The coronavirus pandemic has led to a likely delay in the effective date of FASB’s new lease accounting standard as well as an environment in which lease concessions may lead to new accounting considerations.
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Accounting & reporting
FASB issues Q&As to clarify pandemic lease accounting issues
FASB posted a Q&A document to clarify questions about lease accounting that have arisen during the coronavirus pandemic.
SEC updates staff guidance on shareholder meetings
Responding to travel, mailing and other issues caused by the COVID-19 pandemic, the SEC has published updated staff guidance on shareholder meetings for companies and other issuers of public stock.
FASB staff clarifies lease modifications, other pandemic accounting issues
Accounting challenges related to the coronavirus pandemic have resulted in numerous questions for FASB from financial statement preparers and practitioners. Shayne Kuhaneck, FASB’s acting technical director, answered some of these questions during the board’s meeting.
FASB effective date delay proposals to include private company lease accounting
The delays would apply to the effective date of its revenue recognition standard for nonpublic franchisors and the effective dates of its lease accounting standard for private companies and public and private not-for-profits.
AICPA issues audit and accounting guidance FAQs on COVID-19
The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.
Pandemic-specific guidance for auditors and preparers
The consequences of the coronavirus on financial statement preparation and auditing are complex. Two CPAs share guidance for preparers and practitioners.
Financial institutions using CARES Act deferrals won’t violate GAAP, SEC says
Companies that elect to defer or suspend FASB rules for credit losses or troubled debt restructurings in accordance with the CARES Act will not be found in violation of GAAP.
Going concern tips for auditors during the pandemic
The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.
Creating webinars to answer client questions
The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.
GASB provides guidance for LIBOR transition
GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.
FASB to discuss effective date deferral requests in response to pandemic
Deferral requests for significant accounting standards that are not yet effective will be among the topics FASB will discuss related to the coronavirus pandemic at its April 8 board meeting.
Addressing pandemic-related audit challenges
Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.
Optional delay provided in regulatory capital transition to credit losses standard
Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.
CARES Act would delay compliance with FASB credit loss standard
The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
GASB considers postponing effective dates
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
SEC extends pandemic-related relief
The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
Coronavirus and financial reporting: Report addresses key issues
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.
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.
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