A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
Accounting & Reporting
Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
Successful leaders know how to listen and help others make the most of their abilities, according to Marie Brilmyer, CPA, a partner with Cohen & Company in Akron, Ohio.
FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.
After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
Nasdaq-listed companies will be required to provide new information on the diversity of their boards as a result of a new rule approved by the Securities and Exchange Commission.
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.
Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.
FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.