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The Deloitte Accounting Research Tool (DART) is a comprehensive web-based library of accounting and financial disclosure literature.
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September 22, 2020
Proposed ASU 2020-600 - Franchisors--Revenue from Contracts with Customers (Subtopic 952-606)
The amendments in this proposed Update are intended to reduce the cost and complexity of applying Topic 606, Revenue from Contracts with Customers, to initial franchise fees for franchisors that are not public business entities. The amendments in this proposed Update would introduce a new practical expedient that would simplify the application of the guidance in Topic 606 about identifying perform...
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September 22, 2020
Heads Up — FASB Proposes a Practical Expedient for Private-Company Franchisors on the Identification of Performance Obligations Under ASC 606 (September 22, 2020)
This Heads Up discusses the FASB’s proposed Accounting Standards Update (ASU) Franchisors — Revenue From Contracts With Customers (Subtopic 952-606): Practical Expedient. The proposed ASU would allow a private-company franchisor (i.e., a franchisor that is not a public business entity) to use a practical expedient when identifying performance obligations in its contracts with customers (i.e., franchisees) under ASC 606. Under the practical expedient, a private-company franchisor that enters into a franchise agreement would be able to account for certain preopening services provided to a franchisee as a single performance obligation. The practical expedient is intended to reduce the cost and complexity of applying ASC 606 to preopening services associated with initial franchise fees. Comments on the proposed ASU are due by November 5, 2020.
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September 22, 2020
#DeloitteESGnow — Enhancing Trust in ESG Disclosures (September 22, 2020)
This Heads Up discusses market developments related to a company’s environmental, social, and governance (ESG) disclosures and steps companies can take to enhance the quality of their ESG reporting.
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September 22, 2020
SEC Staff Issues C&DIs
The staff in the SEC’s Division of Corporation Finance has updated its compliance and disclosure interpretations (C&DIs).
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September 22, 2020
FASB Not-for-Profit Advisory Committee Holds September 2020 Meeting
At its September 10, 2020, meeting, the FASB’s Not-for-Profit (NFP) Advisory Committee discussed (1) current financial reporting issues related to COVID-19, (2) the implementation of ASU 2016-14, (3) NFP reporting of gifts-in-kind, (4) implementation of major and other updates, (5) other projects in progress, and (6) international NFP reporting issues.
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September 21, 2020
FASB Proposes Practical Expedient for Franchisors Evaluating Certain Performance Obligations
The FASB has issued a proposed ASU, "Franchisors — Revenue From Contracts With Customers (Subtopic 952-606): Practical Expedient."
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September 18, 2020
Accounting Standards Update No. 2020-07
The objective of the amendments in this Update is to increase transparency of contributed nonfinancial assets for not-for-profit (NFP) entities through enhancements in presentation and disclosure requirements. NFP entities will now be required to present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash and other financial cont...
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September 18, 2020
Heads Up — Highlights of the CARES Act (April 9, 2020; Last Updated September 18, 2020)
This Heads Up discusses key aspects of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities. The issue focuses on provisions of the CARES Act related to financial instrument and income taxes as well as on determining the appropriate accounting models for government assistance. This issue has been updated to add disclosure considerations related to the effects of the COVID-19 pandemic and certain provisions of the CARES Act on an entity’s financial reporting.
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September 21, 2020
FASB Proposes Practical Expedient for Franchisors Evaluating Certain Performance Obligations
The FASB has issued a proposed ASU, "Franchisors — Revenue From Contracts With Customers (Subtopic 952-606): Practical Expedient."
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September 18, 2020
FASB Issues Guidance on Not-for-Profit Entities’ Presentation of and Disclosures About Contributed Nonfinancial Assets
September 18, 2020 The FASB has issued an Accounting Standards Update (ASU), Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The ASU requires not-for-profit entities to (1) “present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets,” and (2) disclose contrib...
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September 17, 2020
SEC Amends Guidance on Quotations for Over-the-Counter Securities
The SEC has issued a final rule, Publication or Submission of Quotations Without Specified Information, which amends regulations in Rule 15c2-11 of the Securities Exchange Act of 1934 with respect to the “publication of quotations for [over-the-counter (OTC)] securities in a quotation medium other than a national securities exchange.”
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September 17, 2020
FASB Ratifies EITF Consensus-for-Exposure
At its September 16, 2020, meeting, the FASB ratified the EITF’s consensus-for-exposure on Issue 19-C, “Warrant Modifications: Issuers’ Accounting for Modifications of Equity Classified Freestanding Call Options That Are Not Within the Scope of Topic 718, Compensation—Stock Compensation, or Topic 815—Derivatives and Hedging,” and directed its staff to draft a proposed Accounting Standards Update for a vote by written ballot.
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September 11, 2020
SEC Issues Final Rule on Disclosures for Banking Registrants
September 11, 2020 The SEC has issued a final rule, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The final rule “update[s] and expand[s] the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years.” It also (1) eliminates “certain disclosure items that are duplicative of other...
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September 11, 2020
SEC Amends Guidance on Confidential Treatment Applications
The SEC has amended its guidance Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2.
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September 4, 2020
AICPA Issues Proposed SAS on Material Misstatement in Financial Statements
The AICPA has issued a proposed Statement on Auditing Standards (SAS), Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, which would supersede SAS No. 122, as amended, as well as Section 315 of the same title, and would amend various AU-C sections in AICPA Professional Standards.
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September 3, 2020
FASB Discusses Project on Asset Acquisitions and Business Combinations
At its September 2, 2020, meeting, the FASB discussed the objective and scope of its project on improving the accounting for asset acquisitions and business combinations.
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