Ideas & Insights

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.