Accounting & Reporting

FASB asks for feedback on standard-setting agenda

FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).

Internal audit has pivotal role in ESG reporting

Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.

GASB addresses accounting changes and error corrections

Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.

Auditors may see increased demand for ESG attestation

Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.

Tips for lease accounting amid financial uncertainty

Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.

FASB proposes hedge accounting changes

FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

Offensive acronym leads to GASB's name change proposal

The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”

Vacation and sick day accruals during the pandemic

Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.