The AICPA's Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID19 related funding [...]
A monthly conversation about the latest tax issues and updates. What's trending this month? Be Careful About Ownership Structure to Pass Credits Through to Owner Disability Benefits Included in [...]
FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does [...]
The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the [...]
The AICPA has issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor's report. SAS 137 added [...]
The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and [...]
GAO has issued in 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to [...]
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that [...]
The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have [...]
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the [...]
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & [...]
The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based [...]
On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far [...]
The SEC has proposed new environmental, social and governance (ESG) reporting and disclosure requirements for public companies. For larger companies, it would also include an attestation requirement regarding greenhouse [...]
As NASBA gets ready to transition the CPA exam to its new format, current students were eager to know what happens if a part they passed changes and how [...]
The AICPA's Government Audit Quality Center has released 4 tools that can help auditors make sense of auditing provider relief funds. It addresses the unique HHS audit requirements as [...]
This week on Accountable, How Remote Work is Affecting Taxation, with Frances Ellington, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
While much of the focus of the implementation of SAS 134-140 have been on the financial statement report and the Single Audit report, it is important to note that [...]
The AICPA's Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for-profit entities. [...]
The AICPA has issued an exposure draft addressing AU-C 935, Compliance Audits. This section is used when performing Single Audits. The appendix references were in need of an update [...]
FASB has issued a new Chapter to the Concepts Statements focusing on Presentation. Presentation includes how the elements are presented as totals and subtotals on the face of the [...]
This week on Accountable, Is Remote Work Here to Stay? with Clare Levison, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is an acclaimed [...]
FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about [...]
The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an [...]
Nichols' Tax Update, Issue 22-1 Label Doesn’t Determine Rental Self-Employment Tax Exclusion In a legal memorandum, the IRS concluded that the definition of rental activity from section 469 doesn’t [...]
This week on Accountable: Bringing Students Back to the Accounting Field, with Dr. Scott Dell, CPA In addition to being a SCACPA advisor on B&I topics, David Peters is [...]
Nichols' Tax Update, Issue 21-51 IRS Announces Standard Mileage Rates for 2022 The IRS has announced the optional standard mileage rates used in computing the deductible costs paid or [...]
The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new [...]
Nichols' Tax Update, Issue 21-50 Fact Sheet Updates FAQs on Recovery Rebate Credit The IRS has issued a fact sheet (FS-2021-17) updating its list of frequently asked questions on [...]