Auditing Standards Board Issues Quality Management Standards: Introduces Risk-based Approach
In June 2022, two senior committees of the American Institute of Certified Public Accountants (AICPA) issued new quality management standards.
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FASB Proposes Changes to Transition Requirements in Long-duration Insurance Guidance
The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update that would amend transition guidance in ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.
View MoreGASB Issues Enhanced Concepts for Notes to Financial Statements
The Governmental Accounting Standards Board recently issued a Concepts Statement to guide the Board when establishing note disclosure requirements for state and local governments.
View MoreGASB Issues Proposal Requiring Disclosure of Certain Governmental Risks
The Governmental Accounting Standards Board recently issued a proposal that would require governments to disclose information about certain risks they face that could affect the level of services they are able to provide or their ability to meet obligations as they come due.
View MoreFASB Issues Standard To Improve Fair Value Guidance for Equity Securities
The Financial Accounting Standards Board recently issued Accounting Standards Update 2022-03, intended to improve financial reporting for investors and other financial statement users by increasing comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities.
View MorePCAOB Releases Focus Areas for 2022 Inspections
The PCAOB recently released its Staff Overview for Planned 2022 Inspections, emphasizing 10 areas of focus.
View MoreAICPA’s PEEC and ASB Issue New NOCLAR Requirements
The AICPA’s Professional Ethics Executive Committee and Auditing Standards Board recently issued new requirements regarding noncompliance with laws and regulations.
View MoreSEC Adopts Rules To Require Electronic Filing for Investment Advisers and Institutional Investment Managers
The Securities and Exchange Commission recently adopted amendments to require certain documents filed by investment advisers, institutional investment managers and certain other entities to be filed or submitted electronically.
View MorePCAOB Amends Standards for Lead Auditor’s Use of Other Auditors
The Public Company Accounting Oversight Board recently adopted amendments to its auditing standards to strengthen requirements that apply to audits involving multiple audit firms.
View MoreFASB Ends Goodwill Accounting Project
The Financial Accounting Standards Board recently unanimously voted to remove from its technical agenda its project on identifiable intangible assets and the subsequent accounting of goodwill.
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