On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know.
Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking the following four steps to fortify your committee’s effectiveness.
In August 2020, the Financial Accounting Standards Board (FASB) issued updated guidance to simplify the accounting rules for convertible instruments and contracts in an entity’s own equity. The changes will provide investors with less-costly, more-comparable information that’s easier to understand.
On February 10, the Financial Accounting Standards Board (FASB) voted 6 to 1 to finalize its December 2020 proposal on the assessment of events that may trigger a goodwill impairment test. However, the scope of the guidance has been expanded to cover a broader number of private companies and not-for-profits in the final rules.
The statement of cash flows essentially tells you about cash entering and leaving a business. It’s arguably the most misunderstood and underappreciated part of a company’s annual report. After all, a business that reports positive net income on its income statements sometimes doesn’t have enough cash in the bank to pay its bills. Reviewing the statement of cash flows can provide significant insight into a company’s financial health and long-term viability.
In December 2019, the Financial Accounting Standards Board (FASB) issued an updated accounting standard that simplifies the complex income tax accounting requirements. Here are the details.
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans.
The impact of the pandemic varies widely across real estate and REIT sectors, and for some, the effects have been severe. As COVID-19 caused shutdowns and other restrictions across the nation, retailers and their landlords have been hit particularly hard. The REIT experts at DLA have highlighted some of the accounting and internal control considerations…
When COVID-19 slammed the breaks on the U.S. economy and imposed government mandated restrictions on business activity, construction activity coast to coast suddenly slowed and, in some cases, stopped. The vast ecosystem of stakeholders—from contractors, suppliers and workers to the investors that fund the projects—was disrupted, causing a ripple effect that blanketed the country. With…