The adoption of the Secured Overnight Financing Rate affects any company that has borrowed money through rate-referenced debt or has an agreement that references the London Interbank Offered Rate.
The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.
GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.
FASB's new standards for revenue recognition and lease accounting have significantly changed the accounting for these popular transactions.
In its Accounting Standards Update No. 2018-15, FASB’s guidance on how to account for implementing a cloud computing service contract aligns with buying an asset.
New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.
FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.
Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.