Auditing & Accounting

Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft [...]

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the [...]

On February 15, 2023 FASB affirmed the proposed changes to Topic 842, Leases for related parties under common control. The Board unanimously affirmed a practical expedient for private entities [...]

The GASB has exposed one additional question related to cloud computing arrangements and the scope of GASB 96. The question provides guidance on how to evaluate cloud computing arrangements [...]

GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality [...]

The AICPA has issued the final blueprints for the new CPA exam which will launch in 2024. Based on the comments received in the exposure draft phase, the AICPA [...]

The AICPA's Professional Ethics Executive Committee (PEEC) has issued a new ethics interpretation around Compliance Audits. The interpretation adds two new definitions and revises a third definition. In addition, [...]

The FAF has released its strategic plan which includes the mission, vision and values of the FAF which is the parent entity to the FASB and GASB. The plan [...]

Further Reading AU-C 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement Governmental Audits of Single Financial Statements or Elements, [...]

We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We'll give an executive overview of what [...]

In December 2022, the FASB issued two Accounting Standard Updates that make changes to previously issued standards. ASU 2022-05 updates the transition guidance for ASU 2018-12 impacting long duration [...]

The AICPA has issued proposed changes to the peer review standards. The proposal is filled with several technical corrections and wording changes with the intent to improve clarity of [...]

GASB has issued 9 questions for public comment that relate to leases, SBITA and accounting changes. The implementation guidance which would be issued in 2023 would be authoritative interpretations [...]

FASB has proposed changes to Topic 842, Leases for related parties under common control. The proposal would change the evaluation of the lease term for private entities under common [...]

NASBA is proposing changes to Rule 5-7 Retake and Granting of Credit Requirements related to the CPA exam. The date from which credit is calculated varies among the jurisdictions [...]

The AICPA has issued 3 new question and answers around the implementation of the new Information System Services interpretation which will be effective in January 2023. The interpretation has [...]

The FASB has proposed a new standard that is intended to reduce diversity in practice related to joint venture accounting at inception. When items are contributed to a joint [...]

While the FASB continues to work on updating GAAP, they have also been diligently working on filling in the gaps in the conceptual framework. This proposal would add chapter [...]

After its post-implementation review, the FASB has proposed some updates to the current segment reporting requirements including requiring those entities with only one segment to provide disclosures. It also [...]

FASB has issued a new ASU relating to supplier finance programs. Prior to this ASU, there was no explicit disclosure requirements and users requested more understanding of these types [...]

The initial guidance for 529 plans was issued back in 2005. Since then, there has been significant changes to how plans are run. The AICPA's Professional Ethics Executive Committee [...]

Quarter 3 of 2022 is in the books. We'll review the accounting and auditing (and ethics) standards issued by standard setters this quarter. What would you like to see [...]