News & Analysis as of

Financial Reporting Accounting Standards

Cornerstone Research

Spike in Fourth Quarter SEC Accounting and Auditing Enforcement Activity Results in Notable Increase in FY 2023

Cornerstone Research on

The U.S. Securities and Exchange Commission expanded its accounting and auditing enforcement activity in fiscal year 2023, while monetary settlements dropped for the second consecutive year, according to a new report released...more

Cooley LLP

FASB issues final ASU requiring enhanced disclosure of segment expenses

Cooley LLP on

The FASB has announced a final Accounting Standards Update designed to improve disclosures about public companies’ reportable segments, particularly disclosures about significant segment expenses—information that the FASB...more

Cadwalader, Wickersham & Taft LLP

Accounting Firms Challenged on Reporting of Climate Risks in Company Financial Statements

Environmental law NGO ClientEarth has written to the Global Public Policy Committee (GPPC), which brings together representatives of the six large international accounting organizations, to request greater transparency and...more

Cooley LLP

FASB wants more disclosure about expenses

Cooley LLP on

FASB is moving ahead with new requirements for more information about public company expenses, approaching the issue from two perspectives: disaggregation of income statement expenses and segment reporting. More specifically,...more

Morgan Lewis

New FASB Standards Mandate Disclosure of Reverse Factoring Programs

Morgan Lewis on

Due to new standards issued by the Financial Accounting Standards Board (FASB) in late 2022, companies with supply chain financing are now required to comply with additional disclosures intended to monitor and understand the...more

Cadwalader, Wickersham & Taft LLP

International Accounting Standards Board to Explore Improvements to Climate-Related Disclosure in Financial Statements

On March 23, 2023, the International Accounting Standards Board (IASB) commenced a new “maintenance” project to “explore whether and how financial statements can better communicate information about climate-related risks.”...more

Mayer Brown Free Writings + Perspectives

SEC Accounting Standard Setting Statement

The SEC’s Chief Accountant Paul Munter, released a statement “Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities,” discussing improvements to...more

Amundsen Davis LLC

Are Your Financial Covenants Ready for the New Lease Accounting Standard?

Amundsen Davis LLC on

Commercial loan documents may be impacted by new treatment of leases under ASC 842- Lenders and non-public companies should be aware of the impact of Financial Accounting Standards Board (FASB) ASC 842, the new lease...more

WilmerHale

Changes to ASC 280 (Segment Reporting) Appear Likely

WilmerHale on

Segment reporting - a frequent topic of SEC comments and the subject of long-running debate at the Financial Accounting Standards Board (FASB) - continues to appear on the FASB’s Technical Agenda, with some likely changes on...more

Mayer Brown Free Writings + Perspectives

The SEC’s Acting Chief Accountant’s Perspective

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

Mayer Brown

Our Views on the Proposed FASB and IFRS Payables Reporting Rules

Mayer Brown on

In December 2021 the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) released their proposed amendments to their accounting standards that will require buyers of...more

Hogan Lovells

Global Accountants' Liability Update – December 2021

Hogan Lovells on

Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more

Faegre Drinker Biddle & Reath LLP

The SEC’s Renewed Focus on Accounting Misconduct

Two recent enforcement actions by the U.S. Securities and Exchange Commission (SEC), including a recent settled action against Kraft Heinz Co. (“Kraft”), underscore the agency’s renewed and continuing focus on accounting and...more

Opportune LLP

ASC 842: Implementing The New Lease Accounting Standard

Opportune LLP on

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

Opportune LLP

Hedge Accounting For Interest Rates: ‘Blend & Extend’ Strategy

Opportune LLP on

Employing a “blend and extend” strategy to reduce near-term cash spend may be ideal in the current environment, but companies should also be aware of the associated hedge accounting implications....more

Mayer Brown Free Writings + Perspectives

High Quality Financial Reporting in an Unusual Year

The Association of International Certified Professional Accountants (AICPA) hosted the 2020 AICPA Conference on Current SEC and PCAOB Developments this past week at which a number of SEC accountants participated, either...more

Proskauer Rose LLP

Inclusion of Government Grants in EBITDA

Proskauer Rose LLP on

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

Hogan Lovells

Global Accountants’ Liability Update – July 2020

Hogan Lovells on

Certified public accountants are among those who may benefit from a mechanism announced by the Hong Kong government in May 2020 to exempt certain inbound travelers from compulsory quarantine. The exemption is provided under...more

Mayer Brown Free Writings + Perspectives

EBITDA Adjustments for Lost Revenues Resulting from COVID-19

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

Mayer Brown Free Writings + Perspectives

SEC Chief Accountant Addresses COVID-19

In recent remarks, the Chief Accountant noted that the Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and other divisions within the SEC are monitoring the issues raised by COVID-19....more

Carlton Fields

A Forensic Accountant’s Take on Materiality

Carlton Fields on

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

Mayer Brown Free Writings + Perspectives

AICPA Expands Permitted Situations for Agreed-Upon Procedures Engagements

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

Mayer Brown Free Writings + Perspectives

AICPA Issues Statements on Standards Amending Concept of Materiality

The American Institute of Certified Public Accountants (“AICPA”) Auditing Standards Board issued Statement on Auditing Standards No. 138 and Statement on Standards for Attestation Engagements  No. 20 to amend the concept of...more

Mayer Brown Free Writings + Perspectives

AICPA Conference Comments on LIBOR

We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR. The Staff of the OCA joined in the...more

Mayer Brown Free Writings + Perspectives

The Role of the Office of the Chief Accountant and Office Priorities

At the AICPA conference we have previously blogged about, the Chief Accountant explained that the SEC’s Office of the Chief Accountant (“OCA”) is led by the Chief Accountant, who serves as the principal advisor to the SEC on...more

62 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide