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20/20 Insights

    Reminder: Management is responsible for going-concern asse...

    Published 07/27/2020

    Going-concern issues are in the spotlight during the COVID-19 crisis. Under U.S. Generally Accepted Accounting Principles (GAAP), management, not auditors, is responsible for stating whether there’s substantial doubt about a company’s...

    No more accounting rules, please!

    Published 07/27/2020

    Though the full effects of the COVID-19 pandemic are yet unknown, every business and not-for-profit organization is affected in some way. Executives have been working tirelessly to devise contingency plans and rework their companies’ goals...

    FASB proposes another delay for updated insurance standard

    Published 07/27/2020

    On July 9, the Financial Accounting Standards Board (FASB) issued a proposal that would give insurers an additional year to implement the updated accounting standard for long-duration contracts. Insurers requested the delay in light of...

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