Appendix J — Roadmap Updates for 2024
The tables below summarize the substantive changes made in the 2024
edition of this Roadmap.
New Content
|
Section
|
Title
|
Description
|
|---|---|---|
|
Consideration of Independent Directors
| Expanded discussion and added Examples 7-1, 7-2, and 7-3 to illustrate the evaluation of the right to appoint directors and the impact of this right on the “power” criterion in situations in which the board of directors has the power to direct a VIE’s most significant activities. | |
|
Evaluation of the Board of Directors
|
Added section to illustrate the
evaluation of the right to appoint directors in the
context of control in the assessment of the general
consolidation principles under the voting interest
entity model.
|
Amended Content
|
Section
|
Title
|
Description
|
|---|---|---|
|
3.3.2
|
Scope Exception for Investment Companies
|
Expanded discussion of whether a reporting entity meets
the definition of an investment company; added remarks
from the SEC staff at the 2023 AICPA & CIMA
Conference on Current SEC and PCAOB Developments.
|
|
4.3.4
|
Guarantees, Puts, and Other Similar Arrangements
|
Added Example 4-7 to
illustrate the purpose and design of an offshore
exempted reinsurance company and to discuss whether a
catastrophe bond reinsurance agreement creates a
variable interest.
|
|
E.2.1
|
Consolidation Analysis
|
Expanded discussion of collateralized investment vehicles
to address the common insurance industry practice of
using a co-issuer structure.
|