Current Developments at the SEC

Norman Strauss, Wesley Bricker, Kyle Moffatt, and Charles Wright

Bricker began the panel by showing the audience an introductory video on the role of the various organizations that make up the U.S. financial reporting structure. He then moved on to current topics within the Office of the Chief Accountant (OCA), beginning with the effects of the Tax Cuts and Jobs Act of 2017 (TCJA) on financial reporting. The new tax laws will lead to disclosure changes, he said, and guidance (such as Staff Accounting Bulletin 118) has been published to help companies organize their efforts. “Our expectation is that companies continue to apply a good faith effort in resolving the uncertainty associated with preparing disclosures associated with income tax effects,” he said. “We would anticipate disclosure changes from quarter to quarter as management continues to make progress.”