IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
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Accounting & reporting
SEC changes disclosure rules for banks
The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.
TQAs discuss nongovernmental health care entities’ pandemic-related issues
Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.
TQAs address lease accounting for retirement communities
Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.
How lenders should account for forgivable PPP loans
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.
SEC changes disclosure rules, redefines ‘accredited investors’
The SEC voted to amend its rules for public company disclosures of the description of business, legal proceedings and risk factors. The commission also changed its definition of “accredited investor.”
FASB addresses valuation of private company share-based awards
Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.
Pandemic-related FAQs for health care entities
Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
FASB simplifies accounting for convertible instruments, contracts in own equity
FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
End of LIBOR: How all industries, not just banks, can prepare
The adoption of the Secured Overnight Financing Rate affects any company that has borrowed money through rate-referenced debt or has an agreement that references the London Interbank Offered Rate.
Laura Felice, CPA, CGMA
Asking good questions and providing direction for strategic decisions is essential for finance employees in today’s business environment, according to Laura Felice, CPA, CGMA, senior vice president and controller at BJ’s Wholesale Club Inc.
Government financial reporting model would change under GASB proposal
The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.
Answers to 4 common accounting and auditing questions
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
The 10 elements of financial statements, according to FASB
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
AICPA issues nonauthoritative guidance on auditing digital assets
Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
FASB proposes delay of insurance standard effective date
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
GASB issues pandemic-related accounting guidance
GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.
GASB delves into financial statement elements, revenue and expense models
GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.
FASB’s new cloud computing standard reduces complexity
In its Accounting Standards Update No. 2018-15, FASB’s guidance on how to account for implementing a cloud computing service contract aligns with buying an asset.
Accounting for sale and leaseback transactions
FASB’s new standards for revenue recognition and lease accounting have significantly changed the accounting for these popular transactions.
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