©SonerCdem/iStock/Getty Images Plus The coronavirus pandemic is upending the ability to collect and pay rents or other lease obligations, as well as hampering lease accounting and compliance with ASC 842. Without the right accounting tools to handle the various changes, companies may spend hours or days creating tedious workarounds to make adjustments for compliance requirements. […]

The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic. Application of IFRS 9, Financial Instruments The document responds to questions regarding the application of International Financial Reporting Standard (IFRS) 9, Financial […]

The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […]

We are on new ground with the coronavirus pandemic, and we need to adapt as much and as quickly as possible. Most of my columns here deal with practice management, reflecting the issues colleagues who contact me are experiencing. About 10 days ago I took another look at some of the columns I had submitted […]

To print this article, all you need is to be registered or login on Mondaq.com. The Mutual Funds Regulations, 2010 (the Mutual Funds Regulations) (the “Mutual Funds Regulations”) and Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 (together with the Mutual Funds Regulations, the “Regulations”) have been amended through the enactment of the […]

Late on Friday, the IRS added gift and generation-skipping transfer (GST) tax returns to the list of federal taxes and tax returns that have had their April 15 deadlines postponed to July 15 due to the ongoing coronavirus pandemic. Friday’s notice, Notice 2020-20, updates the guidance issued a week earlier in Notice 2020-18. The earlier […]

Wolters Kluwer experts analyze potential tax implications Today, the US Congress passed its third and by far the largest piece of legislation in response to the Coronavirus COVID-19 pandemic, and the President has signed it into law. The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) includes relief and economic stimulus for individuals and […]

Federal bank regulators are providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard in an attempt to make it easier for banking organizations to continue lending to households and businesses. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the […]

As we navigate the start of a new decade, who could guess that it would start like this — with a global pandemic? Independent accounting firm leaders are tasked with the sustainability of their firms, and it is even more critical to understand what that means now. As we consider firm sustainability now and in […]

News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} CPA Exam candidates will have additional opportunities for testing during an emergency testing period that is being invoked by the National Association of State Boards of Accountancy (NASBA), the AICPA, and Prometric. Prometric previously announced that it is closing its testing […]