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AICPA issues TQAs on considering plan provisions

AICPA issues TQAs on considering plan provisions

AICPA issues Technical Questions and Answers to assist auditors in designing and performing audit procedures related to employee benefit plan provisions.
FASB votes to simplify accounting for common control leases

FASB votes to simplify accounting for common control leases

For common control leases, the FASB is drafting amendments to simplify determining whether a lease exists, the classification of the lease, and accounting for leasehold improvements.
FASB to propose changes to related party leases guidance

FASB to propose changes to related party leases guidance

The FASB recently voted to issue proposals on the determination of an arrangement as a lease and the financial reporting requirements for related party lease arrangements for certain entities.
FASB clarifies fair value measurement guidance for equity securities

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.
GASB revises requirements for accounting changes and error corrections

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

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

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

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: 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

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

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

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

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

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

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?

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.