In our outfit (on the 737 classic), current SOP is to call and cross check FMA changes when the HP makes a new MCP selection. Both HP and NHP should be monitoring anyway during critical phases anyhow - so it shouldnt be necessary (for example) to call out everytime you get ALT ACQ and ALT HOLD each time you capture and level off, since that's what you expect it to do - (and the HP is flying the aeroplane aren't they?! Some colleagues call all FMA changes, which i don't have any objection to, but it can be a bit too much sometimes...especially as in the example above, when 9 times out of 10 ATC call you with a reclearance to climb just as the AFDS goes into ALT ACQ, and you have two people talking to you at once! More important, i reckon in this case, is actually cross checking that as the new level is selected and the FMA reverts to V/S, that an MCP selection for N1/VNAV/LVL CHG, engages correctly and is annunciated...
BB