Auditors Find Problems With DMV’s Modernization
It’s no secret the Department of Motor Vehicles struggled to implement a new computer and licensing system, but the department recently told the Auditors of Public Accounts that they’ve fixed those problems. The problems were mostly related to...
FASB and GASB to Cohost IN FOCUS: Not-for-Profit and Governmental Accounting Webcast for Academics
The Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) today announced their joint webcast providing an update for college and university accounting educators on major recent FASB and GASB...
FASB Issues Revised Proposal to Improve Balance Sheet Debt Classification
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to improve guidance used to determine whether debt should be classified as a current or noncurrent liability in a classified...
3 steps to prep for the new EBP audit standard
If you perform financial statement audits of EBPs subject to ERISA, you’ll want to carefully review the changes and start planning for implementation well before the effective date
3 steps to prep for the new EBP audit standard
Last month, we issued a new statement on auditing standards (SAS) for employee benefit plan audits, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The SAS is designed to make the auditor’s...
GASB Publishes Implementation Guidance on Lease Accounting
The Governmental Accounting Standards Board (GASB) has issued an Implementation Guide that contains questions and answers about the GASB’s new standards on accounting and financial reporting for leases. GASB Implementation Guides are intended to...
FASB Seeks Public Comment on Proposal to Delay Effective Dates for Private and Certain Public Companies and Organizations
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB...
Top influencing skills accountants need
Words such as “influence”, “communications” and “emotion” don’t readily slot into the everyday vernacular, let alone the working tasks, of most management accountants. Yet, increasingly they’re all broader skill sets that are being built into...
3 tips to help your clients with revenue recognition implementation
Public companies adopted the new guidance in 2018, and soon private companies will get their turn. The guidance is effective for private entities in 2019 for annual reporting periods, and in 2020 for interim periods. Here are a few key things...
Why the CPA licensure process could change
This episode addresses how and why CPA licensure requirements might evolve as a result of the technological revolution that’s transforming the accounting profession. The episode’s guest is Carl Mayes, the associate director for CPA Quality and...

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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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