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.
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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
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
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
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.