Financial reporting

Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

Creating webinars to answer client questions

The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

GASB provides guidance for LIBOR transition

GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.

FASB to discuss effective date deferral requests in response to pandemic

Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.

Addressing pandemic-related audit challenges

Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.

Optional delay provided in regulatory capital transition to credit losses standard

Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.

CARES Act would delay compliance with FASB credit loss standard

The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.

GASB considers postponing effective dates

GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.

SEC extends pandemic-related relief

The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.

Coronavirus and financial reporting: Report addresses key issues

The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.

How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.

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.

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.

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.

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.

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.

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.

Lease accounting standard requires new auditor judgments

Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.

FAF appoints Auchincloss to serve as executive director

The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.

GASB proposes criteria for financial statement disclosures

GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.