Heads Up newsletters, published as warranted, analyse important accounting developments, such as new FASB and IASB pronouncements or exposure drafts. Concise examples and answers to frequently asked questions assist readers in understanding and implementing the critical guidance.
24 Apr 2024
This Heads Up discusses FASB Accounting Standards Update No. 2024-02, 'Codification Improvements — Amendments to Remove References to the Concepts Statements (ASC)'.
08 Apr 2024
This Heads Up examines the SEC’s March 6, 2024, final rule in detail. The final rule requires registrants to provide climate-related disclosures in their annual reports and registration statements, including those for initial public offerings, and is effective beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers.
08 Apr 2024
This Heads Up briefly highlights key provisions of the SEC’s final rule on climate disclosures. The new rule requires registrants to provide comprehensive climate-related information in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. This Heads Up was updated on April 8, 2024, to address the SEC’s stay of the effective date of the final rule pending judicial review.
02 Apr 2024
This Heads Up discusses several frequently asked implementation questions related to FASB Accounting Standards Update (ASU) No. 2023-08, which provides guidance on the accounting for crypto assets (codified as ASC 350-60). The appendix to this publication includes a comprehensive example illustrating the disclosure requirements of the ASU.
22 Mar 2024
This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2024-01, 'Scope Application of Profits Interest and Similar Awards'. The ASU clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest or similar awards as compensation to employees or nonemployees in exchange for goods or services.
26 Feb 2024
This Heads Up, which discusses the E.U. Corporate Sustainability Reporting Directive (CSRD) as well as the recently adopted European Sustainability Reporting Standards (ESRS), has been updated to reflect (1) the revised scope thresholds in the CSRD, which went into effect on December 21, 2023, and (2) updates from the European Financial Reporting Advisory Group regarding the statuses of various sets of ESRS as well as the publication of draft implementation guidance.
22 Feb 2024
This Heads Up discusses the FASB’s recent tentative decisions related to its project on environmental credit programs, including those associated with the recognition and measurement of liabilities.
06 Feb 2024
This Heads Up discusses the SEC’s recent issuance of a final rule on financial reporting and disclosures for special-purpose acquisition companies (SPACs). The final rule aims to (1) “enhance investor protections” in SPAC initial public offerings (IPOs) and de-SPAC transactions and (2) “more closely align the treatment of private operating companies entering the public markets through de-SPAC transactions with that of companies conducting traditional IPOs.”
18 Jan 2024
This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures. The ASU establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid.
20 Dec 2023
This Heads Up, which discusses the FASB’s Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segment Disclosures, has been updated to reflect discussion from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments. Specifically, the SEC indicated that when a single reportable segment entity is managed on a consolidated basis, the entity would be expected to conclude that consolidated net income is the measure of segment profit or loss that is most consistent with U.S. GAAP. Further, the SEC encouraged registrants that choose to early adopt ASU 2023-07, and that include an additional measure or measures of segment profit or loss that are not determined in accordance with GAAP, to reach out to the SEC to discuss their plans.
19 Dec 2023
This Heads Up was updated to reflect changes as a result of (1) a December 14, 2023, statement on cybersecurity disclosure by Erik Gerding, director of the SEC’s Division of Corporation Finance, and his comments at the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments; (2) new Compliance and Disclosure Interpretations issued by the SEC staff; and (3) guidance by the FBI, in coordination with the Department of Justice, on requesting a temporary delay in disclosing material cybersecurity incidents if disclosing such information would pose a substantial risk to national security or public safety.
19 Dec 2023
This Heads Up was updated to note that on the basis of the legislative intent expressed by the author of California’s AB-1305, Voluntary Carbon Market Disclosures, companies may not have to provide the disclosures required under the bill until January 1, 2025.
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