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Financial Reporting and Regulatory Update

The quarterly Financial Reporting and Regulatory Update is prepared by the Financial Education & Research Foundation (FERF) in collaboration with Crowe LLP, highlighting pronouncements from the U.S. SEC, FASB, PCAOB, and other regulators and standard-setters. Each update includes ASU Effective Date Checklists for Public and Non-Public Business Entities.

First Quarter 2018

Lease Accounting Change Faces Real-World Challenges

A Q&A With Simon Little and Luis Lopez Garay of Crowe Horwath LLP

Simon Little
Luis Lopez Garay

Simon Little is a senior manager in the Crowe risk advisory practice. He has more than 12 years of risk management experience and co-leads the Crowe accounting advisory practice advising clients on accounting guidance implementation with a focus on revenue recognition and lease accounting.

Luis Lopez Garay is a senior consultant in the Crowe performance consulting practice. Mr. Lopez Garay started his career auditing publicly traded companies for several years and has recently moved to the Crowe technology arm with a new focus on creating tools to address technical accounting matters such as lease accounting and revenue recognition.

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Financial Reporting & Regulatory Update, First Quarter 2018

During the first quarter of the 2018 calendar year, the Financial Accounting Standards Board (FASB) proposed and finalized a standard to provide an income tax accounting accommodation related to the recent federal income tax reform law, and it codified the Securities and Exchange Commission’s (SEC’s) disclosure guidance related to accounting for tax reform. The board issued three other final Accounting Standards Updates (ASUs) – one related to lease accounting and two related to classification and measurement of financial instruments.

The focus of SEC actions included cybersecurity disclosures and other technologyrelated matters.

This article covers these highlights from the quarter and more from the Public Company Accounting Oversight Board (PCAOB), the Center for Audit Quality (CAQ), the American Institute of CPAs (AICPA), and others.