FASB Issues Proposal to Clarify Scope of Reference Rate Reform Guidance
The FASB issues proposal clarifying the scope of reference rate reform guidance today. Stakeholders interested are to provide input on the proposed ASU by November…
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Debtors & Creditors Face Tax Issues With COVID-19 Related Bankruptcies
Companies/individuals have much to consider when contemplating bankruptcy Due to the Covid-19 shutdown orders many businesses that have closed or had to substantially reduce operations…
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IASB Proposes Guidance on COVID-19 Rent Concessions
The International Accounting Standards Board (IASB) has issued the Exposure Draft, Covid-19-Related Rent Concessions. The comment deadline is May 8, 2020. The Exposure Draft proposes…
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FASB Issues Staff Q&A on Accounting for Leases
The FASB issues Staff Q&A document addressing stakeholder questions on the application of the lease accounting guidance for lease concessions. The Staff Q&A is related to the…
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ASB to Vote on Effective Date Deferral
The AICPA’s Accounting Standards Board (ASB) will meet by teleconference on Monday, April 20, 2020 from 2:00 – 4:00 p.m. (EDT). As the sole item…
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AICPA Issues FAQs on Audit Matters and Auditor Reporting Related to COVID-19
The AICPA has published guidance in the form of a frequently asked questions (FAQs) file, FAQs — Audit Matters and Auditor Reporting Issues Related to…
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IASB Proposes Additional IFRS Amendments on Interest Rate Benchmark Reform
The IASB has proposed amendments to IFRS Standards to assist companies in providing useful information to investors about the effects of interest rate benchmark reform on financial…
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AICPA Releases SAS 140
AICPA’s Auditing Standards Board (ASB) has issued the final Statement on Auditing Standards (SAS) No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and…
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The CARES Act Provides Temporary Relief from CECL Standard
The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit…
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PCAOB Provides Up to 45-Day Relief Period from Inspections Due to COVID-19 Crisis
The Public Company Accounting Oversight Board (PCAOB) provided an update on its inspections activities in light of the evolving COVID-19 crisis. The PCAOB noted that…
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