Genuine Learning Blog: AICPA Issues TQA on OI
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 [...]
Genuine Learning Blog: FAF Issues Draft Strategic Plan
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 [...]
Genuine Learning Blog: GAO 2022-2027 Strategic Plan
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 [...]
Genuine Learning Blog: OMB Issues 2022 Compliance Supplement
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 [...]
Genuine Learning Blog: Use of a Service Provider in the Confirmation Process
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 [...]
Genuine Learning Blog: FASB ED: Reference Rate Reform
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 [...]
Genuine Learning Blog: OMB Updates Compliance Requirements
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 & [...]
Genuine Learning Blog: Exposure Draft: AU-C 600 & Group Audits
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 [...]
Genuine Learning Blog: Executive Order on Digital Assets
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 [...]
Genuine Learning Blog: SEC Proposes ESG Reporting
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 [...]
Genuine Learning Blog: CPA Exam Transition
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 [...]
Genuine Learning Blog: New Tools for Auditing Provider Relief Funds
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
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 [...]
Genuine Learning Blog: Yellow Book Report Updates
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 [...]
Genuine Learning Blog: Accounting for Vaccines
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. [...]
Genuine Learning Blog: Proposed Changes to AU-C 935
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 [...]
Genuine Learning Blog: Chapter 7, Presentation
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
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 [...]
Genuine Learning Blog: Proposed ASU – Disclosure of Supplier Finance Program Obligations
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 [...]
Genuine Learning Blog: Chapter 4, Conceptual Framework: Elements
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 [...]
Label Doesn’t Determine Rental Self-Employment Tax Exclusion and 4 more topics! Nichols’ Tax Update, Issue 22-1
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
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 [...]
Insurance Company Seeks Rescission of Malpractice Policies and 6 more topics! Nichols’ Tax Update, Issue 21-51
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 [...]
Genuine Learning Blog: Information System Services Ethics Update
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 [...]
Evolving Remote Workforce Brings Uncertainty, Practitioners Say and 9 more topics! Nichols’ Tax Update, Issue 21-50
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 [...]
Genuine Learning Blog: 2021 A&A Year in Review
Happy New Year! Let's wrap up 2021 with a review of all things accounting and auditing! 2021 saw a flurry of activity from the AICPA, FASB and GASB. We'll [...]
Guidance Implements Termination of Employee Retention Credit and 4 more topics! Nichols’ Tax Update, Issue 21-49
Nichols' Tax Update, Issue 21-49 IRS Advises on Calculating Imputed Underpayments of Partnerships In emailed advice, the IRS advised on whether adjustments to partnership-related items are included in the [...]
Partnership Denied Deduction for Conservation Easement and 4 more topics! Nichols’ Tax Update, Issue 21-48
IRS Will Not Acquiesce in Mayo ClinicHolding on UBIT In an action on decision (AOD 2021-04, 2021-47 IRB 725), the IRS has announced that it will not acquiesce in an [...]
Genuine Learning Blog: FASB Announces 2022 Research Agenda
FASB announced its updated research agenda based off of initial discussions of the earlier 2021 Invitation to Comment. The ITC was an agenda consultation project to hear from stakeholders [...]
Genuine Learning Blog: ASU 2021-10
FASB has issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This much awaited ASU addresses disclosures for profit entities about the types of government [...]