The second half of 2018 and early 2019 saw revisions to reporting and disclosure policies by various regulatory bodies. The Securities and Exchange Commission (SEC) continued to pursue disclosure reform and simplification initiatives under the Fixing America’s Surface Transportation Act (FAST Act). In line with its recent focus on the use of financial disclosures not in accordance with Generally Accepted Accounting Principles (GAAP), the SEC announced an enforcement action focused on certain non-GAAP disclosures. Additionally, companies continued to adapt to the planned phasing out of the London Interbank Offered Rate (LIBOR). Finally, new rules adopted by the Financial Crimes Enforcement Network (FinCEN) within the U.S. Department of the Treasury require financial institutions to identify and verify the identity of beneficial owners who own or control legal entity customers of the financial institutions.