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As practitioners and clients turn the corner from busy season and begin planning and risk assessment in the coming months, now is a good time for a refresher on recently promulgated updates as well as current Financial Accounting Standards Board (FASB) exposure drafts and projects with exposure drafts expected soon for future planning implications.
View MoreThe Financial Accounting Standards Board (FASB) today issued a new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements.
View MoreThe executive director of the Federal Accounting Standards Advisory Board (FASAB), Monica R. Valentine, announced today that FASAB staff has issued Technical Bulletin (TB) 2024-1, Seized and Forfeited Digital Assets.
View MoreThe Public Company Accounting Oversight Board (PCAOB) today adopted amendments to two PCAOB auditing standards, AS 1105, Audit Evidence, and AS 2301, The Auditor’s Responses to the Risks of Material Misstatement, addressing aspects of audit procedures that involve technology-assisted analysis of information in electronic form.
View MoreThe Public Company Accounting Oversight Board (PCAOB) today approved the adoption of an amendment to PCAOB Rule 3502, previously titled Responsibility Not to Knowingly or Recklessly Contribute to Violations.
View MoreThe Governmental Accounting Standards Board (GASB) today issued guidance designed to improve key components of the financial reporting model—the blueprint for governmental financial reports.
View MoreMany of the skills that are important for new (and old) professionals evolve with the world in which we work.
View MoreThe Public Company Accounting Oversight Board (PCAOB) today adopted a new standard designed to lead registered public accounting firms to significantly improve their quality control (QC) systems.
View MoreThe chair of the Federal Accounting Standards Advisory Board (FASAB or “the Board”), George A. Scott, announced today that the Board issued Statement of Federal Financial Accounting Standards (SFFAS) 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1.
View MoreThe Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.
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