Accounting Matters

Coming to you live from Workiva Amplify! Join your hosts Adam and Allison as they dive into the recent EFRAG study unpacking key findings from companies navigating their early implementation of the EU's CSRD.

EFRAG Study on Early Implementation of ESRS

Your AM Now hosts Adam Olsen and Matt Fisser are back to bring you what’s happening in accounting and finance, including stories on:

• The FASB’s proposed ASU on the scope of derivative accounting and share-based payments from customers.
• The IASB’s recently completed review of IFRS 15 and IFRS for SMEs Accounting Standard along with some final decisions on their rate-regulated activities project.
• The recently released Exposure Draft proposing amendments to IFRS 19, Subsidiaries without Public Accountability: Disclosures
• The proposed inclusion of illustrative examples in the IFRS standards to enhance the reporting of climate-related and other uncertainties in financial statements.
• The recently released set of FAQs from the Greenhouse Gas Protocol to help companies in applying their standards.

For more on this week’s topics:

Proposed Accounting Standards Update, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)

IFRS, Rate-Regulated Activities

IFRS Exposure Draft, Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS Exposure Draft, Climate-related and Other Uncertainties in the Financial Statements

Greenhouse Gas Protocol, ​​Corporate Standard Frequently Asked Questions

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Practical ways leaders can overcome the accountant shortage from 3 managing directors with direct experience.

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 AM episode, we'll break down the new standard from the FASB into easily digestible segments. Adam & Nicole speak on the reason for ASU 2023-07, its enhanced segment expense disclosures, and impact on reporting for public entities.

Be sure to check out our previous episode.

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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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Listen to AM Now on Apple Podcasts and Spotify.