News & Analysis as of September 25, 2024

Generally Accepted Accounting Procedures › Accounting Standards

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Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles... more +

Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles are intended to create consistency in documentation across companies and industries. Consistent documentation assists investors to better analyze potential investments and assists regulators to detect potential fraud and/or wrongdoing. less -

NAIC Provides Helpful Guidance on the Accounting Treatment for Insurance Company Investments in CRTs

Cadwalader, Wickersham & Taft LLP on 8/22/2024

At its Summer National Meeting in Chicago (August 12-15, 2024), the NAIC announced important guidance relating to the statutory accounting treatment of insurance companies’ investments in bank credit risk transfer (“CRT”)...more

Cost Accounting Board Issues Advance Notice of Proposed Rulemaking to Conform Certain CAS Standards to Generally Accepted...

Seyfarth Shaw LLP on 7/23/2024

On June 27, 2024, the Office of Federal Procurement Policy’s Cost Accounting Standards (CAS) Board issued an advanced notice of proposed rulemaking (ANPRM) seeking public comments on proposed changes to the Cost Accounting...more

Segments, Taxes, SAB 74 and More

WilmerHale on 1/11/2024

The Financial Accounting Standards Board (FASB) was quite active at the end of 2023 and published two notable Accounting Standards Updates (ASUs) that are expected to meaningfully affect public company disclosures regarding...more

FASB Adopts Changes to Accounting and Disclosure Standards for Digital Assets

Latham & Watkins LLP on 9/27/2023

The new standard aims to improve accounting treatment of certain digital assets under GAAP and may pave the way for increased institutional adoption. On September 6, 2023, the Financial Accounting Standards Board (FASB)...more

Federal Regulators Adopt a New Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

Dechert LLP on 7/3/2023

The OCC, FDIC, NCUA and Fed have adopted a new Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. The new policy statement updates, expands on and supersedes existing guidance from 2009,...more

FASB Proposes New Crypto Accounting Standards, SEC Alert Reinforces ‘Securities’ Enforcement Authority

Ballard Spahr LLP on 4/3/2023

Summary - The past week was a busy one in the cryptocurrency sphere: The Financial Accounting Standards Board (FASB) proposed new standards for crypto assets, and the SEC released an alert urging investors to remain...more

The SEC’s Acting Chief Accountant’s Perspective

Mayer Brown Free Writings + Perspectives on 3/15/2022

Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors - On March 9, 2022, the Office of the Chief Accountant (“OCA”), released a statement regarding assessing the materiality of financial...more

Why Consider Early Adoption Of ASU 2020-06?

Opportune LLP on 2/14/2022

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06” or the “ASU”). ASU 2020-06 simplifies an issuer’s accounting for convertible...more

ASC 842: Implementing The New Lease Accounting Standard

Opportune LLP on 9/2/2021

In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases. This new lease accounting standard (ASC 842) significantly impacts how private and public businesses across...more

SPAC FAQs: SEC Staff Statement on Accounting Issues for SPAC Warrants

Pillsbury Winthrop Shaw Pittman LLP on 4/27/2021

The recent statement by the Staff of the SEC (the Staff Statement) will likely impact almost every SPAC or post-de-SPAC entity with warrants in its structure. SPAC/post-de-SPAC entities should review warrant terms to...more

Inclusion of Government Grants in EBITDA

Proskauer Rose LLP on 11/4/2020

In response to the COVID-19 epidemic, the U.S. government has provided relief to companies through various grant programs. The receipt of these grant proceeds represents a meaningful lifeline to many companies and the...more

Energy Private Equity Valuation In A COVID-19 World

Opportune LLP on 8/26/2020

As private equity fund managers assess the economic impact of COVID-19, developing reliable valuation processes and procedures for their investments will ensure transparency to regulators and investors....more

COVID And M&A Earnouts What’s Market?

Goulston & Storrs PC on 8/4/2020

The COVID-19 virus has ushered in unprecedented and challenging times for our country and our global community. From the deeply personal pain and suffering caused by the virus as a health pandemic to behavioral adjustments...more

EBITDA Adjustments for Lost Revenues Resulting from COVID-19

Mayer Brown Free Writings + Perspectives on 5/14/2020

As many parts of the United States begin to focus on recovering from the profound impact caused by the COVID-19 outbreak, businesses are looking to minimize the pandemic’s toll on their financial performance....more

FASB Finalizes Guidance on LIBOR Reference Rate Reform Transition

Stinson - Corporate & Securities Law Blog on 3/16/2020

FASB has issued an Accounting Standards Update (ASU) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform....more

A Forensic Accountant’s Take on Materiality

Carlton Fields on 2/21/2020

In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS). ...more

Under the Microscope: Dissecting Errors to Evaluate RWI Damage Claims

Carlton Fields on 2/20/2020

After an M&A transaction, a buyer may discover certain misrepresentations as to the target company’s historical reserves. These misrepresentations often result in a RWI claim by the acquiring company. In these cases, it is...more

The Building Blocks of Materiality

Carlton Fields on 2/20/2020

Representations and warranties play an important role in M&A agreements by providing valuable disclosures and allocating risks between the parties. Representations regarding the target company’s financial statements are...more

When Balance Sheet Errors Turn into Multiple EBITDA Claims

Carlton Fields on 2/20/2020

After an M&A deal closes, the purchaser may discover information that it considers erroneous in the balance sheet accounts in the acquired company’s financial statements....more

IFRS Challenges For Corporate PPA Derivative Accounting

Opportune LLP on 1/24/2020

Renewable energy power producers may not be aware of reporting challenges under International Financial Reporting Standards ("IFRS") for contracts often utilized in project finance to develop new wind or solar facilities....more

What You Need to Know About Private Equity Valuation Audit Reviews

Opportune LLP on 1/22/2020

Private equity fund managers need to develop reliable valuation processes and procedures when conducting fair value analyses in support of their investments to allow for a seamless review by independent auditors....more

AICPA Expands Permitted Situations for Agreed-Upon Procedures Engagements

Mayer Brown Free Writings + Perspectives on 1/15/2020

In December 2019, the American Institute of Certified Public Accountants (AICPA) revised its attestation standards to eliminate certain requirements for Agreed-Upon Procedures (AUP) engagements, thereby expanding the types of...more

Final Rule on Borrower Defense and Financial Responsibility Published by U.S. Department of Education

Faegre Drinker Biddle & Reath LLP on 9/26/2019

On September 23, 2019, the U.S. Department of Education (ED or the Department) published in the Federal Register final regulations on Institutional Accountability, which revise its current regulations on borrower defenses to...more

FASB Issues Exposure Draft on LIBOR Transition

Stinson - Corporate & Securities Law Blog on 9/6/2019

FASB has issued a proposed Accounting Standards Update, or ASU, to provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial...more

Beany & CECL

Dechert LLP on 4/29/2019

Beany & Cecil was a cartoon. The Current Expected Credit Loss accounting rules, better known as CECL, which the FASB is insisting will go into effect at the beginning of next year for publicly traded banks and lenders and a...more

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