Heads Up — Are Your CECL Disclosures in Good Standing? Observations on First-Quarter Filings (July 22, 2020)
This Heads Up summarizes the disclosure trends we observed in our review of public filings of a sample of companies that adopted the new CECL standard as of the first quarter of 2020, including disclosure trends related to the coronavirus disease 2019 (“COVID-19”) pandemic.
Heads Up — FASB Defers Effective Dates of Revenue and Leasing Standards for Certain Entities (June 3, 2020)
This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2020-05, Revenue From Contracts With Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. The ASU amends the effective dates of the Board’s standards on revenue and leasing to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the coronavirus disease 2019 pandemic.
Heads Up Newsletter — SEC Issues Final Rule to Improve Disclosures for Business Acquisitions and Dispositions (June 2, 2020)
This Heads Up discusses the SEC’s recently issued final rule Amendments to Financial Disclosures About Acquired and Disposed Businesses, which amends the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. These changes are intended to improve the information that investors receive regarding acquired or disposed businesses, reduce the complexity and costs of preparing the required disclosures, and facilitate timely access to capital.
Heads Up — Highlights of the CARES Act (April 9, 2020; Last Updated July 8, 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 was updated to reflect recent developments related to the CARES Act.
Accounting and Reporting Considerations for Forgivable Loans Received by Business Entities Under the CARES Act’s Paycheck Protection Program (May 7, 2020; Updated May 15, 2020)
This Heads Up discusses accounting and reporting considerations for business entities that receive Paycheck Protection Program loans that may be forgivable under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act").
Heads Up — Frequently Asked Questions About Troubled Debt Restructurings Under the CARES Act and Interagency Statement (April 15, 2020; Last Updated July 8, 2020)
This Heads Up provides answers to various questions about temporary relief from the accounting and disclosure requirements in U.S. GAAP for troubled debt restructurings that entities have been offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and the “interagency statement” issued by a group of banking regulators. This issue was updated to reflect developments as a result of informal discussions with staff members of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in connection with the April 24, 2020, webcast “Ask the Regulators: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus.”