We are pleased to share the October 2023 issue of Wilson Sonsini's Sustainability and ESG Advisory Practice Update. Each issue combines news, key legal developments, and resources related to sustainability and environmental,...more
Paul Munter, acting chief accountant for the SEC's Office of the Chief Accountant, on Feb. 22, 2022, released a statement related to the Financial Accounting Standards Board's (FASB) effort to consult with investors and...more
The FASB may have delayed implementation of the Leases standard (Topic 842) for private companies, but here's what companies should be doing now to be prepared....more
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
When business owners contemplate expansion and growth of their business enterprise and brand, they must first make a fundamental decision on strategy and method of expansion. Should they (a) expand on their own, utilizing...more
In the years since Financial Accounting Standard (FAS) 141 (now codified as ASC 805, Business Combinations) was implemented in 2001, most business combinations have resulted in the recognition of goodwill or have been...more
IFRS 16 Leases becomes effective for annual reporting periods beginning on, or after, January 1, 2019. Consequently, entities with a December 31 year end, who did not adopt the new standards early, will report financial...more
Since the Enron debacle, the Financial Accounting Standards Board (FASB) has paid a lot of attention to the types of entities that were used by Enron to avoid its financial reporting obligations. The FASB released Accounting...more
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements that it deems to have become “redundant, duplicative, overlapping, outdated, or superseded” given existing SEC disclosure requirements, U.S....more
On August 17, 2018, the U.S. Securities and Exchange Commission (SEC) announced that it had adopted a wide-ranging set of amendments (the “amendments”) to its disclosure requirements designed to streamline or eliminate those...more
The U.S. Securities and Exchange Commission this month adopted amendments to certain disclosure requirements in an effort to streamline rules and regulations, and to remove requirements that are “redundant, duplicative,...more
Last week, the Securities and Exchange Commission voted to amend disclosure requirements “that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements,...more
On February 25, 2016, FASB issued its new lease accounting standard update (ASU) No. 2016-02, Leases, which codified ASC Topic 842 (Topic 842). Topic 842 is effective for calendar year-end public companies on January 1, 2019....more
The Financial Accounting Standards Board’s comprehensive new revenue recognition standard (ASC 606) will become effective for calendar-year reporting companies on January 1, 2018, a little over a year from now. As previously...more
The divestiture of property owned by non-real estate companies has long been a trend in the U.S. Though there are many advantages to owning—and thereby controlling—your own real estate, non-real estate businesses, especially...more
As part of an ongoing Simplification Initiative, the Financial Accounting Standards Board (the “Board”) recently issued an Update to Accounting Standards Codification (ASC) Topic 718, which deals with stock-based...more
The Financial Accounting Standards Board (“FASB”) has issued an exposure draft of a Proposed Accounting Standards Update, Presentation of Financial Statements of Not-for-Profit Entities, which would make significant changes...more
In January, the FASB adopted a final Accounting Standards Update that eliminates the requirement that preparers report events that meet the criteria for extraordinary classification separately in an income statement, net of...more
Comptroller of the Currency Thomas J. Curry made a presentation at the American Institute of Certified Public Accountants (AICPA) Banking Conference on September 16, 2013 in which he expressed his support for the Financial...more
The Financial Accounting Standards Board, or FASB, together with the International Accounting Standards Board, or IASB, is comprehensively reconsidering lease accounting. ...more
Of the types of information required to be disclosed by public companies, information about “contingencies” is often one of the more sensitive disclosures for the company and may be closely scrutinized by analysts and...more
The Financial Accounting Standards Board (FASB) recently released an exposure draft (“Exposure Draft”) that proposes a new approach to accelerate the recognition of credit losses (“Proposed Rule”). The FASB perceives delayed...more
The Securities and Exchange Commission (SEC) recently has set its sights on registered entities and their officers and directors for overvaluing the entities’ assets....more
On July 9, the Financial Accounting Standards Board (FASB) decided to remove its project to modify disclosures of certain loss contingencies from the FASB’s technical agenda. The project, originally undertaken in 2007, sought...more
On July 9, 2012, the Financial Accounting Standards Board (FASB) voted against moving forward with its exposure draft project to modify the accounting and disclosure requirements for loss contingencies. The exposure draft was...more