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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...
FASB Issues Staff Q&A Document on Hedge Accounting during COVID-19 Pandemic
The Financial Accounting Standards Board (FASB) staff today issued a question-and-answer document (Q&A) that responds to frequently asked questions about the disruptive effects of COVID-19 on cash flow hedge accounting. FASB Accounting...
Pandemic places accounting, auditing rules in flux
After the COVID-19 pandemic raised concerns that harried company finance departments would struggle to implement new accounting standards, FASB voted to add a project to its technical agenda to propose delaying the effective dates of its...
GASB Issues Emergency Toolbox Addressing Issues Arising from COVID-19 Pandemic
As previously announced, the Governmental Accounting Standards Board (GASB) has posted an Emergency Toolbox to the COVID-19 Response page on its website. The toolbox is meant to provide a starting point for stakeholders to address accounting and...