How one government auditor improved employee training
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...
Labor Department's independent contractor rule may not stand for long
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...
Guidance for single audits provided in OMB compliance addendum
Practitioners who perform single audits received some deadline relief along with important information needed to complete their engagements.
IASB mulls changes in group accounting
The International Accounting Standards Board is looking into the standards for consolidated financial statements, or group accounting. The IASB circulated a request for information Wednesday as part of a post-implementation review of three of...
Tips for auditing in a COVID-19 environment
Operational changes, remote procedures, and new risks associated with the coronavirus pandemic have made the audit environment much different than it was in the days before COVID-19. George Botic, director of the PCAOB’s Division of...
IASB plans possible new M&A accounting standards
The International Accounting Standards Board began a consultation process Monday in preparation for possible changes in the accounting standards for mergers and acquisitions involving companies within the same group, or in other words, business...
Financial Accounting Foundation Names Five New Members to the Board of Trustees
The Financial Accounting Foundation (FAF) Board of Trustees today announced the appointment of new Trustees Timothy L. Christen, Lynnette Kelly, Richard N. Reisig, Sarah E. Smith, and Robin L. Washington. All appointees’ terms will begin January...
GASB Proposes New Implementation Guidance to Assist Stakeholders with Application of Its Pronouncements
The Governmental Accounting Standards Board (GASB) today proposed implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements. The Exposure Draft, Implementation...
New GASB leases standard could be as difficult to implement as FASB’s
The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will probably need it because it has some complexities similar to...
NASBA: Bouncing back from the pandemic
The coronavirus pandemic hit the National Association of State Boards of Accountancy toward the end of its fiscal year, but the organization is fully back to its mission, according to its recently released annual report. Like many...

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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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