News & Analysis as of

IASB FASB

Mayer Brown

Our Views on the Proposed FASB and IFRS Payables Reporting Rules

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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

Fenwick & West LLP

SEC Emphasizes Continued Importance of Financial Disclosures in Light of COVID-19

Fenwick & West LLP on

The U.S. Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and Division of Corporation Finance (Division) have separately issued statements emphasizing the continued importance of high-quality...more

Dechert LLP

SEC Staff Issues Statement on LIBOR Transition; Practical Considerations for Investment Companies, Investment Advisers and Other...

Dechert LLP on

The staffs of the Securities and Exchange Commission’s Division of Corporation Finance, Division of Investment Management (IM Division), Division of Trading and Markets, and Office of Chief Accountant (collectively, Staff) on...more

Eversheds Sutherland (US) LLP

Regulatory guidance on the transition away from LIBOR

Earlier this month, staff of the Securities and Exchange Commission (SEC) published guidance that encourages market participants to move away from LIBOR (the Staff Statement). The interest benchmark rate is expected to...more

Opportune LLP

IRS Issues Taxpayer Favorable Change of Accounting Method Procedures to Align with New Revenue Recognition Standards

Opportune LLP on

On May 28, 2014, FASB and IASB jointly announced new financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers (Topic 606).” For publicly-traded entities, Topic 606 was required to...more

Eversheds Sutherland (US) LLP

Missed opportunity - IRS releases narrow guidance for taxpayers seeking to correct accounting methods subsequent to ASC 606...

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of income recognition for...more

Skadden, Arps, Slate, Meagher & Flom LLP

Corporate Finance Alert: Filing a New Form S-3? What You Need to Know About the New Revenue Recognition Standards

The much-discussed new revenue recognition standards jointly issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to harmonize revenue recognition standards between...more

Lewitt Hackman

Franchisors: New Accounting Rules Will Significantly Impact Revenue Recognition

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An updated rule issued by the Financial Accounting Standards Board (FASB) will change when most franchisors may recognize revenue on their balance sheets from the collection of initial franchise fees....more

Morrison & Foerster LLP - JOBS Act

Global Accounting Standards

The Chair of the Securities and Exchange Commission Mary Jo White recently commented on the significance of high-quality accounting standards. The speech noted the need to support continued work toward the globally accepted...more

Morgan Lewis

ISS Releases Four Sets of FAQs, Glass Lewis Provides an Update, and FASB and IASB Make Certain Decisions Relevant to Equity...

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Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have both released updates to their policies that outline how they will form recommendations to shareholders on how they should vote on governance,...more

Morgan Lewis

New Revenue Recognition Standard Will Likely Affect Most Companies and Require Pre-Adoption Planning

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U.S. companies will need to comply with a new converged revenue recognition standard that the FASB and the International Accounting Standards Board (IASB) issued on May 28. The converged standard—which applies to fiscal years...more

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