Ideas & Insights

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

Our article discusses interest capitalization for a mandatorily redeemable financial instrument classified as a liability.

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

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

This updated version of our white paper will further assist franchisors in applying the new revenue recognition model in ASC 606.

The SEC recently extended its annual reports filing deadline by 30 days for broker-dealers that meet certain requirements.

FASB votes to finalize a goodwill impairment triggering event alternative for private companies and not-for-profit entities.

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

The SEC recently cautioned companies regarding necessary offering disclosures during times of extreme price volatility.

The PCAOB recently summarized audit committee insights on auditor communications, new standards and emerging technologies.

A recent ASU addresses the accounting by a private-company franchisor for certain pre-opening services provided to a franchisee.

Our white paper has been updated to reflect recent financial reporting developments resulting from the Coronavirus pandemic.

The Anti-Fraud Collaboration recently analyzed SEC enforcement actions regarding financial statement fraud schemes.

Certain expedients available under ASC 848 may be relevant now to entities that hedge LIBOR-based debt instruments.

Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.

The CAQ has updated its framework for compiling inflation data to assist financial statement preparers in applying ASC 830.

We have updated our hedging guide to refer to certain temporary optional expedients and exceptions included in ASC 848.

The FASB has clarified that certain ASC 848 expedients and exceptions apply to derivatives affected by the discounting transition.

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

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

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

Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.

FASB proposes a goodwill impairment triggering event alternative for certain private companies and not-for-profit entities.

A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.

Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.

An updated AICPA guide addresses the unique aspects of the preparation and auditing of employee benefit plan financial statements.

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

The IASB has proposed amendments to IFRS 16 to clarify the seller-lessee’s accounting for a sale and leaseback transaction.

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

We have published a new edition of our guide regarding the accounting for debt modifications, restructurings and exchanges.

A recent SEC rule amends requirements related to MD&A, selected financial data and supplementary financial information.

The FASB will propose an ASU that would provide a goodwill impairment triggering event alternative for certain entities.

A PCAOB resource provides information for audit committees about new requirements for auditing estimates and use of specialists.

Recently issued ASU 2020-11 provides an additional year for the implementation of ASU 2018-12 and eases its adoption provisions.

The SEC has provided transitional FAQs in response to questions about amended Regulation S-K Items 101, 103 and 105.

The SEC recently issued a final rule to address difficulties and confusion in applying the exempt offering framework.

A recently released mortality improvement scale should be considered when measuring benefit plan costs and obligations.

The Chief Accountant of the SEC Division of Investment Management recently addressed certain financial reporting matters.

A recent FASB proposal addresses the accounting for modifications or exchanges of certain equity-classified forwards and options.

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

The FASB recently amended its Codification to reflect certain required financial statement disclosures in SEC Release 33-10762.

Our annual Effective Date Reminder lists pronouncements issued as of Nov. 1, 2020, which became effective on or after Jan. 1, 2020.

A recent FASB ASU makes minor technical corrections and clarifications to the Accounting Standards Codification.

A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.

A recent proposed ASU would clarify the scope of ASC 848 with respect to certain transitions in the derivatives market.

The FDIC recently issued an Interim Final Rule providing temporary relief for Part 363 audit and reporting requirements.

For each reporting period, an entity should reevaluate whether a callable debt security is within the scope of ASC 310-20-35-33.

We have updated our white paper to discuss how MSLP loans should be accounted for by both borrowers and lenders.

Our white paper discusses many relevant matters related to, and the impact of COVID-19 on, goodwill impairment testing.

Our updated white paper discusses ASC 820 fair value measurement disclosures that were and were not affected by ASU 2018-13.

The SEC recently updated certain of its auditor independence requirements to more effectively focus the independence analysis.

The ABA recently addressed the ASC 860 legal isolation criterion for transfers of participating interests in MSLP loans.

In this article, we discuss the qualitative assessment of goodwill impairment upon the occurrence of a triggering event.

A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.

Constituents recently provided feedback to the FASB regarding issues encountered in the implementation of ASC 842.

The FASB recently issued requirements regarding the presentation and disclosure of contributed nonfinancial assets by nonprofit entities.

The SEC recently updated the statistical disclosure requirements applicable to bank and savings and loan registrants.

Our white paper discusses pandemic-related financial reporting issues, including a lender’s accounting for PPP loans.

The IASB’s recent amendments address the transition to alternative interest rate benchmarks as a result of benchmark reform.

RSM discusses goodwill impairment testing when a reporting unit or an entity has a downward-trending positive carrying amount.

We have updated our white paper, which provides an overview of lessor accounting under ASC 842 for financial institutions.

The AICPA has issued answers to accounting questions regarding certain CARES Act provisions specific to health care entities.

The SEC recently issued a final rule, which makes certain modifications to the existing definition of “accredited investor.”

On August 27, 2020, the SEC issued a final rule that revises Items 101, 103 and 105 of Regulation S-K. Learn more.

Our summary highlights several regulations affecting broker-dealers that recently have been issued or updated.

The OMB recently released the 2020 Compliance Supplement, which is effective for audits of years beginning after June 30, 2019.

The PCC has proposed a practical expedient for determining the current price of a share underlying a share-option award.

The FASB recently addressed the complexity of its guidance for convertible instruments and contracts in an entity’s own equity.

The Small Business Administration’s new FAQ addresses many issues related to forgiveness of Payroll Protection Program loans.

Our white paper discusses the temporary optional accounting expedients provided by the FASB to ease LIBOR transition.

The PCAOB recently asked audit committee chairs how COVID-19 has affected financial reporting and the audit process.

We have updated our U.S. GAAP vs. IFRS comparisons for fair value measurements, government grants and discontinued operations.

The Governmental Accounting Standards Board has added guidance addressing certain COVID-19-related financial reporting issues.

The IASB has deferred the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1.

We have updated our white paper to address certain recent financial reporting developments related to the coronavirus.

The AICPA has issued Technical Question and Answers regarding certain COVID-19-related lender accounting issues.

GASB Technical Bulletin 2020-1 provides financial reporting guidance for issues related to the CARES Act and COVID-19.

We have published the fourth edition of our publication designed to assist middle market companies in the application of ASC 805.

The FASB recently issued a proposal to delay the effective date and ease the adoption provisions of ASU 2018-12.

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

Among other matters, recently issued GASB Statement No. 97 addresses the accounting and financial reporting for Section 457 plans.

The International Accounting Standards Board recently released several amendments to IFRS 17, Insurance Contracts.

We have updated our white paper to address the accounting by lenders for loans entered into under the Paycheck Protection Program.

We have updated our white paper that discusses estimating the fair value of a noncontrolling interest in a business combination.

The SEC recently provided a cross-Divisional update regarding its targeted regulatory relief related to the COVID-19 pandemic.

The SEC Chief Accountant recently addressed the continued importance of high-quality financial reporting in light of COVID-19.

The GASB has issued a proposed Technical Bulletin regarding the CARES act and certain outflows related to the coronavirus.

The GASB recently issued guidance on the accounting for subscription-based information technology arrangements.

The AICPA recently released guidance regarding the accounting for a loan received under the Paycheck Protection Program.

ASU 2020-05 provides one-year effective date deferrals for certain entities and their adoption of ASC 606 and 842.

The PCAOB recently published information for auditors and audit committees regarding audits involving cryptoassets.

The International Accounting Standards Board recently issued narrow-scope amendments to certain of its standards.

RSM’s National Director of Employee Benefit Plan Services was appointed as chair of the AICPA Employee Benefit Plans Expert Panel.

The SEC recently issued a final rule that amends the financial disclosure requirements for acquired and disposed businesses.

RSM’s white paper has been updated to address the accounting for PPP loans and revolvers with a fluctuating borrowing base.

On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.

In light of the pandemic, the GASB has postponed the effective dates of certain of its Statements and Implementation Guides.

SBA staff has stated its position on whether certain loan programs are subject to the Single Audit requirements.

The American Institute of Certified Public Accountants recently issued answers to technical questions for health care entities.

The GASB recently issued Implementation Guide No. 2020-1, which clarifies, explains or elaborates on recent GASB Statements.

The FASB Staff recently issued a Q&A regarding the effects of the COVID-19 pandemic on cash flow hedge accounting.

We have updated our white paper to address additional issues to consider in financial statements affected by the coronavirus.

The GASB has provided accounting guidance for public-private and public-public partnerships and availability payment arrangements.

The IASB recently proposed an amendment to IFRS 16 for the accounting for coronavirus related rent concessions.

To assist entities in determining the appropriate classification of debt, we have issued an updated version of our white paper.

A recent webinar provided information on matters related to the interagency statement on loan modifications and reporting.

We recently updated our U.S. GAAP vs. International Financial Reporting Standards comparisons on leases and interim reporting.

Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.

In light of the pandemic, the GASB has proposed to postpone the effective dates of certain Statements and Implementation Guides.

The FASB staff recently discussed answers to certain questions on financial-reporting topics related to the coronavirus pandemic.

The IASB has proposed amendments to address financial reporting issues related to interest rate benchmark reform.

The FDIC recently issued an FAQ, which includes answers to questions addressing COVID-19 financial-reporting-related topics.

A CAQ resource discusses key questions for auditors and audit committees related to the impact of COVID-19 on financial reporting.

The FDIC recently announced changes to the community bank leverage ratio framework to provide temporary relief to community banks.

FASB to propose deferring the effective dates of ASC 606 for private franchisors and ASC 842 for certain entities.

A revised interim final rule discusses the estimated impact on regulatory capital for institutions that implement CECL in 2020.

During quarterly reporting, SEC filers should focus on whether interim goodwill impairment testing should be performed.

Recently, the IASB issued guidance regarding the accounting for expected credit losses in light of the COVID-19 pandemic.

RSM’s article discusses coronavirus impacts on financial statement disclosures related to risks, uncertainties and going concern.

The recently enacted Coronavirus Aid, Relief, and Economic Security Act includes provisions that have financial reporting implications.

The CARES Act provides financial institutions optional temporary relief from certain TDR and impairment accounting requirements.

The CARES Act provides optional temporary current expected credit losses relief for certain insured depository institutions.

Due to the effects of the coronavirus, the SEC has extended its regulatory relief with respect to certain federal securities laws.

Among other topics, a recent interagency statement addresses the accounting for loan modifications made in response to COVID-19.

The FASB recently provided temporary optional guidance intended to ease the burden reference rate reform on financial reporting.

The ASB recently issued SAS 139 to align the AU-C 800 series with the relevant SAS 134 auditor reporting provisions.

Recent amendments exclude from the accelerated and large accelerated filer definitions certain smaller reporting companies.

A recent GASB Exposure Draft addresses the accounting for Internal Revenue Code Section 457 deferred compensation plans.

The FASB recently discussed the accounting for insurance recovery assets from certain freestanding insurance contracts.

Accounting Standards Update 2020-03 addresses various issues related to the accounting for financial instruments

RSM’s Lease Accounting Resource Center provides high-level and detailed information about implementing ASC 842.

A recent SEC proposed rule is intended to address difficulties and confusion in applying the exempt offering framework.

An interagency policy statement has been issued in response to the issuance of FASB Accounting Standards Update 2016-13

The SEC recently simplified certain Regulation S-X financial disclosure requirements applicable to registered debt offerings.

The GASB recently proposed amendments to enhance the framework in its Concepts Statement for notes to the financial statements.

The SEC and the PCAOB recently issued guidance regarding financial reporting considerations related to the coronavirus.

A recent Accounting Standards Update addresses the effective date of ASC 842 for certain public business entities.

The Financial Accounting Standards Board recently added Staff Accounting Bulletin 119 to its Accounting Standards Codification.

A recently issued GASB Statement includes guidance addressing various accounting and financial reporting issues.

Our comparisons provide an overview of the significant differences between U.S. GAAP and IFRS on a variety of topics.

The FASB has issued a proposed ASU regarding the accounting by not-for-profit entities for contributed nonfinancial assets.

Recently issued SSARS 25 addresses materiality in a review of financial statements and adverse conclusions, among other matters.

The White House has proposed to consolidate the functions and responsibilities of the PCAOB into the SEC beginning in 2022.

Our updated white paper will further assist financial institutions in applying the new revenue recognition model.

Our updated white paper will assist entities in the insurance industry in applying the new revenue recognition model.

We have updated our white paper that answers questions related to the application of the public business entity definition.

The FASB recently issued an Accounting Standards Update that clarifies certain interactions between ASC 321, ASC 323 and ASC 815.

The SEC recently proposed amendments to certain Regulation S-K disclosure requirements, including those related to MD&A.

Our updated white paper will assist business and professional services entities in applying the new revenue recognition model.

A recent FASB publication integrates previously issued FASB staff, TRG and PCC revenue recognition memos into a Q&A format.

Our updated white paper will assist entities in the life sciences industry in applying the new revenue recognition model.

The IASB has issued narrow-scope amendments to clarify how to classify debt and other liabilities as current or non-current.

We have updated our publications to reflect the FASB’s recent changes to the effective date of ASC 842, Leases.

Our updated white paper includes discussion of the new credit losses accounting guidance for loans measured at amortized cost.

The National Association of State Boards of Accountancy and AICPA recently proposed a new CPA licensure model.

A recent AICPA practice aid provides nonauthoritative guidance on how to account for digital assets and related transactions.

Our recently updated publication provides in-depth analysis of the provisions of FASB ASU 2016-13 and ASU 2016-01.

The SEC recently proposed amendments to update certain aspects of its auditor independence framework in Rule 2-01.

Certain financial reporting issues were discussed during a recent SEC Regulations Committee meeting with SEC staff members.

The IAASB recently issued a revised standard, ISA 315, for identifying and assessing risks of material misstatement.

The ASB recently issued Statement on Standards for Attestation Engagements 19, Agreed-Upon Procedures Engagements.

Recent AICPA guidance addresses evaluation of the realizability of deferred tax assets related to disallowed interest deductions.

The IASB recently issued an Exposure Draft to improve how information is communicated in the financial statements.

A recent FASB Accounting Standards Update simplifies certain aspects of the accounting for income taxes under ASC 740.

The SEC has proposed amendments to the definitions of “accredited investor” and “qualified institutional buyer.”

Our article discusses the allocation of goodwill and related intangible assets to foreign subsidiaries in a business combination.

We have issued an updated version of our white paper to further assist entities in the technology industry in applying ASC 606.

The NCUA has delayed the effective date of the risk-based capital rules from January 1, 2020 to January 1, 2022.

SAB No. 119 includes SEC staff interpretations regarding policies and procedures for developing CECL models and related matters.

The Financial Accounting Standards Board recently proposed changes to clarify, and make minor improvements to, the Codification.

ASU 2019-11 addresses issues raised by stakeholders during the implementation of the current expected credit losses standard.

A recent publication by the CAQ and Audit Analytics gauges how audit committees approach communication of oversight activities.

The Financial Accounting Standards Board has proposed clarifications to certain sections of its 2017 hedge accounting standard.

A recent OCIE Risk Alert discusses top compliance topics observed in examinations of registered investment companies.

ASU 2019-08 provides guidance regarding the measurement and balance sheet classification of share-based payments to a customer.

FASB votes to defer the effective dates of leases, CECL and hedging for certain entities and insurance for all entities.

Our article discusses the impact of the new guidance in ASC 340-40 on costs for construction-type and production-type contracts.

A recent GASB proposal addresses financial reporting implications resulting from the replacement of an Interbank Offered Rate.

Recent amendments modify some specific hedge accounting requirements to address interest rate benchmark uncertainty.

A recent SEC Final Rule enables all issuers to engage in “test-the-waters” communications with certain institutional investors.

A recent FDIC rule addresses the reporting requirements related to risk-based capital ratios for certain community banks.

FASB’s revised proposal on classifying debt as current or noncurrent based on the contractual terms of the debt at the balance-sheet date.

We have issued an updated version of our white paper to further assist health care entities in applying ASC 606.

The ASB issued SAS 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements.

We recently published an high-level summary of ASC 842, Leases, and an in-depth guide to lessee accounting under ASC 842.

Guidance regarding accounting for portfolio company investments held by investment companies within the scope of FASB ASC 946.

The GASB recently issued an implementation guide to provide guidance related to GASB Statement No. 87, Leases.

We have published the fourth edition of our guide to accounting for debt and equity instruments in financing transactions.

We have issued an updated version of our white paper to further assist not-for-profit organizations in applying ASC 606.

The Auditing Standards Board recently issued a proposed SAS, Auditing Accounting Estimates and Related Disclosures.

The SEC recently issued a proposed rule, which, if finalized, would revise Regulation S-K Items 101, 103 and 105.

The FASB recently issued an Accounting Standards Update that amends various Accounting Standards Codification SEC paragraphs.

The IASB recently proposed replacing the reference to “significant” with a requirement to disclose “material” accounting policies.

If finalized, a recent FASB proposal would defer the effective dates for certain of its guidance for certain entities.

Recent proposed amendments clarify how companies account for deferred tax on leases and decommissioning obligations.

The PCAOB recently released insights for audit committees regarding the auditor’s communication of critical audit matters.

The FASB staff recently issued a Q&A document to address more than a dozen frequently asked questions related to ASU 2016-13.

In July, the GASB issued an Exposure Draft to propose guidance addressing various accounting and financial reporting issues.

A recent GASB Exposure Draft addresses the accounting for Internal Revenue Code Section 457 deferred compensation plans.

On July 1, 2019, the Office of Management and Budget announced the availability of the 2019 Compliance Supplement.

The FASB recently issued a proposed ASU to address issues raised by stakeholders during the implementation of ASU 2016-13.

The FASB has added a project to its agenda to address accounting changes necessitated by reference rate reform.

The SEC clarified guidance regarding waiver requests for financial statements of entities other than the registrant in a filing.

A recent SAS addresses the auditor’s reporting on financial statements of employee benefit plans subject to ERISA.

The ASB has clarified and expanded the auditor’s responsibilities with respect to other information included in annual reports.

FASB decides to propose deferring the effective dates for leases, credit losses, hedging and insurance for certain entities.

A recent proposed SSARS addresses materiality in a review of financial statements, adverse conclusions and other issues.

A recent proposed SAS discusses the evaluation of audit evidence and the use of automated tools and techniques.

The SEC recently issued a clarification to the single issuer exemption for broker-dealers, which is effective August 13, 2019.

The SEC amended its independence rules regarding when the auditor has a lending relationship with certain client shareholders.

A new implementation guide clarifies, explains and elaborates on the requirements of GASB Statement 84, Fiduciary Activities.

We recently updated our hedging guide for the clarifications made by FASB Accounting Standards Update 2019-04.

We have issued an updated version of our guide to revenue recognition to reflect recent activities of the FASB, AICPA and SEC.

A recent GASB Exposure Draft proposes accounting guidance related to public-private and public-public partnership arrangements.

A recent FASB Staff Q&A provides guidance on certain aspects of the accounting for grants in accordance with ASU 2018-08.

The Auditing Standards Board recently proposed amendments to the materiality concepts discussed in existing standards.

The GASB recently proposed guidance on the accounting for subscription-based information technology arrangements.

The GASB has issued financial reporting guidance for government issuers’ financial reporting of conduit debt obligations.

Recent PCAOB guidance focuses on questions that may arise when the auditor is communicating critical audit matters under AS 3101.

The Center for Audit Quality has released an updated tool to assist audit committees in the assessment of the external auditor.

The PCAOB staff recently provided guidance regarding how auditors are to comply with certain provisions of Rule 3526.

A recent FASB ASU extends the scope of two private company accounting alternatives to not-for-profit entities.

The Federal Audit Clearinghouse recently issued an updated Data Collection Form and Internet Data Entry System Instructions.

The CAQ has updated its guide that provides a high-level overview of internal control over financial reporting.

A recent CAQ publication provides an understanding of emerging technologies and the risks they present to financial reporting.

The CAQ recently published an audit committee tool that provides an overview of the new credit losses standard.

ASU 2019-05 provides the ability to elect the fair value option for certain financial assets upon transition to ASU 2016-13.

Among other requirements, a recent standard requires additional auditor communication with those charged with governance.

A recent standard provides changes to the format of and verbiage used in the auditor’s report for audits of nonissuers.

Proposed amendments would modify specific hedge accounting requirements for interest rate benchmark uncertainty.

The SEC has proposed amendments to the financial disclosure requirements for businesses acquired and for business dispositions.

The GASB recently issued an implementation guide that clarifies, explains and elaborates on recent GASB Statements.

The Society of Actuaries has released the first mortality tables designed specifically for use by public-sector plans.

The AICPA recently provided guidance for determining which costs are considered “direct care” of collection items.

The Financial Accounting Standards Board recently made clarifying amendments to certain financial instruments standards.

Our article addresses goodwill impairment when a reporting unit has a negative value as a result of the inclusion of debt.

McGladrey International recently published the July 2014 edition of its quarterly publication.

IFRS 9, Financial Instruments, replaced International Accounting Standard 39, Financial Instruments: Recognition and Measurement.

The deadline for municipal issuers to self-report potential disclosure violations has been extended to December 1, 2014.

The Auditing Standards Board recently issued amendments regarding the issuance of comfort letters.

Some financing entities entered into various residential mortgage loan purchase programs. Gain accounting insight about these programs.

Our audit quality report is intended to provide a window into how RSM US LLP promotes and monitors audit quality.

Among other proposed amendments, the IASB has proposed deferring the effective date of IFRS 17, Insurance Contracts, by one year.

This page provides access to Financial Reporting Insights, a biweekly resource for recent financial reporting developments.