Ideas & Insights

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.

We have provided a high-level overview of a few considerations regarding how the coronavirus affects financial reporting.

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.