SEC amends guidance on MD&A, other disclosures
The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.
Accounting & Reporting
FASB pursues impairment-triggering relief for certain private companies, NFPs
FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
New SEC rules enable electronic submissions
The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.
GASB proposes new implementation guidance
The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.
New lease accounting guidance proposed for federal entities
The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
FASB provides implementation relief for insurance companies
FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
Pandemic accounting: How to make the right judgments
Guidance exists on numerous specific financial reporting issues related to lease concessions, various forms of government assistance, and loan restructurings. Here’s how you can find it.
FASB issues minor codification changes
FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
FASAB proposal would clarify presentation requirement
A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
FASB proposes scope clarification for reference rate relief
Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
FASB staff weighs in on debt modifications and restructurings
FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
FASB proposes clarifying forwards and options accounting
FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.
FASB proposes 3 targeted lease accounting changes
FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
Government reporting and the future: A Q&A with GASB Chairman Joel Black
With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.
FASB clarifies callable debt securities accounting
FASB published a new standard that clarifies accounting requirements for callable debt securities.
Costs and benefits: A Q&A with FASB Chair Richard Jones
The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.
Fair value, stablecoins addressed in new AICPA guidance
Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.
How auditors can enhance the reliability of non-GAAP reporting
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
SEC amends rules for whistleblowers, shareholder proposals
The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
New FAQs address health care entity pandemic accounting
Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
