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Articles

Defining Your Role in Implementing New Revenue Recognition
This year will be marked by several momentous events: Brexit, the XXXII Olympiad, and a U.S. presidential election among others. But for many CPA practitioners, 2020 will be remembered as the year their private company and nonprofit clients...
FASB Turns Up the Heat on Goodwill Impairment Testing
The Financial Accounting Standards Board has recently elevated goodwill accounting to the top of its agenda, after political pressure stemming from high-profile company failures in the U.K., notably Carillion’s, pushed the International...
FASB Proposes Improvements to Accounting for Contributed Nonfinancial Assets by Not-for-Profit Organizations
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known...
ASB issues guidance on Global Investment Performance Standards
The AICPA Auditing Standards Board has issued guidance to practitioners for engagements to examine and report on aspects of an investment firm’s claim of compliance with the 2020 edition of the Global Investment Performance Standards...
Financial Accounting Foundation Announces Search for New Member of Governmental Accounting Standards Board
The Financial Accounting Foundation (FAF) today announced it has opened the search for the next member of the Governmental Accounting Standards Board (GASB). The seven-member GASB will have an open seat on July 1, 2020, when Dr. Michael H....
FASB Announces New Appointments
Richard R. Jones, CPA, has been selected by the Board of Trustees of the Financial Accounting Foundation to succeed Russ Golden as Financial Accounting Standards Board Chairman on July 1, 2020. Mr. Jones is chief accountant and partner of Ernst &...
FASB Clarifies the Interaction between the Accounting for Equity Securities, Equity Method Investments, and Certain Derivative Instruments
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that clarifies the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives. The...
2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available
The Financial Accounting Foundation (FASB) today announced the availability of the 2020 GAAP Financial Reporting Taxonomy (Taxonomy) and the 2020 SEC Reporting Taxonomy (SRT), along with the new 2020 XBRL US DQC Rules Taxonomy (DQCRT). The...
How auditors can stay independent while advising on revenue recognition
One of the most difficult challenges for some auditors as 2019 comes to an end is maintaining their independence amid the frustration and confusion of their clients over the implementation of FASB’s new revenue recognition standard. CPAs who...
PCAOB’s 2020 inspection focus and audit quality tips revealed
The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections, said Wednesday. During a presentation...