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.
Accounting and Financial Reporting
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 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.
The Securities and Exchange Commission announced that it has extended coronavirus-related filing relief provided to public companies, funds and investment advisers.
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.
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.
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.
The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.
FASB issued narrow changes to its guidance for financial instruments accounting, including the credit losses standard issued in 2016.
A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.
The SEC said public companies that have trouble meeting filing obligations because of the coronavirus outbreak may qualify for regulatory relief under certain conditions.
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.
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.
GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
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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.
The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.