Ideas & Insights

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

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 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 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.

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 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.