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January 28, 2021

FASB simplifies revenue recognition for private company franchisors

FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.

January 7, 2021

FASB clarifies scope of reference rate relief

FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.

December 22, 2020

AICPA white paper tackles blockchain and SOC for Service Organization reports

The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.

December 21, 2020

5 accounting considerations for divestitures and carveouts

Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.

December 21, 2020

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

December 16, 2020

New SEC rules require extraction companies to disclose payments

The SEC issued new rules requiring disclosure of payments to governments by certain resource extraction companies. Critics say the rules don’t go far enough.

December 15, 2020

FASB addresses revenue contracts with customers acquired in a business combination

FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.

December 10, 2020

Q&A: FASAB reaches milestone amid pandemic

After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.

December 8, 2020

FASB to seek input on its standard-setting agenda

FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.

December 7, 2020

Internal control focus critical as a result of pandemic changes

The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.

December 7, 2020

Emergence through fresh-start reporting

As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.

December 1, 2020

Standard setters focus on costs vs. benefits, ‘big three’ projects

FASB Chair Richard Jones, CPA, and GASB Chair Joel Black, CPA, describe their visions and priorities in this Q&A.

November 19, 2020

SEC amends guidance on MD&A, other disclosures

The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.

November 18, 2020

FASB pursues impairment-triggering relief for certain private companies, NFPs

FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.

November 17, 2020

New SEC rules enable electronic submissions

The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.

November 17, 2020

GASB proposes new implementation guidance

The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.

November 5, 2020

New lease accounting guidance proposed for federal entities

The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.

November 5, 2020

FASB provides implementation relief for insurance companies

FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.

November 1, 2020

Pandemic accounting: How to make the right judgments

Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.

October 29, 2020