FASB News
Webinar on Big Three, Covid-19 Issues for Private Companies and Nonprofits
FASB said it plans to hold a webinar on June 15 dedicated to major private company and not-for-profit accounting matters, including revenue recognition, leases, and credit loss standards. An update of the board’s response to accounting issues related to the coronavirus (COVID-19) crisis and program relief under the CARES Act will also be provided, the board announced on May 21. Topics will include lease concessions, fair value measurement, and “certain types of programs” that fall under the Coronavirus Aid, Relief and Economic Security (CARES) Act, a board text states. The event will feature a panel of FASB members, board advisory members, and FASB senior staff members. Panelists include FASB Vice Chairman James Kroeker, FASB member Harold Schroeder, PCC member Rick Reisig, FASB Assistant Director-Nonpublic Entities Jeffrey Mechanick, and FASB Supervising Project Manager Jenifer Wyss, among others. The webcast will also provide updates on the “big three” accounting standards: Topic 606, Revenue from Contracts with Customers, Topic 842, Leases, and implementation activities for Topic 326, Credit Losses.
IASB News
Businesses Pushing for Finalization of Rate Reform Proposal
The IASB said it would stay the course to push through a new rate reform standard this year, the second phase of its efforts to pave an easy path for companies to revise contracts that reference expiring interbank offered rates. An early look at comment letter responses to its April proposal indicated that companies want the accounting rulemaker to avoid matters that could slow down the issuance of the new rules, according to May 21, 2020, board discussions. “Even though some extra things are being brought up … I presume people are still wanting us to sort of focus on time, as opposed to [thinking] about fundamentals in a way that could significantly slow the process,” IASB Vice Chair Sue Lloyd said. If finalized, the rules would take effect on or after January 1, 2021, with earlier application permitted, according to board discussions. If the amendments are applied earlier, the company must disclose that fact.
AICPA News
Deloitte Audit Partner Named AICPA Chair
Deloitte & Touche LLP Audit Partner Tracey Golden was appointed chair of the AICPA. Golden was elected to the one-year volunteer post by the AICPA Governing Council during its first-ever virtual meeting, the AICPA announced on May 20, 2020. Bill Pirolli, a partner with DeSanto, Priest & Co., was voted in as vice chair. As of June 1, Golden will also serve as chair of the Association of International Certified Professional Accountants, the unified voice of the AICPA and the Chartered Institute of Management Accountants (CIMA). “We are truly living disruption—not incremental change but a radical break from the familiar,” she said. “Our profession has a crucial role to play in helping navigate this disruption. We are here to help businesses and individuals get through these tough times, learn from them and grow. In an uncertain world, CPAs are needed now more than ever as trusted advisors who can lead a path forward.”
