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.
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Accounting & reporting
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.
Tips for for-profits applying NFP accounting rules for PPP funds
For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
Offensive acronym leads to GASB’s name change proposal
The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
FASB provides goodwill triggering relief for private companies, not-for-profits
Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
Vacation and sick day accruals during the pandemic
Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.
Climate change disclosure comments sought by SEC
The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.
FASAB reappoints Scott for second term as chair
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
New SEC enforcement task force to focus on climate, ESG compliance
The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
GASB proposes new guidance on compensated absences
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
Assessing goodwill impairment amid COVID-19
Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
Automation to drive big shifts in corporate reporting
A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
SEC places new focus on climate-related disclosures
The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
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