NSAC Happenings and Latest News - Page 69
FASB Proposes Relief for the Transition Away from LIBOR and Certain Other Feference Rates
The FASB proposed providing temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting in light of the expected market transition from LIBOR and other reference interest rates to alternatives, such as SOFR. Under the proposal, an entity could choose not to apply certain modification accounting requirements in US GAAP to contracts affected by what the proposal calls reference ...
Read MoreFASB Makes a Second Effort to Improve Balance Sheet Debt cCassification
After considering comments on a previous proposal for improving balance sheet debt classification, FASB issued a re-proposal on the issue. FASB is attempting to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet. The board issued its first proposal on the issue in January 2017. The initial proposal contained provisions to ...
Read MoreTake These 5 Critical Steps to Protect Yourself From Cybercrime
Your data, private information, and finances are under attack. These are the key ways to fight back. High-profile data breaches at companies like British Airways and Marriott get a lot of media coverage, but cybercriminals are increasingly going after community groups, schools, small businesses, and municipal governments. Just in the Midwest, hospitals, libraries, voter registration systems, ...
Read MoreFighting Ransomware: Breaking Down Walls Between Private Sector and Law Enforcement
Accounting firms are an attractive target to ransomware authors. Not only do accounting firms store a lot of valuable and sensitive information, but the vast majority consist of just a handful of people who may or may not have the technical chops to implement and maintain a robust cybersecurity strategy. Of course, it’s not just accounting firms who are at risk. The number of ransomware attacks on businesses ...
Read MoreHow to Make the Most of FASB's Effective Date Delays
Delays FASB has proposed for effective dates for certain preparers for three major accounting standards represent an opportunity for company finance departments to implement the standards more thoroughly, review public company filings, and make process and business improvements. FASB proposed delays in the effective dates for accounting standards for leases, credit losses, and derivatives and hedging. A delay in the effective date for ...
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