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FERF/Greenlight ICFR Tracker- Q2 2020

 

Fill Out The Form Below to Receive ICFR Updates & Detail Data on the Material Weakness Disclosures for the Quarter

 

Financial Reporting and Regulatory Update

The quarterly Financial Reporting and Regulatory Update is prepared by the Financial Education & Research Foundation (FERF) in collaboration with Crowe LLP, highlighting pronouncements from the U.S. SEC, FASB, PCAOB, and other regulators and standard-setters. Each update includes ASU Effective Date Checklists for Public and Non-Public Business Entities.

First Quarter 2020

Staying Liquid Means Staying Open

Conserving and accessing capital has never been more important for corporate leaders as they scramble to fortify balance sheets in a upended, post-COVD-19 world. In this podcast, John Grivetti a partner in the Crowe LLP advisory services group discusses several strategies.  Read More

Financial Reporting & Regulatory Update, First Quarter 2020

During the first quarter of the 2020 calendar year, the Financial Accounting Standards Board (FASB) issued new accounting standards on the following topics:

  • Reference rate reform
  • Codification improvements to financial instruments
  • Updates to codification for SEC guidance
  • Clarifying interactions between accounting for equity securities, equity method investments, and certain derivative instruments

The FASB issued a proposal to delay the effective date of Topic 606, “Revenue From Contracts With Customers,” for franchisors that are not public business entities and will delay the effective date of Topic 842, “Leases,” for private companies and private not-for-profit (NFP) entities. In addition, the FASB also issued a proposal addressing NFP entities that receive contributed nonfinancial assets.

The Securities and Exchange Commission (SEC) released resources and guidance to address the impact of the coronavirus (COVID-19), issued a statement on the audit committee’s role in financial reporting, amended accelerated and large accelerated filer definitions, amended financial disclosure requirements related to debt offerings, proposed rules changes to the exempt offering framework, proposed changes to modernize securities market data infrastructure, provided guidance on key performance indicators, proposed changes to management’s discussion and analysis (MD&A) and other disclosures, shared cybersecurity and resiliency observations, and published its 2020 examination priorities.

The Public Company Accounting Oversight Board (PCAOB) posted information regarding how the board is addressing the impact of the coronavirus.

The AICPA established a coronavirus resource center page, released a special report on financial reporting considerations related to COVID-19, and published new technical question and answers on deferred taxes.

In addition to these highlights from the quarter, we have included recent developments from the Governmental Accounting Standards Board (GASB).

Checklists for the effective dates of FASB Accounting Standards Updates (ASUs) and GASB statements are also available.