GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
Accounting & reporting
Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
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.
FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.
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.
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.
Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
A CPA leader shares talks about auditing and accounting related to digital assets — the challenges, the role of skill development, and what’s next in the evolving space.
The SEC issued rules that create new disclosure requirements for companies that issue public securities in the US but are audited by firms that are not subject to inspection by the PCAOB.
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
“Spring-loaded” awards are share-based compensation that companies award to executives shortly before announcing market-moving information. The SEC staff says that when measuring compensation, companies must consider the impact that the information will have upon release.
FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
Businesses that receive certain forms of government assistance will be required to disclose that aid in the notes to their annual financial statements under a standard the Financial Accounting Standards Board issued Wednesday.
Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.
Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.
Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.