Category: Financial Reporting
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 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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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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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 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 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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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 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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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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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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