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Audit & Assurance

December 2021 Audit & Assurance Newsletter

FASB declines to extend nonpublic lease accounting effective date

Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board recently voted unanimously to reject a request for a two-year extension that was submitted by the Pennsylvania Institute of CPAs (PICPA).  read more  Journal of Accountancy

FASB issues risk-free rate rule to cut costs for nonpublic lessees

Private company, not-for-profit, and employee benefit plan lessees will be able to elect risk-free rates by class of underlying asset rather than at the entitywide level for lease accounting under a new standard recently issued for nonpublic entities by FASB.  read more   Journal of Accountancy

FASB addresses contract assets, liabilities acquired in a business combination

Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard recently issued.  read more  Journal of Accountancy

FASB provides new private company practical expedient

Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard recently issued by FASB.  read more  Journal of Accountancy

FASB proposal would amend interim disclosure requirements

The rules for interim disclosures in financial statements would change and be clarified under a proposal recently issued by FASB.  read more  Journal of Accountancy

Sustainability reporting for the future – leading for change

Driven by global environmental issues and the pandemic, sustainability matters are now increasingly top of mind for people around the world. Organizations are now being called upon to look beyond profit maximization and demonstrate their accountability to people and the planet as well as generating revenues.  read more  Chartered Institute of Management Accountants

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


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