GASB Requests Input on Proposals to Improve Key Components of Government Financial Reports
The Governmental Accounting Standards Board (GASB) today issued for public feedback a proposed Statement that is designed to improve to key components of the blueprint for state and local government annual financial reports. The Exposure...
Deloitte dives into blockchain
Deloitte is helping more of its clients leverage blockchain technology as it sees the distributed ledger technology gain increasing usage after years of experimentation with the technology. “We were in an ideation phase with blockchain, which...
Participants to Discuss Experiences with Leases Implementation at FASB Virtual Roundtable
The Financial Accounting Standards Board (FASB) today announced the rescheduled date of its public roundtable discussion on the implementation of its accounting standard on leases. The discussion will focus on broad technical issues that...
GASB Adds Resources to Emergency Toolbox Addressing Issues Arising from COVID-19 Pandemic
During the development of the recently issued Technical Bulletin 2020-1, Accounting and Financial Reporting Issues Related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Coronavirus Diseases, several issues were raised...
Pandemic issues for government financial statement preparers and auditors
The coronavirus pandemic has presented state and local governments and their auditors with many significant changes and challenges that may need to be addressed in governments’ financial statements. Work-from-home adjustments have led to...
FASB Issues Proposal to Delay Long-Duration Insurance Standard and Ease Early Adoption Provisions
The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update (ASU) that would help insurance companies adversely affected by the COVID-19 pandemic by giving them an additional year to implement Accounting...
New AICPA Audit Evidence Standard Recognizes Evolving Nature of Business
The new audit evidence standard enhances’ the auditor’s assessment of whether sufficient and appropriate audit evidence has been obtained and establishes a multi-faceted consideration of attributes and factors in evaluating such audit evidence.
Connecticut DRS posts Office of the Commissioner Guidance pertaining to CARES Act
The Connecticut Department of Revenue Services has posted the following Office of the Commissioner Guidance pertaining to the CARES Act: OCG - 10, Regarding the Connecticut Tax Implications of the CARES Act On March 27, 2020, Public Law No....
FASB Issues Taxonomy Staff Q&A Document on How to Apply the Taxonomy to COVID-19 Pandemic and Relief Disclosures
The Financial Accounting Standards Board (FASB) Taxonomy staff today issued a question-and-answer document (Q&A) that responds to frequently asked questions about the application of the US GAAP Financial Reporting Taxonomy (Taxonomy) to...
GASB Proposes Application Guidance on CARES Act and Coronavirus Diseases Issues
As part of its continuing efforts to assist state and local governments during the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) today released a proposed staff Technical Bulletin containing application guidance related to...

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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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