Tune into Accounting Matters as we speak about ASU 2024-01. Adam and Nicole explore how the latest profits interest guidance impacts your business & provide results-driven approaches.

Make room for Adam Olsen and Matt Fisser as they discuss all of the recent accounting and finance stories you need to know, including:

• The FASB recently completed its Conceptual Framework with a new and final chapter on measuring assets and liabilities recognized in financial statements.
• Tentative decisions from the FASB on EITF issues centered on induced conversions of convertible debt instruments.
• Another FASB tentative decision, determining the acquirer in the acquisition of a VIE.
• Targeted amendments to the IASB’s IFRS standards on first-time adoption of IFRS, financial instruments, consolidated financial statements, and statement of cash flows.
• A Center for Audit Quality report found that 98% of companies disclosed some level of ESG-related information in 2022, 70% obtaining some degree of voluntary assurance.
• CA Governor Gavin Newsom proposed delaying the implementation of California Senate Bills 253 and 261 by two years, from 2026 to 2028.
• Discussion on the CrowdStrike/Windows outage and what it might mean for public companies subject to the SEC’s new cybersecurity disclosure rules.

For more on this week’s topics:

FASB Issues New and Final Chapter of Its Conceptual Framework: Measurement

FASB: Tentative Board Decisions 07-17-24 (induced conversions/VIE)

IASB issues annual improvements to IFRS Accounting Standards

S&P 500 ESG Reporting and Assurance Analysis

Act to amend Sections 38532 & 38533 of the Health and Safety Code, relating to GHG

Public Company Cybersecurity Disclosures; Final Rules

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On today's Accounting Matters episode, we have an on-demand webinar with 2 ERP specialists who have worked on a collective 21 related projects. They will guide you though the ERP assessment process and best practices along the way.

You can watch the full video here: https://www.linkedin.com/events/avoiderpregret-the25-failurerat7207077293142265858/theater/

Adam Olsen and Matt Fisser are here to dish all of the post-Fourth of July accounting & finance news you need to know, including:

• FASB’s plans to improve ASC 350-40, requiring an entity to use more judgment to determine when to recognize software costs
• Progress on FASB’s project for disaggregation of income statement expenses
• Sneak peek at the AICPA’s update to their Valuation of Privately Held Company Equity Securities Issued as Compensation—aka the Cheap Stock Guide.
• Announced improvements to the SEC website
• New interpretive guidance from the SEC to clarify its recent cybersecurity rules
• IASB finalizing the revision of IFRS Practice Statement 1, Management Commentary
• ISSB’s plan to harmonize and consolidate the global sustainability disclosure landscape
• Update on the FTC rule effectively banning noncompete agreements in the US

For more on this week’s topics:

FASB: Tentative Board Decisions, Accounting for and Disclosure of Software Costs

FASB: Tentative Board Decisions, Disaggregation—Income Statement Expenses

Working Draft of Chapters 8 and 9 from the Valuation of Privately-Held-Company Equity Securities Issued as Compensation Accounting and Valuation Guide

SEC Updates Website to Improve Compliance, Functionality, and User Experience

Cyber Update: SEC Issues New Guidance on Cybersecurity Incident Disclosure

IASB agrees to finalise the revision of the Management Commentary Practice Statement

ISSB delivers further harmonisation of the sustainability disclosure landscape

Federal judge partially blocks U.S. ban on noncompetes

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Your AM Now host Adam Olsen is back at it again, delivering critical accounting and finance stories to your eyes and ears, including:

• The 6/12 FASB meeting discussing its project on accounting for environmental credit programs (ECPs) as well as the Board’s agenda prioritization.
• FASB’s Emerging Issues Task Force (EITF) recent deliberations on the existing accounting guidance for the determination of an accounting acquirer.
• The European Council’s announcement on its agreement with proposals to cut down on greenwashing and false environmental claims,
• The new and impressive Workiva Carbon solution, designed to help companies enhance their existing ESG & Sustainability platform to support global climate regulations.

For more on this week’s topics:

FASB: Tentative Board Decisions, 6/12/24

EITF 6/14 Meeting Summary

EU Council Agrees on New Rules to Tackle Greenwashing in Product Green Claims

Workiva Launches New Carbon Data Management and Reporting Solution

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Your trusty AM Now hosts Adam Olsen and Matt Fisser are at it again, bringing you the accounting and finance stories you need to know, including:

• The SEC’s statement on IFRS 19 reducing disclosures for certain subsidiaries and the impact on SEC filings, including any additional disclosures likely required.
• The SEC provided relief to BF Borgers clients with additional time to hire a new public accountant and file quarterly and transition reports on their Form 10-Q given certain requirements.
• The IFRS Foundation’s updated guide on getting started on implementing the Integrated Reporting Framework and how to take account of the IFRS Sustainability Disclosure Standards.
• New ESMA guidelines on using ESG and sustainability-related terms in investment fund names.
• EFRAG’s compilation of 68 unique explanations to respond to various stakeholders’ technical questions on ESRS application required under the CSRD.

For more on this week’s topics:

Statement on the Application of IFRS 19, Subsidiaries without Public Accountability: Disclosures, in Filings with the SEC

Securities Exchange Act of 1934, Release No. 34-100185 (BF Borgers)

IFRS Foundation: Transition to integrated reporting

ESMA Guidelines establish harmonised criteria for use of ESG and sustainability terms in fund names

EFRAG Releases New ESRS Q And A Technical Explanations

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AM Now hosts Adam Olsen and Nicole Harger are back in the saddle, delivering this week’s most important accounting and finance stories, including:

• The FTC’s recent ruling essentially banning the use of non-compete agreements in nearly all instances
• The FASB discussion on disaggregating income statement expenses, its ASC 606 post-implementation review, and feedback on financial statement measurement
• IFRS 19—another new accounting standard from the IASB
• The SEC’s action against audit firm BF Borgers for deliberately and systematically failing to meet PCAOB audit and review standards
• Two new research projects added to the ISSB’s list of priorities

Want to completely transform your financial planning and decision-making? Then download our free resource, The CFO’s Guide to Implementing a Rolling Forecast, today.

For more on this week’s topics:

FTC Announces Rule Banning Noncompetes

FASB: Tentative Board Decisions 05-08-24

ISSB Explores Developing New Disclosure Standards for Biodiversity, Human Capital

IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard

SEC: Staff Statement on Issuer Disclosure and Reporting Obligations in Light of Rule 102(e) Order against BF Borgers CPA PC

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Join us on Accounting Matters for a conversation about the intricacies of accounting for crypto assets under the latest guidance from the Financial Accounting Standards Board, ASU 2023-08.

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