US
Securities and Exchange Commission (SEC) FINAL Federal Register (2024-08091) Updated EDGAR Filer Manual
The SEC is updating the EDGAR Filer Manual in EDGAR Release 24.1, with corresponding amendments to Volume II of the Filer Manual. The changes are to the following items: Inline XBRL Mandate for Financial Statements and Schedules Required by Form 11–K, Shortening the Securities Transaction Settlement Cycle, Extending Schedules 13D and 13G EDGAR Filing Hours, Share Repurchase Disclosure Modernization, and other general functional enhancements including the taxonomy updates. The updated EDGAR Filer Manual is available at https://www.sec.gov/edgar/filerinformation/current-edgar-filermanual. The effective date for these changes is 4/19/2024.
Global
The International Accounting Standards Board (IASB) Announced Review of Intangibles Accounting Rules
The IASB announced a comprehensive review of accounting requirements for intangible assets. The project will assess if IAS 38 Intangible Assets requirements are relevant and continue to reflect current business models or whether the IASB should improve requirements. During the IASB’s third agenda consultation, stakeholders said this is a high priority project. The initial research and planning phase aims to define the scope of issues to be explored in the project and explore the best approach to plan and organize the work. Over the next few months, the IASB will consult with its advisory bodies and other stakeholders to help inform the project plan, to be discussed at a future meeting.
The Bank of International Settlements (BIS) Basel Committee Issued a Bulletin on Generative Artificial Intelligence (AI) Use in Households
The Basel Committee released a bulletin on Generative Artificial Intelligence (Gen AI) use in households. A survey showed that almost half of US households are using Gen AI tools. A growing number of firms are integrating Gen AI tools into their business operations. Respondents expect Gen AI to bring more opportunities for job prospects, especially among men and younger and more educated and higher-income households, although Gen AI is still trusted less than humans for financial and medical services. Given the risks, respondents support the regulation of AI and trust government agencies and financial institutions more than big tech firms to safeguard their data.