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Ideas & Insights

 



Financial Reporting Insights

Accounting for possible tax law changes

As Congress ponders tax law changes, financial statement preparers may be wondering about the related financial reporting.















Financial Reporting Insights

Discount rate for lessees that are not PBEs

The FASB tentatively decided to allow lessees that are not PBEs to make the risk-free rate election by class of underlying asset.




Tax Alert

Complex Media Tax Court case

The Complex Media Tax Court case and its applicability to section 351 transactions and the step-transaction doctrine.

  • Schneider, Mark
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Tax Alert

Finalized section 301 regulations

The IRS has issued final regulations under section 301 which become effective Sept. 22, 2021, to reflect current law.

  • Schneider, Mark
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AML and Compliance News

New third-party relationship guidance for banks

The Federal Reserve, FDIC and OCC release joint guidance for banks on third-party relationship risk management. What you need to know now.

  • Lane, Brian
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Financial Reporting Insights

Monitoring inflation when applying ASC 830

A task force of the CAQ SEC Regulations Committee has accumulated certain inflation data that may be helpful in applying ASC 830.










Monthly Market Commentary

Markets Moved Higher Despite Peak Concerns

July was, on balance, a good month for investors. Many broad market indexes across equity and fixed income posted positive returns.

  • Lamoutte, CFA, Keith
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Financial Reporting Insights

GASB proposes omnibus statement

The Governmental Accounting Standards Board recently proposed an omnibus statement addressing a wide range of practice issues.






Tax Alert

The IRS launches new Tax Pro Account

The IRS’s new Tax Pro Account platform allows individual taxpayers to digitally approve, sign and grant authorizations to representatives.

  • Solodchikova, Alina
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Tax Alert

Iowa continues tax reform efforts into 2021

Tax bill makes significant changes to rules affecting income taxes, inheritance taxes, credits, bonus depreciation and federal conformity.

  • Kirkell, Brian
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Financial Reporting Insights

GASB issues implementation guidance

The GASB recently issued implementation guidance that clarifies, explains or elaborates on recent GASB Statements.





Tax Alert

Nebraska cuts corporate income tax rates

Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.

  • Wessbecker, Joe
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Financial Reporting Insights

FASB proposes to expand hedge accounting

A recent proposed ASU presents a portfolio layer method to allow multiple layers of a single closed portfolio to be hedged.













































Financial Reporting Insights

PCAOB staff outlook for 2021 inspections

The PCAOB staff recently issued an overview of its planned inspection focus areas and an accompanying audit committee resource.



















Financial Reporting Insights

Obtaining assurance on ESG information

A recent Center for Audit Quality publication provides an overview of the role of auditors in company-prepared ESG information.























Monthly Market Commentary

Optimism abounds

While we are constructive on near-term markets, we will focus on the rebound in business activity following progress with the vaccine.



Financial Reporting Insights

Early adoption of ASU 2020-06

We have updated our white paper to discuss the interaction of Subtopic 815-40 with the SEC’s guidance on redeemable securities.






Financial Reporting Insights

ESG reporting and attestation engagements

A recent publication provides information about reporting ESG information in SEC submissions and related attestation engagements.



Financial Reporting Insights

IASB amends IAS 1 and IAS 8

The International Accounting Standards Board has issued narrow-scope amendments to IAS 1, IAS 8 and IFRS Practice Statement 2.















Financial Reporting Insights

Proposed quality management standards

The Auditing Standards Board has issued three proposed new standards for quality management at the firm and engagement levels.





























Financial Reporting Insights

Deferred tax asset valuation allowance

Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.








Financial Reporting Insights

Gaming Audit and Accounting Guide

The American Institute of Certified Public Accountants Audit and Accounting Guide, Gaming, was recently updated.








Financial Reporting Insights

SEC disclosure guidance for SPACs

The SEC recently provided its views about certain disclosures for SPAC IPOs and subsequent business combination transactions.



Tax Alert

IRS releases electronic Form 1024-A

Section 501(c)(4) organizations must submit applications for tax-exempt status to the IRS electronically through pay.gov.

  • Mitchell, Alexandra
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Monthly Market Commentary

A “Glass Half Full” Market

November displayed the forward-looking nature of markets as global equities reacted positively that a vaccine may be distributed in 2021.














Financial Reporting Insights

Audit & Accounting Guide:

An updated AICPA guide addresses the unique aspects of the preparation and auditing of financial institution financial statements.



Financial Reporting Insights

GASB proposes implementation guidance

The GASB recently released a proposed implementation guide to address a wide array of practice issues related to GASB Statements.





























Financial Reporting Insights

Proposed updates to ASC 842

The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.