Category: Financial Reporting

FASB Provides Optional Relief for Contracts and Transactions Affected by Reference Rate Reforms
Earlier this year, the FASB provided optional expedients and exceptions for applying U.S. GAAP to…
Read More
SEC Eliminates & Amends Certain Disclosure Requirements of Regulation S-K
In November, the SEC adopted more amendments to the disclosure requirements of Regulation S-K for public companies...
Read More
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…
Read More
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…
Read More
FASB Simplifies Accounting for Complex Financial Instruments
FASB simplified the accounting for convertible instruments by eliminating large sections of the existing guidance…
Read More
SEC Reporting for Smaller Reporting Companies (SRCs)
As the economic landscape continues to evolve, companies have an opportunity to seek relief from…
Read More
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…
Read More
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…
Read More
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…
Read More
Accounting for Paycheck Protection Program (PPP) Loans and Forgiveness
Currently, there is no formal guidance that states how businesses should account for PPP loan…
Read More