FASB Issues Proposal to Simplify Accounting for Income Taxes
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to reduce cost and complexity for the accounting for income taxes. Stakeholders are asked to comment on the proposal by June 28,...
GASB Proposes Guidance on Cloud Computing and Similar Subscription-Based IT Arrangements
The Governmental Accounting Standards Board (GASB) has proposed new guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs), which have become increasingly prevalent among state and...
How Small CPA Firms Can Survive Smaller Audits
You may be one of the tens of thousands of smaller CPA firms performing smaller audits questioning how you can survive the competition for smaller audits with larger firms that can afford huge investments in new technology.
Accountants, lawyers and boat sellers complain about Gov. Ned Lamont’s plan for $1 billion in new taxes
Facing more than $1 billion in new taxes over the next two years, accountants, boat sellers and others came to the state Capitol Friday to complain to lawmakers about the hikes contained within Gov. Ned Lamont’s budget proposal.
SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC...
Once hailed as unhackable, blockchains are now getting hacked
Early last month, the security team at Coinbase noticed something strange going on in Ethereum Classic, one of the cryptocurrencies people can buy and sell using Coinbase’s popular exchange platform. Its blockchain, the history of all its...
Registration Opens for April 4 FASB Webcast: IN FOCUS: 2019 GAAP and SEC Reporting Taxonomy Improvements and SEC Update
Registration now is open for an upcoming Financial Accounting Standards Board (FASB) webcast IN FOCUS: 2019 GAAP and SEC Reporting Taxonomy Improvements and SEC Update. This live webcast, offered free of charge, will take place on Thursday, April...
IAASB aims to enhance engagement quality reviews
New standards proposed by the International Auditing and Assurance Standards Board (IAASB) are designed to ensure that engagement quality reviews continue to be robust and support high-quality engagements. The IAASB is proposing changes that...
FASB Proposes Targeted Transition Relief to Institutions Applying the Credit Losses Standard
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would ease transition to the credit losses standard by providing the option to measure certain types of assets at fair value....
Retirement plan auditors: What plan sponsors need to know about EBSA's CPA study
Retirement plan administrators hired a total of 7,330 CPA firms to audit 81,162 retirement plans across the country, according to a study published by the U.S. Labor Department’s Employee Benefits Security Administration (EBSA).

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FASB Makes Decisions on Leasing Standard Simplification

The Financial Accounting Standards Board (FASB) has made decisions to reduce costs and ease the implementation burden of the Leases standard for preparers.

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FASB Proposes Reorganizing Consolidation Guidance

FASB issued a proposal on September 20 that would reorganize and clarify the consolidation guidance in FASB Accounting Standards Codification Topic 810.

Stakeholders told the board that the consolidation guidance is difficult to understand and navigate. Proposed Accounting Standards Update, Consolidation (Topic 812): Reorganization, is an attempt to address those concerns.

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AICPA Audit Documentation Resources

Through its enhanced oversights, the AICPA Peer Review Program has found that the most common cause of material non-conformity in audits is a lack of documentation. Peer reviewers will be increasing their emphasis on this area moving forward. The AICPA has a new, free toolkit to help you document audits appropriately and comply with standards. It includes a tool for evaluating SOC 1 reports, model working papers, and more.

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Not-for-Profit Statements Being Overhauled by ASU 2016-14

By Lisa A. Ritter, CPA, CFE

The Financial Accounting Standards Board (FASB) revised the not-for-profit reporting model in its Accounting Standards Update (ASU) 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017. The most significant provisions of the update address four areas: classification of net assets, liquidity disclosures, functional expenses, and the classification and disclosure of underwater endowments.

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  Finding the Value in Fair Value

By Gretchen G. Naso, CVA

Over the past 15 years, fair value accounting has evolved to become a part of many private companies’ financial statements. This evolution has not come without controversy. Due to its heavy reliance on assumptions and professional judgment, fair value reporting is dismissed by critics as an art, not a science, and is often considered unreliable.

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    Time Is Running Out to Comply with the New FASB Revenue Recognition Standard
Planning for Lease Accounting Standard Should Be in Process, Too

By Kevin Bogle, KPMG LLP

Research indicates that some companies may have trouble meeting the reporting deadlines on at least one of two major accounting standards that financial statement preparers must implement over the coming two years. Revenue recognition – the more immediate, as it goes into effect on Jan. 1, 2018, for calendar-year-end public companies and Jan. 1, 2019, for calendar-year-end non-public companies – may represent a significant change, and one that many companies may be behind in implementing.

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