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Financial Reporting and Regulatory Update

The quarterly Financial Reporting and Regulatory Update is prepared by the Financial Education & Research Foundation (FERF) in collaboration with Crowe LLP, highlighting pronouncements from the U.S. SEC, FASB, PCAOB, and other regulators and standard-setters. Each update includes ASU Effective Date Checklists for Public and Non-Public Business Entities.

First Quarter 2021

Making SPACs Work

According to the latest figures, more than 400 special-purpose acquisition companies (SPACs) are now in the market seeking private firms to acquire and take them public.

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Financial Reporting & Regulatory Update, First Quarter 2021

During the first quarter of the 2021 calendar year, the Financial Accounting Standards Board (FASB) issued new accounting standards on the following topics:

  • Reference rate reform scope clarification
  • Revenue recognition practical expedient for franchisors
  • Alternative for goodwill triggering event assessments

For not-for-profits, a consultation paper was published to provide the opportunity for not-for-profits and stakeholders to contribute to the development of the first international financial reporting guidance for this sector.

The Securities and Exchange Commission (SEC) released a directive on review of climate-related disclosure; requested public comments on climate change disclosures; created a climate and environmental, social, and governance (ESG) task force; discussed the enhanced focus on ESG; updated guidance on expiring confidential treatment orders; provided guidance on disclosure considerations for securities offerings during times of extreme price volatility; and announced its 2021 examination priorities.

The Public Company Accounting Oversight Board (PCAOB) released a report summarizing conversations with audit committee chairs conducted during 2020 inspections.

The Center for Audit Quality (CAQ) issued a joint publication with the Association of International Certified Professional Accountants addressing ESG disclosures.

In addition to these highlights from the quarter, we have included recent developments from the Governmental Accounting Standards Board (GASB).

Checklists for the effective dates of FASB Accounting Standards Updates (ASUs) and GASB statements are also available.