduled to be effective by March 31, 2025.

The Board of Governors of the Federal Reserve System has decided to extend, with some revisions, a key report, known as FR 2644, for another three years. This report collects data on the assets and liabilities of both U.S. commercial banks and foreign banks operating in the U.S. It helps analyze banking trends by gathering weekly data from a sample of 850 banks. The Board will allow smaller banks under $5 billion in assets to report once a month instead of weekly. These changes begin on April 2, 2025, and the Board received no public comments during the proposal's review period.

The Securities and Exchange Commission (SEC) is asking for public comments on a rule called Rule 10A-1, which is part of the Securities Exchange Act of 1934. This rule requires certain companies to report to the SEC if their auditors find serious financial problems that the company's management has not fixed promptly. Although this reporting requirement has been in place since the mid-1990s, its approval by the Office of Management and Budget expired in 2021, so the SEC seeks to renew this approval. The SEC estimates that the total additional burden of this rule is about 5 hours per year for the companies involved, and they invite public comments on how to improve or reduce this burden.

The Public Company Accounting Oversight Board (PCAOB) has introduced proposed rules requiring certain registered public accounting firms to report firm- and engagement-level metrics on their audit practices. These metrics will provide stakeholders like investors and audit committees with valuable insights into audit processes, helping them make informed decisions. The metrics cover areas such as partner and manager involvement, workload, training, and retention of audit personnel. The PCAOB believes this initiative will enhance investor protection and foster transparency by offering more consistent and comparable information about audits and auditors.

The Agricultural Marketing Service of the Department of Agriculture has finalized a rule making clarifying changes to the Paper and Paper-Based Packaging Promotion, Research, and Information Order. These changes update definitions and processes such as nominations, voting methods for Board meetings, financial reporting, and when exemptions can be requested, to better align with current industry practices. The updates also address how partnerships are recognized and clarify the obligations for paying assessments. Despite some mixed feedback during the public comment period, the rule aims to reduce confusion and improve fairness in the paper and paper-based packaging industry.

The Department of Housing and Urban Development (HUD) issued a notice making technical revisions to the "Operations Notice for the Expansion of the Moving to Work Demonstration Program," with changes effective March 20, 2025. These updates include clarifications on the program's funding, financial reporting, and the use of waivers, while ensuring no material changes are made to the previous notice issued on August 28, 2020. Revisions also include updating contact information and adding new categories to existing program components, such as voucher types and flexibility applications. These changes aim to enhance the clarity and guidance provided to public housing agencies.

The Agricultural Marketing Service of the USDA announced a delay in the effective date of a rule regarding the Paper and Paper-Based Packaging Promotion, Research, and Information Order. Originally set to take effect on January 21, 2025, the rule is now postponed until March 21, 2025. This delay allows for further review of the amendments, which clarify various processes like partnership definitions, nomination procedures, and voting formats for board meetings, along with financial reporting timelines. The postponement aligns with a presidential directive for regulatory review.

The Department of Housing and Urban Development (HUD) is asking for public comments on a proposed information collection concerning the Operating Fund Shortfall Program. This program, which has been active since 2021, aims to help Public Housing Agencies with financial difficulties by providing additional funds and supporting their financial improvement plans. The public can comment on whether this information is necessary and suggest ways to improve its quality and reduce the burden of collection. Interested persons have until May 16, 2025, to submit their comments.