The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
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Accounting & reporting
FASB amends codification to align with SEC disclosures
The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.
GASB addresses disclosure and classification of capital assets
GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.
AICPA releases quality management practice aid
The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards.
Driving fuel efficiency: CPAs’ changing role in oil and gas reporting
The keynote speaker at an upcoming AICPA & CIMA conference previews his session on how current and pending ESG reporting rules may affect CPAs in the oil and gas industry.
PCAOB offers forum for auditors; SEC releases several updates
The PCAOB forum follows proposed changes aimed at increasing the board’s ability to hold individual auditors responsible for firm violations.
ESG Symposium synopsis: How to put firms in the driver’s seat
A new California law is the latest “market driver” pushing ESG reporting forward. With regulations rapidly developing on a global scale, the time has arrived for CPA firms to grab the wheel.
FASB approves cryptoassets standard
The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured.
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).
FASB issues new chapter of its Conceptual Framework
FASB issued a new chapter of its Conceptual Framework related to the recognition and derecognition of criteria and guidance on when an item should be incorporated into and removed from financial statements.
An updated practice aid and how it can assist in audits of digital assets
Updates to a digital assets practice aid provide valuable information for accounting for and auditing of digital assets. A CPA explains more in this podcast episode with transcript.
FASAB seeks to enhance note disclosures in financial statements
The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.
SEC adopts amendments impacting broker-dealers, private fund advisers
Fewer broker-dealers will be exempt from registering with FINRA; private fund advisers face new regulations.
FASB amendments address financials of newly formed joint ventures
The Accounting Standards Update aims to bring consistency to the financial statements of joint ventures when they are formed.
FASB details its investor outreach efforts
FASB engaged in more than 435 investor interactions in the last year, and the feedback collected is helping fuel several high-priority projects.
FASB proposes improvements to income statement expenses
FASB is seeking comments on a proposed Accounting Standards Update that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses.
SEC adopts final rules regarding cybersecurity disclosures
The SEC adopted final rules requiring companies that file documents with the commission to disclose material cybersecurity incidents and provide periodic disclosure of the registrant’s cybersecurity risk management, strategy, and governance in annual reports.
SEC approves new rules for money-market funds
The SEC adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940, which are designed to improve the resilience and transparency of money market funds.
4 AICPA & CIMA leaders discuss global sustainability standards
Leaders with their finger on the pulse of sustainability reporting see an opportunity for accountants to create value. They also see that challenges such as interoperability and capacity building will need to be addressed.
GASB provides guidance on application of standards
GASB has issued implementation guidance in the form of questions and answers, that is intended to clarify a series of the board’s pronouncements.
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