PCAOB Proposes Modernization of Core Auditing Standards
The Public Company Accounting Oversight Board recently issued for public comment a proposed new standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit.
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FASB Issues Update to Leases Guidance
The Financial Accounting Standards Board recently issued an Accounting Standards Update intended to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control.
View MoreSEC Accepts 2023 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board recently announced the U.S. Securities and Exchange Commission has accepted the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2023 DQC Rules Taxonomy, which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”
View MoreFASAB Issues Technical Bulletin on Reimbursable Work Agreements
The Federal Accounting Standards Advisory Board recently issued Technical Bulletin 2023-1, addressing intragovernmental accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant Statements.
View MoreAICPA PEEC Seeks Feedback on Proposed Changes to Code of Professional Conduct
The AICPA Professional Ethics Executive Committee recently released for public comment two exposure drafts intended to align its Code of Professional Conduct with that of the International Ethics Standards Board for Accountants, as well as clarify members' ethical responsibilities regarding the sharing of CPE examination answers.
View MorePeer Review Focus Areas for ERISA Audits
One of the many specialized areas CPAs can focus on is audits of employee benefits plans, which are subject to the Employee Retirement Security Act of 1974 (ERISA). There is typically elevated risk in these engagements because the Department of Labor (DOL) oversees the Form 5500 filings to which the audited financial statements are attached.
View MoreWith SEC Regulation Just Around the Corner, Accountants and Auditors Must Be Ready for ESG Reporting
The ESG movement is in full swing. Companies across industries now recognize that acting on and planning for environmental, social and governance (ESG) issues is an integral part of doing business in today’s economy.
View MoreAICPA Issues New Standard on Group Audits
As part of its efforts to converge its standards with those of the International Auditing and Assurance Standards Board, the AICPA Auditing Standards Board recently issued Statement on Auditing Standards No. 149, providing a risk-based approach to group audits.
View MoreFinancial Accounting Foundation Launches Enhanced Online Access to Accounting Standards
The Financial Accounting Foundation has launched its free, enhanced online access to the Accounting Standards Codification® and the Governmental Accounting Research System™, implementing a change announced to stakeholders last month.
View MoreFinal Changes to 2023 Forms 5500 Issued
Together with the U.S. Labor Department and the Pension Benefit Guaranty Corporation, the U.S. Treasury Department and the IRS recently released notices of final forms and instructions revisions regarding annual reporting of employee benefit plans.
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