COSO releases internal control guidance for sustainability reporting
COSO has published supplemental guidance that can be used to apply its internal control framework to reporting on sustainability.
Special purpose frameworks
AICPA white paper tackles blockchain and SOC for Service Organization reports
The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.
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.
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
FASB votes to delay revenue recognition effective date for private companies
The FASB voted to delay the effective date of its revenue recognition standard for nonpublic entities that have not yet issued their financial statements. Challenges related to the coronavirus pandemic led to the delay.
FASB’s relief proposal includes lease accounting delay for private companies
FASB proposed pandemic relief actions that included a one-year delay in its lease accounting standard for private companies and most not-for-profits.
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.
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.
A new path for private companies with VIEs
FASB has expanded the election not to consolidate for private companies with variable-interest entities. Users of private company financial statements told FASB that consolidation does not help them analyze financial statements.
FASB proposes delays in 3 key effective dates
Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
FASB extends GAAP alternatives to not-for-profits
The amendments took effect immediately.
FASB to propose delaying effective dates for 4 major standards
Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.
Private company lease accounting delay requested
The standard took effect for public companies this year.
Lease accounting: A private company perspective
As they implement FASB’s new lease accounting rules, private companies and not-for-profits may be surprised by the complexity of the transition and the effects on the financial statements.
Get private companies ready for the new revenue standard
Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.
AICPA committee requests delay in private company lease accounting effective date
Private companies are experiencing overload as they implement complex new accounting standards, according to the AICPA Private Companies Practice Section’s Technical Issues Committee.
Lease accounting: A private company perspective
Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.
FASB proposes extending 2 GAAP alternatives to not-for-profits
Private company exceptions may see wider use.
Private company GAAP alternatives: It’s not too late
The elimination of the effective date for FASB’s private company GAAP alternatives means it’s never too late to take advantage of these accounting simplifications. Each alternative may offer substantial relief and cost savings for private companies as they perform their accounting.
FASB expands private company consolidation relief
The guidance supersedes the 2014 private company exception.
