The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard.
Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance Accounting Standards Update (ASU)
FASB Simplifies Merger Accounting for Nonprofits The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of the guidance is a
Some changes in your year-end financial statements will be required that are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU). The changes prescribed in
If your construction company leases assets and it follows U.S. Generally Accepted Accounting Principles (GAAP), an important development occurred earlier this year. The Financial Accounting Standards Board (FASB) issued its long-awaited update revising the appropriate treatment of leases on financial