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.
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
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.
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.
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.
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.
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.
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.
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.
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.
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.
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
How to handle accounting for digital assets
A new practice aid published by the AICPA provides nonauthoritative guidance about how to account for digital assets under generally accepted accounting principles.
How auditors can stay independent while advising on revenue recognition
Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
FASB addressing liabilities and equity complexity, goodwill
FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
AICPA seeks feedback on insurance working drafts
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Revenue recognition tips from the SEC staff
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
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