Accounting & reporting news and resources

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June 14, 2022

Addressing continued rise in Sarbanes-Oxley Act compliance costs

An annual survey reveals higher compliance costs in 2022 and suggests that automation may present a path to better efficiency.

June 13, 2022

FASB invites stakeholders to share views on accounting for government grants

FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.

June 13, 2022

GASB guidance focuses on improving, clarifying standards for accounting changes

GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.

June 3, 2022

SEC announces updates to electronic filing requirements

The SEC said it has adopted amendments to require the electronic filing or submission of certain documents that currently are permitted to be filed or submitted in paper format.

June 1, 2022

Goodwill triggering event alternative provides relief to some companies

Learn how FASB’s goodwill accounting alternative for evaluating triggering events can make financial reporting easier for private companies and not-for-profit entities beyond the pandemic.

May 27, 2022

FASB to explore rules on accounting for ESG credits

The FASB said last week that it will explore new rules regarding the accounting for financial instruments with ESG-linked features and regulatory credits.

May 26, 2022

SEC proposes enhanced disclosures related to ESG

The SEC proposed amendments to rules and reporting forms to promote consistent, comparable and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social and governance factors.

May 10, 2022

FASAB seeks input on proposed amendments related to leases

The FASAB proposed changes intended to clarify the application of lessee and lessor discounting requirements.

May 10, 2022

GASB addresses range of practice issues in statement

In an omnibus statement, the GASB issued guidance and clarifications on numerous accounting and financial reporting issues.

May 9, 2022

SEC extends comment period on climate-related disclosure proposal

The SEC announced an extension in the public comment period for its proposal on climate-related disclosure requirements.

May 6, 2022

Accounting for employee retention credits

Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.

April 28, 2022

What CPAs should know, and ask, about NFTs

An expert on digital assets, also an ENGAGE speaker, explains nonfungible tokens and addresses accounting questions related to NFTs in this podcast episode with transcript.

April 20, 2022

FASB proposal would extend time for reference rate reform relief

A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).

April 1, 2022

Climate change: What the SEC proposal means for companies, auditors

The SEC’s recently issued climate change disclosure proposal would require companies to embrace a comprehensive, sophisticated approach to climate reporting.

March 31, 2022

FASB addresses troubled debt, vintage disclosures in CECL standard

FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.

March 31, 2022

How to navigate new disclosures for government assistance

After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.

March 30, 2022

SPACs would face new disclosure requirements under SEC proposal

The SEC proposed rules that are intended to provide investors with more information and protection in initial public offerings by special purpose acquisition companies.

March 30, 2022

FASAB proposes conforming amendments to 4 technical releases

A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.

March 29, 2022

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.

March 28, 2022

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.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.