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June 22, 2020

FASB Q&As address application of taxonomy to pandemic disclosures

FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.

June 19, 2020

Lease accounting effective date deferred for federal entities

Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.

June 17, 2020

Pandemic considerations for EBP financial statements

The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.

June 11, 2020

GASB proposes accounting guidance for CARES Act aid

GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.

June 10, 2020

FASB addresses insurance, convertible instruments, gifts-in-kind

FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.

June 10, 2020

AICPA issues guidance on accounting for forgivable PPP loans

Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.

June 5, 2020

GASB addresses subscription-based technology arrangements

GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.

June 3, 2020

FASB issues limited revenue recognition, lease accounting delays

FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.

June 1, 2020

Hedge accounting may be more beneficial after FASB’s changes

FASB’s changes to its hedge accounting standard may provide companies with new alternatives to account for their risk management activities. Here is some background on hedge accounting, what is changing, and how it has emerged as a more viable approach.

June 1, 2020

Pandemic alters lease accounting landscape

The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease standard as well as an environment in which lease concessions may lead to new accounting considerations.

May 21, 2020

SEC amends disclosure rules for acquisitions and disposals

The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

May 20, 2020

FASB votes to delay revenue recognition effective date for private companies

The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.

May 11, 2020

Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

May 8, 2020

GASB delays effective dates of recent pronouncements

GASB is giving state and local governments extra time to implement much of its recently issued guidance as a result of the coronavirus pandemic.

April 28, 2020

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

April 24, 2020

Pandemic places accounting, auditing rules in flux

As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.

April 22, 2020