FASB defers revenue recognition and leases standards for private companies and nonprofits due to coronavirus
The Financial Accounting Standards Board released an accounting standards update providing a one-year effective date delay for private companies and organizations to apply the revenue recognition and leases standards, due to the COVID-19...
IAASB addresses pandemic issues in audit practice alert
The International Auditing and Assurance Standards Board (IAASB) published a staff audit practice alert Friday that is designed to highlight key areas of focus for auditor reporting related to the coronavirus pandemic. The alert highlights...
FASB votes to delay revenue recognition effective date for private companies
The board originally had proposed amending the revenue recognition standard effective date just for franchisors that are not public business entities. But feedback FASB received on the proposal related to coronavirus pandemic challenges convinced...
IPSASB works to improve public sector accounting standards amid coronavirus
The International Public Sector Accounting Standards Board is trying to prod more countries to adopt its standards along with the accrual method of accounting, as nations around the world face unexpected expenses and revenue shortfalls arising...
Financial Accounting Foundation Improves Post-Implementation Review Process for Accounting Standards
Under the improved approach, leadership of future PIR projects will transition from the FAF staff (supported by the Boards) to the Boards themselves, with continued strong oversight by the FAF Board of Trustees.
GASB Postpones Effective Dates of Upcoming Pronouncements
The Governmental Accounting Standards Board (GASB) today issued Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The Statement is intended to provide relief to governments and other stakeholders in light of...
Pandemic loan audits: Some certainty in uncertain times
The purpose of this GAQC Alert is to provide you with important governmental auditing updates relating to the Novel Coronavirus (COVID-19) as follows:
CPA firms will be granted six-month extensions for peer reviews, corrective actions, and implementation plans
CPA firms will be granted six-month extensions for peer reviews, corrective actions, and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year, according to a vote taken Thursday by the AICPA Peer Review Board (PRB).
Cares Act and Single Audit Requirements
Until recently, it has been unclear if any of the funds received, either as loans or grants, would be subject to Single Audit requirements.
Standards board proposes IAS 1 and IFRS 16 changes
The IASB also is consulting on a proposed amendment to IFRS 16, Leases, to make it easier for lessees to account for COVID-19-related rent concessions such as rent holidays and reductions. Currently, IFRS 16 requires lessees to assess...

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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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