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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.

Third Quarter 2020

Navigating the Impact of PPP and Government Assistance

How should financial executives prepare for any new rounds of assistance? In this Q&A, Sean Prince, a Managing Director in Crowe's Assurance Professional Practice, discusses the top issues financial executives need to consider as they prepare their accounting for government pandemic assistance. Read More

Financial Reporting & Regulatory Update, Third Quarter 2020

During the third quarter of the 2020 calendar year, the Financial Accounting Standards Board (FASB) issued new accounting standards on the following topics:

  • Accounting for convertible instruments and contracts in an entity’s own equity
  • Presentation and disclosure of contributed nonfinancial assets for not-for-profit entities

The FASB also issued proposals addressing franchisor revenue recognition, stock compensation, elements of financial statements, and deferral of the effective date for insurance guidance. Additionally, the FASB discussed its agenda prioritization and announced the creation of a dedicated post-implementation review webpage.

The Securities and Exchange Commission (SEC) held a roundtable on COVID-19 disclosure considerations, released a cybersecurity alert on safeguarding client accounts, held a small-business capital formation meeting, issued updated guidance on Regulation S-K and Securities Act forms, issued guidance on expiring confidential treatment orders, provided an extension to the temporary conditional relief for crowdfunding offerings, amended certain Regulation S-K disclosures, and updated the accredited investor definition.

The Public Company Accounting Oversight Board (PCAOB) posted conversations with audit committees and released its annual broker-dealer inspection report.

The American Institute of Certified Public Accountants (AICPA) released new technical questions and answers for healthcare entities and published frequently asked questions on COVID-19 and related issues for the healthcare industry.

The Center for Audit Quality (CAQ) has continued to update its COVID-19 resources page.

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.