Big Banks Didn’t See Benefit of Deferring Adoption of Credit Loss Accounting Rules
By Denise Lugo The nation’s largest banks adopted the FASB’s current expected credit loss (CECL) standard this year, as opposed …
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SPACs are Hot but Difficult to Pull Off
By Soyoung Ho SPACs are hot. Once regarded as somewhat shady as blank check companies, they have become the darling …
Draft 2021 Instructions for Forms 1099-MISC and 1099-NEC Released
The IRS has released draft 2021 instructions for Form 1099-MISC, Miscellaneous Information, and Form 1099-NEC, Nonemployee Compensation. Among the changes …
Senate Democrats Have Harsh Words for Departing SEC Chairman
By Bill Flook The top Democrat on the Senate Banking Committee lambasted outgoing SEC Chairman Jay Clayton for implementing “one …
More Disaster Victims in Louisiana Qualify for Tax Relief
Victims of Hurricane Laura that took place in parishes of Louisiana have more time to make tax payments and file …
No Conceptual Basis for Other Comprehensive Income, FASB Says
By Denise Lugo The FASB on November 11, 2020, affirmed there is no conceptual basis for other comprehensive income (OCI), …
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House Passes Forced Labor Disclosure Bill
By Bill Flook The House on September 30, 2020, passed a bill that would require public companies to disclose supply …
House Democrat Introduces Bill Requiring Country-by-Country Reporting
By Bill Flook A House Democrat is introducing legislation that would require large companies to make new country-by-country disclosures on …
Sen. Crapo Urges SEC to Hit the Gas on its Agenda
By Bill Flook Senate Banking Committee Chairman Mike Crapo, in an August 27, 2020, letter to SEC Chairman Jay Clayton, …