Proposed updates to ASC 842
(authored by RSM US LLP) The FASB recently proposed amendments to address certain issues arising from the adoption of the leases standard.
Nonpublic entities’ disclosures about Level 3 fair value measurements
(authored by RSM US LLP) Our updated white paper discusses ASC 820 fair value measurement disclosures that were and were not affected by ASU 2018-13.
How has the board’s role in financial reporting changed?
(authored by RSM US LLP) Audit committees play a critical role by overseeing and monitoring the financial reporting process for their organizations.
COVID-19 Impact on Asset Impairment
The coronavirus pandemic infused unprecedented levels of uncertainty into our economy. When the virus became more widely spread in March, businesses closed, workers self-isolated, and
Accounting Solutions for CARES Act Program Proceeds
When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, they sanctioned much-needed relief payments to healthcare providers across
When Will Coronavirus Uncertainties Affect Going Concern, and What Should Management Do About It?
FASB Proposes Postponing Effective Dates for ASC 606 and ASC 842
Contractors: Are You Ready to Implement the New Lease Standard?
In early 2016, the Financial Accounting Standards Board (FASB), the body that sets accounting principles for U.S. entities, released a new accounting standard on how
Accounting for Financial Instruments: New Requirements
The Financial Accounting Standards Board (FASB) has made a significant change to accounting standards related to accounting for financial instruments. Accounting Standards Update 2016-01 (ASU
Provisions for Estimated Contract Losses
Revenue Recognition Options Companies with long-term fixed-priced contracts typically recognize revenue using one of two methods: The percentage-of-completion method, whereby income is recognized over the