News

GASB Proposes to Rename the Comprehensive Annual Financial Report

April 13, 2021

The Governmental Accounting Standards Board (GASB) today proposed to change the “comprehensive annual financial report” to the “annual comprehensive financial report.” The proposed name change was prompted by GASB stakeholders raising concerns that the existing acronym for the report, when spoken, sounds like a profoundly offensive term.

  • accounting and auditing
  • diversity

PCAOB's 2021 inspections target pandemic concerns, predictability

April 09, 2021

PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.

  • accounting and auditing
  • business and industry
  • coronavirus

Internal auditors move toward cloud

April 06, 2021

Nearly a quarter of internal audit teams intend to implement cloud-based audit management or governance, risk and compliance software this year, according to a new survey.

  • accounting and auditing
  • technology and cybersecurity

FASB provides goodwill triggering relief for private companies, not-for-profits

March 30, 2021

FASB issued a standard Tuesday that provides an alternative to goodwill impairment triggering event evaluations for private companies and not-for-profits.

  • accounting and auditing
  • not-for-profit

Deadline for certain single audits delayed because of pandemic

March 25, 2021

The due date for certain single audits to be submitted to the Federal Audit Clearinghouse has been delayed six months as a result of challenges related to the coronavirus pandemic.

  • accounting and auditing
  • coronavirus

SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

March 23, 2021

The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2021 GAAP Financial Reporting Taxonomy (GRT) and the 2021 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”).

  • accounting and auditing

FASB Chair Jones Looks Ahead

March 18, 2021

Seven months in, Richard R. Jones gives his perspective on cryptocurrencies, climate risk disclosures, and possible goodwill accounting changes.

  • accounting and auditing

How the pandemic has affected public finance

March 09, 2021

The pandemic has caused some special circumstances for state and local governments in juggling their finances. Jeffrey Previdi, the vice-chairman of the Governmental Accounting Standards Board who spent more than 20 years of his career at S&P Global Ratings, talks about what his regulatory organization has done to assist them.

  • accounting and auditing
  • coronavirus

IASB issues amendments to IFRS relating to policy disclosures, estimates

February 12, 2021

The International Accounting Standards Board (IASB) issued Friday a series of narrow-scope amendments to IFRS.

  • accounting and auditing

Single audits: Deliver high quality in a challenging time

February 11, 2021

The release of the Office of Management and Budget’s (OMB’s) Compliance Supplement addendum for single audits right before Christmas gave practitioners long-awaited guidance for these specialized audits that are especially complicated because of the surge in government funding related to the coronavirus pandemic.

  • accounting and auditing
  • coronavirus

How one government auditor improved employee training

January 19, 2021

Stephanie Palmertree, CPA, CGMA, is the director of the Mississippi State Auditor's financial and compliance division, which routinely conducts and manages annual audits of 134 state agencies and component units, 158 school districts and community colleges, and 82 county governments.

  • accounting and auditing

IMA CEO Thomson foresees 'megatrends' for accountants this year

January 13, 2021

Institute of Management Accountants president and CEO Jeff Thomson is predicting six megatrends in the finance and accounting profession this year.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

Labor Department's independent contractor rule may not stand for long

January 12, 2021

The U.S. Department of Labor’s new rule for defining an employee vs. an independent contractor is likely to be challenged in the incoming Biden administration as well as court, but it does provide some helpful guidance for companies struggling with how to adapt to the new gig economy.

  • accounting and auditing
  • business and industry
  • practice management