Category: Financial Reporting

Nonprofit update
FASB Clarifies Presentation and Disclosures By Nonprofit Entities For Contributed Nonfinancial Assets

The FASB has issued ASU 2020-07, (“Update”) to clarify the presentation and disclosure of contributed…

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SEC Streamlines Regulation S-K Disclosures
SEC Amends and Streamlines Regulation S-K Disclosures

the SEC adopted amendments to the description of business, legal proceedings, and risk factor disclosure requirements of…

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Complex Financial Instruments
FASB Simplifies Accounting for Complex Financial Instruments

FASB simplified the accounting for convertible instruments by eliminating large sections of the existing guidance…

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Small Reporting Company Filing Requirements
SEC Reporting for Smaller Reporting Companies (SRCs)

As the economic landscape continues to evolve, companies have an opportunity to seek relief from…

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SEC Exempt Offering Framework
SEC Proposed Changes to the Exempt Offering Framework

On March 4th, the SEC issued a proposal to improve the exempt offering framework (framework) used by…

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SEC Adopts Rules for Disclosures
SEC Adopts Rules to Simplify and Streamline Disclosures for Registered Debt Offerings

The SEC adopted amendments to simplify and streamline the financial disclosures required by Rules 3-10 and 3-16…

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Rev Rec and Leases Standards Delayed
Leasing and Revenue Recognition Standards Delayed for Some Private Companies

The FASB has formally approved a one-year deferral of the effective date of ASC 842, Leases, for…

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Accounting for PPP Loans
Accounting for Paycheck Protection Program (PPP) Loans and Forgiveness

Currently, there is no formal guidance that states how businesses should account for PPP loan…

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Impact of CARES Act on Going Concern
COVID-19 Impacts on Going Concern Assessments

The COVID-19 crisis will put pressure on each entity’s going concern assessment and having a…

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Audit Committee Considerations
Questions for Audit Committees During the COVID-19 Crisis

Questions for audit committees to consider in executing financial reporting responsibilities and ensuring audit quality…

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