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.
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Accounting & reporting
Revenue, SPACs, and LIBOR pose year-end accounting challenges
Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
FASAB clarifies federal accounting rules for debt cancellation
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 merit accounting scrutiny, SEC staff says
“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 reconsiders accounting for troubled debt restructuring by creditors
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.
New FASB standard requires businesses to disclose government aid
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.
Credit losses: 4 things you need to know
Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.
FASB issues risk-free rate rule to cut costs for nonpublic lessees
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.
FASB declines to extend nonpublic lease accounting effective date
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.
FASAB amends lease accounting requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
Quality management: ARSC pursues consistency with proposed ASB standards
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.
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.
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.
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