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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

FASB issues minor codification changes

FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.

October 29, 2020

FASAB proposal would clarify presentation requirement

A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.

October 29, 2020

FASB proposes scope clarification for reference rate relief

Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.

October 28, 2020

FASB staff weighs in on debt modifications and restructurings

FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.

October 26, 2020

FASB proposes clarifying forwards and options accounting

FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.

October 20, 2020

FASB proposes 3 targeted lease accounting changes

FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.

October 16, 2020

Government reporting and the future: A Q&A with GASB Chairman Joel Black

With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.

October 15, 2020

FASB clarifies callable debt securities accounting

FASB published a new standard that clarifies accounting requirements for callable debt securities.

October 14, 2020

Costs and benefits: A Q&A with FASB Chair Richard Jones

The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.

October 8, 2020

Fair value, stablecoins addressed in new AICPA guidance

Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.

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.