Lutz Business Insights

The SEC is “very close” to adopting rules that will revise the definition of “smaller reporting company” and let more companies file reports with a lighter load of disclosures. This article explains how the changes will promote capital formation and reduce the compliance costs for smaller companies…

The FASB recently issued a proposal to clarify how to account for the costs of setting up business software packages that are managed in the cloud. This article explains how the proposal, if finalized, would let more of the costs of implementing a cloud computing contract be spread over the contract’s life. A sidebar explains why inquiring about cloud computing risks is an integral part of the financial statement auditing process…

In December 2015, the FASB released a proposal intended to improve financial statement disclosures about the estimates used to determine the fair values of assets and liabilities. After an almost two-year lull, the FASB resumed its deliberations on this project and, in March 2018, voted to approve its 2015 proposal. This article answers some common questions about fair value and how the reporting requirements for fair value will change under the updated standard…