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New Lease Accounting Standard Update and Its Effect on Financial Reporting

September 7, 2022 Lease transactions have been engaged in by corporations for decades. As with other issues in financial reporting, accounting rule makers have desired to provide useful information about leasing in the financial statements. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02, which led to the creation of a new accounting standard for leases, Accounting Standards Codification 842.

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FASAB Issues Updates to Technical Releases

September 6, 2022 The Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board recently issued technical releases, including one regarding implementation guidance for leases.

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AICPA GAQC Seeking Auditor Feedback

September 6, 2022 Due to the historic amount of federal pandemic funding, the AICPA Government Audit Quality Center is seeking auditor feedback on how it can best support auditors, particularly those who work with single audits.

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