The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.
What’s new from EY
Our What you need to know for Q4 2024 financial reporting webcast will be held on 12 December 2024 from 1 p.m. to 2 p.m. Eastern time.
Standard Setter updates
Financial Accounting Standards Board (FASB)
FASB proposes guidance for measuring credit losses for private companies and certain not-for-profit entities
The FASB proposed guidance that would allow private companies and certain not-for profit entities to elect a practical expedient and an accounting policy for measuring credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606, Revenue from Contracts with Customers. The practical expedient would allow entities to assume that current economic conditions as of the balance sheet date will persist through the forecast period in the development of a reasonable and supportable forecast. An entity that elects the practical expedient would also be allowed to make an accounting policy election to consider cash collection activity after the balance sheet date when estimating expected credit losses for these assets. Comments are due by 17 January 2025. See our upcoming To the Point.
Public Company Accounting Oversight Board (PCAOB)
Upcoming webcasts
What you need to know for Q4 2024 financial reporting
12 December 2024, 1 p.m. Eastern time
Accounting for income taxes: a quarterly perspective – December 2024
17 December 2024, 11 a.m. Eastern time
What audit committees need to know for 2025
19 December 2024, 3 p.m. Eastern time