Second Quarter Accounting and Financial Reporting Developments

During the second quarter of 2019, the Financial Accounting Standards Board issued new standards on topics including improvements to financial instruments standards, transition relief in applying the credit loss standard, and extending certain private company accounting alternatives to not-for-profit entities. It also proposed guidance to incorporate various Securities and Exchange Commission (SEC) disclosures into U.S. GAAP and simplify the accounting for income taxes. 

In addition to these highlights from the quarter, this article covers the SEC final rule on Regulation Best Interest, the Public Company Accounting Oversight Board staff guidance on the implementation of critical audit matters, the Center for Audit Quality current expected credit loss tool and external auditor assessment tool for audit committees, updates from the Governmental Accounting Standards Board, and more.