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.
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Accounting & reporting
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.
AICPA guidance addresses SVOG, RRF accounting questions
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
Board diversity disclosures mandated for Nasdaq-listed companies
Nasdaq-listed companies will be required to provide new information on the diversity of their boards as a result of a new rule approved by the Securities and Exchange Commission.
FASB alters accounting for certain leases with variable lease payments
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
FASB asks for feedback on standard-setting agenda
FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
FASB proposes discount rate relief for nonpublic lessees
FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
Internal audit has pivotal role in ESG reporting
Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
GASB publishes implementation guidance on various issues
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
GASB addresses accounting changes and error corrections
Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
Auditors may see increased demand for ESG attestation
Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.
Tips for lease accounting amid financial uncertainty
Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.
FASB proposes hedge accounting changes
FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.
FASB clarifies accounting for certain call option modifications
FASB issued a standard that is intended to clarify an issuer’s accounting for certain modifications of freestanding equity-classified written call options that remain equity-classified after modification or exchange.
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