FASB proposal would amend interim disclosure requirements
Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
Accounting & reporting
FASB addresses contract assets, liabilities acquired in a business combination
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
FASB provides new private company practical expedient
Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
Creating the right visuals for your data
Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.
FASB proposal addresses fair value and equity security sale restrictions
A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
Lease accounting: Private companies on the clock after delay
Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
Marie Brilmyer, CPA
Successful leaders know how to listen and help others make the most of their abilities, according to Marie Brilmyer, CPA, a partner with Cohen & Company in Akron, Ohio.
FASB report describes investor outreach
FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.
Revenue, lease accounting still challenge private companies
After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.
AICPA guidance addresses SVOG, RRF accounting questions
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
Board diversity disclosures mandated for Nasdaq-listed companies
Nasdaq-listed companies will be required to provide new information on the diversity of their boards as a result of a new rule approved by the Securities and Exchange Commission.
FASB alters accounting for certain leases with variable lease payments
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
FASB asks for feedback on standard-setting agenda
FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
FASB proposes discount rate relief for nonpublic lessees
FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
Internal audit has pivotal role in ESG reporting
Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
GASB publishes implementation guidance on various issues
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
