The coronavirus presents substantial challenges to financial statement preparers and the CPA firms that serve them related to subsequent events, accounting estimates and many other topics.
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Accounting & reporting
How the coronavirus may affect financial reporting and auditing
The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.
FASB provides accounting relief for LIBOR transition
Accounting for the transition away from the London Interbank Offered Rate and similar rates should be less complex as a result of a standard issued by FASB.
SEC exempts certain companies from ICFR attestation requirement
The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.
FASB makes narrow changes to financial instruments guidance
FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.
GASB addresses certain component unit criteria, deferred compensation plans
A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.
Conditional coronavirus relief provided by SEC
The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
What companies are disclosing about coronavirus risks
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
Lease accounting standard requires new auditor judgments
Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.
FAF appoints Auchincloss to serve as executive director
The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.
GASB proposes criteria for financial statement disclosures
GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
FASAB clarifies loss allowance for intragovernmental receivables
A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
FASB to propose private company expedient for share-based payment accounting
Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
New GASB standard addresses lease accounting, OPEB, other issues
Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.
SEC proposes simplifying disclosure requirements
The SEC voted to propose amendments that would simplify disclosure requirements and issued guidance on key performance indicators and metrics in MD&A.
FASB clarifies interaction between standards
FASB took action to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.
GASB selects Mauldin & Jenkins’s Black as next chair
GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
Accounting for cloud computing: What you need to know
Get insight on implementing the updated accounting rules related to cloud computing implementation costs associated with a service arrangement, which are in effect for public companies now and will be required for all other entities later this year.
EY’s Jones to succeed Golden as FASB chair
Richard Jones, a 32-year veteran at EY, will succeed Russell Golden as the Financial Accounting Standards Board’s chair beginning in July.
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