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ARTICLE · 12 DECEMBER 2019

SEC Chief Accountant Highlights Priorities

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In a statement issued in connection with the 2019 AICPA Conference on Current SEC and PCAOB Developments, SEC Chief Accountant Sagar Teotia highlighted

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In a statement issued in connection with the 2019 AICPA Conference on Current SEC and PCAOB Developments, SEC Chief Accountant Sagar Teotia highlighted key priorities for the Office of the Chief Accountant ("OCA").

Engagement with Stakeholders. Mr. Teotia emphasized the importance of consultations with domestic registrants and foreign private issuers. He said that these consultations reduce uncertainty concerning applicable accounting standards.

Oversight of FASB. Mr. Teotia highlighted several initiatives of the Financial Accounting Standards Board ("FASB") to improve accounting standards. These include initiatives on (i) "identifiable intangible assets and subsequent accounting for goodwill," (ii) distinguishing liabilities from equity and (iii) accounting issues related to the transition away from LIBOR. Mr. Teotia noted several recent measures taken by the OCA and FASB to improve accounting standards, such as the implementation of new revenue, credit losses

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