Month: March 2020

To the Point – FASB provides accounting relief for the transition away from LIBOR and certain other reference rates

Go to Source Author: The FASB issued guidance to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). The guidance is effective upon issuance and may be adopted on any date on or after 12 March 2020. However, the relief is temporary and generally cannot be applied to contract modifications that occur after 31 December 2022 or hedging relationships entered into or evaluated after that...

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Financial Reporting Briefs – First quarter 2020

Go to Source Author: This publication provides you with a snapshot of the major accounting and regulatory developments that have occurred during the first quarter of 2020. This edition brings you up to speed on the Boards’ priority joint projects and several other financial reporting...

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To the Point – SEC amends rules to exclude certain smaller reporting companies from accelerated filer status

Go to Source Author: The SEC amended the definitions of accelerated filer and large accelerated filer to exclude smaller reporting companies that have not yet begun to generate significant revenue. Smaller reporting companies that have less than $100 million in annual revenues now qualify as non-accelerated filers and are no longer required to obtain an auditor’s attestation on internal control over financial reporting. The amendments are effective 30 days after publication in the Federal Register. They will apply to the determination of an issuer’s filer status for purposes of annual reports due on or after the effective...

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Comment letter – PCAOB’s Concept Release on quality control standards

Go to Source Author: In our comment letter, we support the PCAOB’s efforts to revise its quality control standards and agree that the PCAOB should follow the risk-based approach to quality management the International Auditing and Assurance Standards Board (IAASB) has proposed in International Standard on Quality Management (ISQM) 1. Also, we support the requirement for firms to make an annual evaluation about the effectiveness of their system of quality control. However, instead of requiring firms to report to the Board or to publicly report about their annual evaluation, we believe the PCAOB should require firms to communicate information about their annual evaluation to the audit committee of each of the issuers they serve. We also believe an extended implementation period is necessary to give firms sufficient time to design and implement an effective system of quality control that complies with any final...

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Technical Line – Accounting and reporting considerations for the effects of the coronavirus outbreak

Go to Source Author: The coronavirus outbreak and its related uncertainties have affected a number of companies, and the extent and duration of the effects remain unclear at this time. Our Technical Line addresses some of the accounting and financial reporting considerations for companies that are directly or indirectly affected by the coronavirus outbreak. It also discusses disclosure considerations, including considerations for filings with the Securities and Exchange...

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