FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
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Accounting & reporting
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.
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.
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.
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.
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.
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.
FASB clarifies callable debt securities accounting
FASB published a new standard that clarifies accounting requirements for callable debt securities.
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.
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.
How auditors can enhance the reliability of non-GAAP reporting
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
SEC amends rules for whistleblowers, shareholder proposals
The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
New FAQs address health care entity pandemic accounting
Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
New ESG reporting metrics released by World Economic Forum
Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
FASB proposes expedient for private company franchisors
FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
Treasury report on CECL standard is inconclusive
The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
FASB alters not-for-profit accounting rules for gifts-in-kind
Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
Consistency sought in sustainability, corporate reporting through global effort
IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate 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.
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How to replace running totals in Excel
Accountants routinely copy down formulas in Excel to track cumulative balances, such as cash flow and retained earnings, but there is a better way. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
