Financial Reporting Insights: A bi-weekly resource

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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

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

Financial reporting implications: CARES Act and recent SEC relief

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

Temporary relief for financial institutions: TDR accounting

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

Temporary CECL relief for certain insured depository institutions

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

SEC extends conditional relief and issues disclosure guidance

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

Coronavirus: Interagency statement on loan modifications

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

Accounting guidance for the effects of reference rate reform

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

Amendments to AU-C Sections 800, 805 and 810

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

Amendments to accelerated and large accelerated filer definitions

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

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