Accounting


 
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The SEC in March released Staff Accounting Bulletin (SAB) no. 105, Application of Accounting Principles to Loan Commitments ( www.sec.gov/interps/account/sab105.htm ). It adds section DD, “Loan Commitments Accounted for as Derivative Instruments,” to topic 5, “Miscellaneous Accounting,” of the commission’s codification of SABs. The new section provides interpretive guidance SEC-registered companies should consider when recognizing such commitments, and it emphasizes certain disclosure requirements that may be relevant to mortgage banking activities.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.