March 2020

March 12, 2020

FASB provides accounting relief for LIBOR transition

Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.

March 12, 2020

SEC exempts certain companies from ICFR attestation requirement

The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.

March 11, 2020

High-deductible health plans can cover coronavirus testing, treatment

To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.

March 10, 2020

Calming clients’ fears during the coronavirus outbreak

How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.

March 10, 2020

AU-C 800 series amended to conform with auditor reporting standard

The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.

March 9, 2020

FASB makes narrow changes to financial instruments guidance

FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.

March 9, 2020

GASB addresses certain component unit criteria, deferred compensation plans

A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.

March 5, 2020

35 questions for coronavirus planning

Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.

March 5, 2020

Coronavirus looms over positive economic outlook

Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.

March 4, 2020

Conditional coronavirus relief provided by SEC

The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.

March 4, 2020

Emotional impact of elder abuse outweighs the financial toll

Fraud and financial abuse harm clients psychologically more than they do financially, according to the AICPA Personal Financial Planning Trends Survey.

March 3, 2020

How firms can advance women in the workplace

Firms are taking proactive steps to attract, retain, and advance women. And firms that use modified work arrangements (MWAs) and formal advancement programs to achieve those goals report that the benefits are clear.

March 2, 2020

What companies are disclosing about coronavirus risks

The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.