Financial Reporting


FINANCIAL REPORTING
The SEC staff published Staff Accounting Bulletin (SAB) no. 109, Written Loan Commitments Recorded at Fair Value Through Earnings. The SAB provides the staff’s views on the accounting for written loan commitments recorded at fair value under GAAP.

The SAB revises and rescinds portions of SAB no. 105, Application of Accounting Principles to Loan Commitments. Specifically, the SAB revises the SEC staff’s views on incorporating expected net future cash flows related to loan servicing activities in the fair value measurement of a written loan commitment. The SAB retains the staff’s views on incorporating expected net future cash flows related to internally developed intangible assets in the fair value measurement of a written loan commitment. To download the bulletin, visit www.sec.gov/interps/account/sab109.htm.

FASB will provide free online access to its Accounting Standards Codification research system during a one-year verification period expected to begin no later than early 2008.

The codification project’s goal is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters, including FASB, the AICPA, and the Emerging Issues Task Force (EITF). The codification, which does not change GAAP, reorganizes pronouncements into roughly 90 accounting topics and displays all topics using a consistent structure. Relevant SEC guidance also will be included in separate sections and will follow the same topical structure. The codification excludes governmental accounting standards.

During the verification period, the public can review the content and provide comments using a customized electronic feedback feature. FASB expects to approve the codification in early 2009.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.