Review-Engagements & SSARS No. 25 Changes
If your firm performs review-engagements, there have been important changes issued by the AICPA. Specifically, the Accounting and Review Services Committee recently published SSARS No.…
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FASB Codification Updated to Reflect SEC Guarantor Financial Disclosures
The FASB issued Accounting Standards Update (ASU) No. 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762. This ASU amends…
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FASB Issues Guidance for Nonrefundable Fees and Other Costs
The FASB issues Accounting Standard Updated (ASU) No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs. This ASU clarifies that an entity…
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FASB Plans to Address Standard-Setting Issues During the Coronavirus
The FASB is monitoring and responding to the COVID-19 (coronavirus) pandemic situation and is committed to supporting and assisting its stakeholders during this difficult time.…
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IASB Releases Guidance on Application of IFRS 9 During Time of Uncertainty Due to COVID-19 Pandemic
The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the…
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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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Private Companies Should Begin to Focus on Lease Accounting Changes
Private companies can ease the pain of implementing the new lease accounting standards by leveraging the lessons learned by public entities as they implemented the…
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