FASB clarifies fair value measurement guidance for equity securities
The FASB has clarified the measurement of the fair value of equity securities subject to contractual restrictions that prohibit the sale of the equity security.
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GASB revises requirements for accounting changes and error corrections
The Governmental Accounting Standards Board (GASB) has released Statement No. 100, Accounting Changes and Error Corrections (Statement 100), which amends GASB Statement No 62.
GASB revises requirements for compensated absences
The Governmental Accounting Standards Board has released Statement No. 101, Compensated Absences, replacing GASB Statement No. 16, Accounting for Compensated Absences.
Five considerations for switching auditors
As your business grows, it's imperative to have an audit firm whose capabilities grow with you. Assess if it's time for a change.
OMB issues 2022 Compliance Supplement
The OMB has released the 2022 Compliance Supplement, which is effective for audits of fiscal years beginning after June 30, 2021.
SAS 136: The communication of reportable findings
SAS 136 includes requirements to communicate reportable findings identified as a result of testing relevant plan provisions.
SAS 136: The ERISA Section 103(a)(3)(C) audit election
Plan administrators should consider all implications of an ERISA Section 103(a)(3)(C) election before the election is made.
Disclosures by business entities about government assistance
ASU 2021-10 will require business entities to disclose information about certain types of government assistance they receive.
SAS 136: Preparation before year end
Before year end, plan administrators or trustees and their auditors should discuss certain preconditions of the audit.
Financial institutions and the phase out of LIBOR
We have updated our white paper regarding the fundamentals of LIBOR phase out and transition for financial institutions.
2021 Effective Date Reminder
This document lists pronouncements that became effective on or after Jan. 1, 2021 or are not yet effective as of Nov. 1, 2021.
GASB renames the comprehensive annual financial report
The GASB has changed the term “comprehensive annual financial report” to “annual comprehensive financial report.”
Board risk assessment: Where’s the focus?
Risk. Such a broad topic, but boards are ultimately responsible to investors and others for the all-encompassing task of risk oversight.
OCC’s “Bank Accounting Advisory Series” – 2021 edition
The OCC recently issued its views on a variety of accounting topics relevant to the financial institutions industry.
SAS 136: Changes for employee benefit plans and their auditors
SAS 136 will affect audits of employee benefit plans subject to ERISA effective for periods ending on or after December 15, 2021.
Performing a 401(k) retirement plan self-checkup
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.