Q1 2021 accounting and financial reporting developments

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During the first quarter of 2021, the Financial Accounting Standards Board issued new standards related to reference rate reform scope clarification, a revenue recognition practical expedient for franchisors, and an alternative for goodwill triggering event assessments. A consultation paper was published to give not-for-profits and stakeholders an opportunity to contribute to the development of the first international financial reporting guidance for this sector. Also during the quarter, the Securities and Exchange Commission discussed an enhanced focus on environmental, social, and governance (ESG) and climate change disclosures. The Public Company Accounting Oversight Board reported on conversations with audit committee chairs conducted during 2020 inspections. In addition to these highlights from the quarter, this article covers updates from the Center for Audit Quality, the Governmental Accounting Standards Board, and more.
First quarter accounting and financial reporting developments