- The FASB agreed to clarify its new accounting standard requiring earlier recognition of credit losses to ensure that community banks and credit unions have extra time to comply with it compared to larger financial institutions. The proposed change to the effective date is intended to match what the FASB wanted when it published the standard in 2016.
- Published in Confero Magazine: Employee benefit plans can benefit from foundational cybersecurity best practices.
- The FASB published an update to U.S. GAAP with 16 technical corrections for its much-watched lease accounting standard. The changes are considered editorial in nature and will not affect accounting outcomes, the FASB said.
- The FASB issued technical corrections to U.S. GAAP that it said will make its guidance easier to understand and apply. The changes address a number of topics, such as the reporting requirements for comprehensive income, the guidance for debt modifications and the accounting requirements for distinguishing liabilities from equity.
- The AICPA’s Auditing Standards Board (ASB) is expected to vote on issuing a final standard for audits of benefit plan financial statements covered by the Employee Retirement Income Security Act of 1974 (ERISA) at its next meeting. The planned standard is intended to help auditors better understand their responsibilities and provide plan sponsors and participants, Department of Labor (DOL) officials, and others with more information about what auditors do in examining the financial statements of benefit plans governed by ERISA.
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