New Revenue Recognition Standard - Audio White Paper for Compliance Officers
New Revenue Recognition Standard-Part V, What does it all mean?
New Revenue Recognition Standard-Part I, Introduction
The members of Maynard Nexsen’s Public Company Advisory Practice counsel public companies and companies aiming to become public on the full range of matters shaping their governance and operation in the public markets. As a...more
The Financial Accounting Standards Board (FASB) was quite active at the end of 2023 and published two notable Accounting Standards Updates (ASUs) that are expected to meaningfully affect public company disclosures regarding...more
As companies prepare for the upcoming proxy and annual report season, the following supplements the list of key items to consider contained in our October 2, 2023 post...more
The SEC’s Division of Corporation Finance has issued a sample comment letter, and sent actual comment letters to a series of public companies, asking for additional Form 10-K disclosure on topics addressed in the SEC’s 2010...more
Managing Director Amy Stutzman and Director Reid Brooks discuss what it takes for energy companies to craft an effective ESG message and strategy that resonates with investors, stakeholders, and the public....more
The Association of International Certified Professional Accountants (AICPA) hosted the 2020 AICPA Conference on Current SEC and PCAOB Developments this past week at which a number of SEC accountants participated, either...more
On October 16, 2020, the Securities and Exchange Commission ("SEC") adopted amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X. The amendments modernize the rules and "more effectively...more
At its August 29, 2020 Board meeting, FASB Board discussed what changes should be made to the disclosure requirements for interim reporting....more
As companies close their books on the second quarter and prepare their second quarter disclosures, it is important to assess the continuing impact of COVID-19 on businesses, employees and financial results and provide...more
The U.S. Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and Division of Corporation Finance (Division) have separately issued statements emphasizing the continued importance of high-quality...more
In recent remarks, the Chief Accountant noted that the Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and other divisions within the SEC are monitoring the issues raised by COVID-19....more
The recent proposal by the SEC would eliminate overlapping or unnecessary disclosures and promote a principles-based approach to MD&A. Background - On January 30, 2020, the US Securities and Exchange Commission (the...more
Among the insights shared at last week’s 2019 AICPA Conference on SEC and PCAOB Developments, held December 9–11, Sagar Teotia, recently appointed Chief Accountant of the Securities and Exchange Commission, delivered a...more
On October 16, 2019, the Financial Accounting Standards Board (“FASB”) extended the implementation deadline for the current expected credit loss standard (“CECL”) for qualifying entities. The new implementation deadlines are...more
Just a few short months ago we took on the breathtakingly ill-conceived Current Expected Credit Loss (CECL) standard that the Financial Accounting Standards Board (FASB) proposed to implement starting in 2020. CECL will...more
Earlier this month, staff of the Securities and Exchange Commission (SEC) published guidance that encourages market participants to move away from LIBOR (the Staff Statement). The interest benchmark rate is expected to...more
On July 12, 2019, the staff of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (Staff) of the Securities and Exchange Commission...more
FASB has taken a major step towards approving accounting relief for companies required to modify contracts as a result of new global reference rates which are expected as a result of the expected transition away from LIBOR....more
Always a fertile source of regulatory perspective, this year’s Baruch College Financial Reporting Conference featured a future-oriented theme in remarks by Chief Accountant of the Securities and Exchange Commission Wesley...more
Beany & Cecil was a cartoon. The Current Expected Credit Loss accounting rules, better known as CECL, which the FASB is insisting will go into effect at the beginning of next year for publicly traded banks and lenders and a...more
Public companies are facing challenges when determining the discount rate to record leases on the balance sheet when applying ASC 842 under the new lease standard. The lease accounting standard requires the use of the rate...more
The U.S. Securities and Exchange Commission (SEC) has adopted final rules to eliminate redundant, duplicative, overlapping, outdated, or superseded disclosure requirements. These rules, adopted more than two years after the...more
On May 28, 2014, FASB and IASB jointly announced new financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers (Topic 606).” For publicly-traded entities, Topic 606 was required to...more
This article in Bloomberg BNA reports that FASB is expected to issue new rules this year that will require public companies to disclose the amount of their government subsidies. Government support would include, for example,...more
FASB received unsolicited input from banks and insurance companies and related trade groups on the accounting for what is referred to as the Tax Cuts and Jobs Act. Based on the input, FASB has tentatively decided to revise...more