On Aug. 5, RUS CB proposed ord invalidating certain regulatory acts.
RUS CB proposed ord on recognition of invalidation of certain regulatory acts of RUS CB regarding accounting and financial reporting of non-credit financial organizations.
Consultation documents are only available on RUS CB website until comment deadline.
Regulation Invalidated
Reg 508-Pon industry standard of accounting for reserves - estimated liabilities and contingent liabilities of non-credit financial organization and ord 4222-U amending it.
Reg 520-P industry standard of accounting by non-bank financial organizations of events after the end of the reporting period and ordinance 4221-U amending it.
Follows, RUS CB Feb. 2024, issued credit agency annual reporting rules, see #201468.
Regulation 523-Pon procedure for correcting errors in accounting and financial reporting by non-banking financial organizations and ordinance 4219-U amending it.
Follows, RUS CB Mar. 2024, draft rules for correcting accounting errors, see #202943.
Regulation 613-Pon forms of disclosure of information in financial statements of non-bank financial firms and procedure for grouping accounts and ord 5167-U amending it.
Follows, RUS CB Mar. 2024, draft updates to accounting reporting rules, see #205132.
Reg 532-P on preparation of financial statements for various entities, spanning securities, investment funds, trades, clearing, depositories, management, credit history, credit rating, and insurance and ord 4128-U, 5166-U, 6532-U amending it.
Comments and feedback are expected by Aug. 19, 2024.
Nov. 2024 Ord Issued
On Nov. 18, 2024, RUS CB issued ord 6894-U on recognition of invalidation of certain regulatory acts of RUS CB regarding accounting and financial reporting of non-credit financial organizations which enters into force on Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Auditor; B/D; CRA; CRB; Depo; Ins; Inv Co; MSB
Reference
PR, 11/18/2024; Ord 6894-U, 10/2/2024; CP, 8/5/2024
