Banks, Other Large Public Companies Already Adopted Credit Loss Rules, FASB Chairman Says
By Denise Lugo FASB Chairman Russell Golden told the board’s trustees that a majority of large public companies, including banks, …
Accounting Firms Confused on Whether Some Nonprofit Conduit Debt Obligors Qualify for FASB’s Leases Deferral
By Denise Lugo Big Four and other accounting firms asked the FASB to clarify whether nonprofits that file interim financial …
FASB Mum on Rulemaking about CARES Act Deferral for Credit Loss Accounting Rules
By Denise Lugo After Congress gave big banks a deferral on the FASB’s credit loss rules as part of its …
FASB Publishes Staff Document to Clarify Cash Flow Hedge Accounting Rules
By Denise Lugo The FASB on April 28, 2020, published a staff question-and-answer (Q&A) document to clarify the effects of …
House Bill Would Extend CECL Delay in CARES Act
By Bill Flook A House Democrat on April 17, 2020, introduced a measure to extend the length of an optional …
FASB Proposal Related to Equity-Classified Share Options Delayed Until Crisis Abates
By Denise Lugo A FASB proposal that would leverage Internal Revenue Code Section 409A valuation procedures for finding the current …
Was Congress Right to Delay New Credit Loss Accounting Rule Implementation Amid Pandemic?
By Soyoung Ho The CARES Act gave big banks the option to delay the adoption of the U.S. accounting standard-setter’s …
FASB to Defer Rules on Revenue for Franchisors, Lease Accounting
By Denise Lugo The FASB on April 8, 2020, voted to propose one-year deferrals on revenue recognition and lease accounting …
Accountants in Healthcare Sector Say Coronavirus Came at a Pivotal Reporting Period
By Denise Lugo The biggest accounting concern for the healthcare sector and companies in general these days is that the …
Companies Expect FASB, SEC to Straighten out Accounting Uncertainty Sparked by CARES Act
By Denise Lugo The economic stimulus package recently passed by U.S. legislators that allows large banks to suspend applying current …