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.
Accounting & Reporting
FASB clarifies accounting for certain call option modifications
FASB issued a standard that is intended to clarify an issuer’s accounting for certain modifications of freestanding equity-classified written call options that remain equity-classified after modification or exchange.
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.”
FASB provides goodwill triggering relief for private companies, not-for-profits
Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
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.
Climate change disclosure comments sought by SEC
The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.
FASAB reappoints Scott for second term as chair
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
New SEC enforcement task force to focus on climate, ESG compliance
The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
GASB proposes new guidance on compensated absences
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
Assessing goodwill impairment amid COVID-19
Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
Automation to drive big shifts in corporate reporting
A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
SEC places new focus on climate-related disclosures
The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
CPA news to know: Why mobile workforce tax legislation matters
This express version of the JofA podcast offers insight into mobile workforce legislation, a recent FASB update, and more.
A road map for ESG disclosures and assurance
As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.
FASB approves private company and NFP goodwill triggering event alternative
Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
5 steps for reliable ESG reporting amid growing demand
The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.
FASB simplifies revenue recognition for private company franchisors
FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
FASB clarifies scope of reference rate relief
FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.
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.
