Audit & Assurance Newsletter – January 2022

January 10, 2022

New FASB standard requires businesses to disclose government aid

A FASB standard recently issued will require businesses to disclose information in the notes to the financial statements about certain government assistance they receive. read more – Journal of Accountancy

FASB ASU addresses supplier finance programs

FASB recently issued a proposed Accounting Standards Update (ASU) that is intended to help investors and other financial statement users better consider the effect of supplier finance programs on a buyer’s working capital, liquidity, and cash flows. read more – Journal of Accountancy

FASB issues two new financial accounting concept statements

New concept statements recently released address financial statement elements and factors FASB should consider in developing accounting guidance. read more – Journal of Accountancy

FASB reconsiders accounting for troubled debt restructuring by creditors

FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday that is designed to expand disclosures and improve accounting related to credit losses. read more – Journal of Accountancy

GASB to consider governmental going concern standards

GASB is undertaking a major project ongoing concern uncertainties and severe financial distress, as well as pre-agenda research activity on subsequent events, as part of its technical plan for the first four months of this year. read more – Journal of Accountancy

If you have any questions regarding the above information, please contact us at aaalerts@windes.com or any Audit & Assurance professional at 844.494.6337.