The AICPA has issued nonauthoritative guidance from its Materiality Working Group of the Assurance Services Executive Committee (ASEC), designed to assist practitioners in determining when there is a material [...]
ASU 2020-06 is designed to reduce complexity and improve comparability for convertible instruments and contracts in an entity’s own equity. Issued: August 2020 What questions do you have? Send [...]
FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better [...]
GASB has proposed its Exposure Draft that would improve the financial reporting model. The proposal includes changes to MD&A, extraordinary items, presentation of proprietary funds and implements the short-term [...]
The National Association of State Boards of Accountancy Board of Directors has announced its unanimous vote of support for the advancement of the CPA Evolution initiative that designs and [...]
FASB has issued an exposure draft that would delay the effective date of ASU 2018-12, which provides updated guidance on financial reporting for long duration insurance contracts. The effective [...]
Issued in July 2020, SAS 142 explains what constitutes audit evidence and sets out attributes of information when evaluating information. What questions do you have? Send your questions to [...]
A message from SCACPA CEO Chris Jenkins: With so much change impacting business, there is no better time for SCACPA and Paychex to be working with one another. SCACPA is [...]
GASB has issued a preliminary views document, which is their second phase in updating revenue and expense guidance. Building on the ITC issued in 2018, the PV continues to [...]
Fraudsters have been taking advantage of the new work and life routines of the pandemic and causing mayhem, according to Jessica Kaczor, CPA, CFE, of Bauknight, Pietras & Stormer, [...]
GASB has proposed major changes to the concept statements for recognition. The proposal further develops the concept of the short-term financial resources measurement focus. It makes changes to these [...]
Let’s review the standards issued and proposed by GASB, FASB and the AICPA during 2020’s second quarter. While it was a slower quarter, GASB finalized quite a few final [...]
Note: For your convenience, you can download a PDF with SCACPA's entire month of June CPE itinerary, complete with course information and links to register for the courses here. [...]
The Office of Management and Budget has issued an updated memo addressing coronavirus-related flexibilities provided under prior OMB Memos. Many of the flexibilities offered in the earlier memos have [...]
Longtime SCACPA members know that a regular feature of the Association’s quarterly magazine is “How I Work.” In every issue of South Carolina CPA Report, we strive to showcase [...]
We can understand if you feel overwhelmed by the rapid rate of adjustments and delays to standards over the past few months. That’s why SCACPA thanks Galasso Learning Solutions [...]
GASB has issued an exposure draft, “Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 and Coronavirus Diseases,” to [...]
By Copper Dome Strategies Friday, June 12, 2020 Primary elections occurred this past Tuesday. Gov. Henry McMaster provided his recommendations to the General Assembly this week for the expenditure [...]
Amendment to the Effective Date of SAS Nos. 134 Through 140. Issued in May 2020, but it did not go through the Exposure Draft process. What questions do you [...]
Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Issued June 2020 What questions do you have? Send your questions to melisa@galassolearningsolutions.com [...]
The National Association of State Boards of Accountancy (NASBA) has proposed revisions to the Uniform Accountancy Act (UAA) Model Rules. The AICPA has already approved CPA Evolution and thus [...]
President Donald Trump on Friday signed the “Paycheck Protection Program Flexibility Act of 2020,” after the Senate had late Wednesday night passed the House bill that creates more flexibility [...]
GAO has issued an alert addressing COVID and Yellow Book CPE requirements. These adjustments and grace periods are intended to be responsive to the cancellations of many CPE events [...]
Note: On June 6, the ‘Paycheck Protection Program Flexibility Act of 2020’ was enacted, which gives more flexibility to borrowers. Learn more here. A PPP Loan Forgiveness calculator is [...]
No matter where you logged in from, thank you to all SCACPA members and presenters who banded together to turn the May 14-15 Virtual Spring Splash into a CPE success [...]
FASB voted to delay both revenue recognition and leases for private entities at its May 20, 2020, meeting. The original proposal was for a delay for private company franchisors [...]
We wanted to alert you to these updates on decisions about delays from the AICPA’s Professional Ethics Executive Committee and Peer Review Board. PEEC Delays and Exposure Draft The [...]
Test Your Equipment Please Make Sure You’ll Be in the Correct Classroom! Gaining Your Credit Your Virtual Spring Splash is only a [...]
Spring Splash 2020 is going virtual, and we’re offering you more options than ever. SCACPA is delivering our planned tracks of Tax and A&A via livestream on May 14-15. [...]
Issued in in April 2020, it contains additional accounting and financial reporting guidance for types of Public-Private and Public-Public Partnerships not within GASB 60 or GASB 87. “Public-Private and [...]