Auditors facing higher audit risks and new accounting and reporting issues as a result of the coronavirus pandemic and downturns in the economy have some new guidance from the AICPA.
Maria L. Murphy
Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer. She is also a freelance writer for the AICPA (Journal of Accountancy and CPA Insider) and LegalZoom and a prior contributor to Thomson Reuters products. She writes content for corporate websites, newsletters, blogs, and press releases. She is the former editor in chief of the NYSSCPA’s CPA Journal. She spent her career in public accounting and private industry controllership, with extensive experience in accounting, auditing, quality control, and SEC reporting. Her passion is translating technical subject matter into user-friendly language and getting readers excited about accounting and compliance topics.
Posted inAccounting & Auditing
How to account for coronavirus impact during CECL implementation
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
Posted inAccounting & Auditing
Coronavirus pandemic elicits opposing views on CECL, troubled debt restructurings
Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.
Posted inAccounting & Auditing
SEC filer definition changes aim to promote going public
The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.
Posted inAccounting & Auditing
New FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
Posted inAccounting & Auditing
AICPA calls for IRS to provide tax relief during coronavirus pandemic
AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.
Posted inAccounting & Auditing
FASB issues improvements to financial instruments guidance, including CECL
FASB has issued an accounting standards update amending several financial instruments topics in order to provide more clarity and improve on such standards as current expected credit losses.
Posted inAccounting & Auditing
Audit client turnover 2019: Deloitte dominates; KPMG, EY, PwC falter
For the fifth consecutive year, Deloitte net positive in new SEC audit engagements while the rest of its Big Four peers saw net decreases in clients, according to the latest annual study from Audit Analytics.
Posted inAccounting & Auditing
FASB agenda on hold amid chair transition
Outgoing FASB Chair Russell Golden said at a Financial Accounting Foundation meeting this week the rulemaker will look to get his successor, Richard Jones, settle before determining its second-quarter agenda.
Posted inAccounting & Auditing
Benchmarking report: New lease accounting rules having seismic effect on balance sheets
In LeaseQuery’s first benchmarking analysis of lease liabilities, it found balance sheet liabilities increased nearly 16 times as operating leases came onto the balance sheet for the first time upon adoption of ASC 842.