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Key accounting and financial reporting topics addressed in this issue include the following: 1) Challenges associated with inflation, supply chain disruptions, and labor shortages 2) The SEC’s release of various statements, including those on (i) special-purpose acquisition company transactions; (ii) environmental, social, and governance matters; and (iii) the transition away from LIBOR as a reference rate 3) FASB standard-setting developments in 2021 4) The International Accounting Standards Board’s (i) amendments to its guidance on (a) disclosure of accounting policies and (b) deferred taxes related to assets and liabilities arising from a single transaction and (ii) proposals that would enhance the disclosure requirements for supplier arrangements and amend its guidance on classification of long-term debt with covenants 5) The IFRS Foundation’s creation of a new International Sustainability Standards Board.
On November 29, 2021, the SEC issued Staff Accounting Bulletin (SAB) No. 120. Under SAB 120, an entity that grants a share-based payment award while in possession of positive material nonpublic information should consider whether adjustments to the following are appropriate when determining the fair-value-based measure of the award: (1) the current price of the underlying share or (2) the expected volatility of the price of the underlying share for the expected term of the share-based payment award.
This publication highlights some of the important accounting considerations related to the calculations and disclosures entities provide under U.S. GAAP in connection with their defined benefit pension and other postretirement benefit plans.
This Financial Reporting Alert examines certain potential impacts of environmental, social, and governance (ESG) matters on an entity’s financial accounting and reporting in the context of the existing accounting guidance and current regulatory environment. Given the increased interest in climate-related matters, many entities are developing business strategies designed to address the evolving ESG landscape. In doing so, they will also need to incorporate ESG considerations when preparing their financial statements and ensure that any plans or commitments related to environmental initiatives are considered in a consistent manner for both sustainability reporting and the preparation of the financial statements.
The creation, capture and transfer of value is increasingly, and irreversibly occuring in a multitude of digital forms. When you add to that the value driven by digital presence, the move from customer centricity to empowerment and the exponential pace of change in technology – the future of value transfer will have a profound and lasting effect on the future of financial services.
This publication contains extracts of frequently issued SEC staff comments, analysis of those extracts, and links to resources that are relevant to SEC filers. Other features include (1) an update on the SEC’s priorities; (2) a summary of comment letter trends related to the top 10 topics of frequent comment in the 12-month period ended July 31, 2021; and (3) topics of focus related to disclosures associated with financial statement accounting, SEC reporting, initial public offerings, foreign private issuers, and industry-specific matters. In addition, the 2021 edition contains On the Radar, a new section (also available as a stand-alone publication) that briefly summarizes emerging issues and trends related to the comment letter topics addressed in the Roadmap.
The AcSB has issued amendments to ASPE Section 3400 Revenue (the “Amended Guidance”), to provide more robust guidance to support the application of the existing risk-and-rewards revenue model, which differs from the control-based model used under IFRS and U.S. GAAP post-2018.
This Heads Up takes a strategic look at some of the most common accounting and reporting considerations associated with climate-related matters in the current business environment along with relevant SEC developments.
We are pleased to present the 2021 edition of Comparing IFRS Standards and U.S. GAAP: Bridging the Differences. This Roadmap provides an overview of the most significant differences between U.S. GAAP and IFRS® Standards — two of the most widely used accounting standards in the world. The 2021 edition includes updated and expanded guidance that reflects standards effective as of January 1, 2022, for calendar-year-end public entities, as well as On the Radar, a new section that briefly summarizes emerging issues and trends related to the accounting and financial reporting topics addressed in this Roadmap. On the Radar is also available as a stand-alone publication.
This Roadmap addresses financial reporting, accounting, and auditing considerations to help companies navigate challenges related to preparing an IPO registration statement and ultimately going public.
This Financial Reporting Alert discusses the accounting and SEC reporting considerations related to special-purpose acquisition company (SPAC) initial public offerings. After a SPAC merges with a private operating company (the “target”), the target’s financial statements become those of the combined public company. Therefore, a target will need to devote a considerable amount of time and resources to technical accounting and reporting matters.
This Financial Reporting Alert has been updated to reflect additional interpretive guidance on financial statement presentation for reverse recapitalizations, classifying share-settleable earn-out arrangements, and the availability of nonpublic review for registration statements on Form S-4. It also includes considerations related to CF Disclosure Guidance Topic 11 as well as recently adopted amendments to Regulation S-K.
