FASB issues expanded hedge accounting standard
The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.
Accounting & reporting
SEC seeks to regulate principal trading firms
The SEC proposed new rules Monday that would require certain entities, most notably principal trading firms, to register with the Commission and to comply with federal securities laws and regulatory obligations.
Proposal would supersede auditing standard for group audits
The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
New SEC proposal would ramp up climate-change disclosures
Public companies would be required to disclose climate-related risks and financial statement metrics under a much-awaited proposal issued by the SEC.
Grappling with Schedules K-2 and K-3
John Samtoy, CPA, discusses Schedules K-2 and K-3 for passthrough entities and U.S. persons who are partners in foreign partnerships, and how tax professionals can help clients with them.
SEC set to discuss staff climate change proposal
The Securities and Exchange Commission will meet Monday to discuss a staff proposal designed to improve and standardize companies’ climate change disclosures for investors.
SEC proposes new rules for cybersecurity reporting
Public companies would be required to provide investors with enhanced and standardized information about their cybersecurity practices under a new rule proposed Wednesday by the Securities and Exchange Commission.
SEC seeks more disclosures of short-sale data
The Securities and Exchange Commission voted to require certain institutional investment managers to report short sale-related information each month. The SEC then would make aggregate data about large short positions, including daily short-sale activity data, available to the public for each individual security.
SEC proposes new rules for private equity
Agency seeks comment on new requirements, including one that would mandate that registered fund advisers provide quarterly statements to investors.
TQA addresses health care accounting for items free of charge received for distribution
The AICPA issued nonauthoritative information addressing how for-profit health care business entities and nongovernmental not-for-profit health care entities may consider accounting for vaccines or other pharmaceuticals, medical supplies, or equipment received free of charge for distribution to specified patients.
A blockchain glossary, the CPA firm of the future, and Excel malware
Blockchain — what does it mean to you? A glossary of terms offers clarity. Also, hear or read more about accounting firms’ tech-integrated future.
FASB’s position on leases standard is ‘insensitive’
A reader responds to a JofA article on FASB declining to extend nonpublic lease accounting effective date.
Cryptoasset accounting: Tips for common scenarios
The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.
GASB to consider governmental going concern standards
GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
FASB issues 2 new financial accounting concept statements
Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
FASB ASU addresses supplier finance programs
A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.
Digital assets, intangibles among priorities on FASB’s new research agenda
FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
SEC addresses share buyback disclosures, insider trading rules
The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.
FASB working to balance desires of investors and preparers
Investors want more disaggregated information. Financial statement preparers are concerned about the costs of preparing that information. FASB Chair Richard Jones is seeking to balance those priorities.
Tips for avoiding trouble with non-GAAP reporting
Non-GAAP measures in public company reporting continue to be scrutinized carefully by SEC staff, according to information presented at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
