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Ideas & Insights

 



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.







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.



Financial Reporting Insights

2020 Effective Date Reminder

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


Financial Reporting Insights

FASB Codification improvements

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

















Financial Reporting Insights

Amendments: Interest rate benchmark reform

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







Financial Reporting Insights

Regulatory update for broker-dealers

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

  • Seitz, Kate
  • |

Financial Reporting Insights

OMB issues 2020 Compliance Supplement

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

















Financial Reporting Insights

IASB issues amendments to IFRS 17

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








Financial Reporting Insights

TQA: Borrower accounting for PPP loans

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



Financial Reporting Insights

Audits involving cryptoassets

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










Financial Reporting Insights

GASB issues implementation guidance

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



















Financial Reporting Insights

IFRS 9 and COVID-19

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














Financial Reporting Insights

Lease accounting resource center

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








Financial Reporting Insights

Credit losses: FASB codifies SAB 119

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


Financial Reporting Insights

GASB issues omnibus statement

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




Financial Reporting Insights

Reviews, compilations and preparations

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



















Financial Reporting Insights

IAASB enhances and modernizes ISA 315

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










Financial Reporting Insights

SEC Staff Accounting Bulletin No. 119

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


Financial Reporting Insights

Proposed Codification improvements

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



Financial Reporting Insights

2019 Audit Committee Transparency Barometer

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



















Financial Reporting Insights

Proposal: Auditing accounting estimates

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







Financial Reporting Insights

PCAOB audit committee resource: CAMs

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



Financial Reporting Insights

GASB proposes omnibus statement

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



Financial Reporting Insights

OMB issues 2019 Compliance Supplement

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



Financial Reporting Insights

Transitioning away from LIBOR

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






Financial Reporting Insights

Proposed revisions to SSARS

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


Financial Reporting Insights

Proposed SAS on audit evidence

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






Financial Reporting Insights

Updated guide to revenue recognition

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







Financial Reporting Insights

PCAOB guidance on communication of CAMs

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


Financial Reporting Insights

External auditor assessment tool updated

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


Financial Reporting Insights

PCAOB staff guidance on Rule 3526(b)

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



Financial Reporting Insights

Updated Data Collection Form issued

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







Financial Reporting Insights

ASB issues auditor reporting standard

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




Financial Reporting Insights

GASB releases implementation guidance

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







Financial Reporting Insights

IASB publishes final version of IFRS 9

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




Financial Reporting Insights

Accounting for mortgage purchase programs

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

  • Miller, Faye
  • |


Financial Reporting Insights

Proposed amendments to IFRS 17

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


Financial Reporting Insights

Financial Reporting Insights

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