Are You Up to Date on COVID-Related Auditing Delays? Here’s a Recap

We can understand if you feel overwhelmed by the rapid rate of adjustments and delays to standards over the past few months.

That’s why SCACPA thanks Galasso Learning Solutions for teaming up to recap the major COVID-related auditing delays. Included are links to the applicable entities.

In many cases, GLS has also provided a video review of what to know.

If you have further questions on these issues, send your questions to melisa@galassolearningsolutions.com. GLS regularly updates SCACPA via video blogs, and your input and feedback is always appreciated.

AICPA

• SAS 141 Delays SAS 134 Through 140 For 1-Year
  • Permits early adoption
• Peer Review Board Provides 6-Month Delay (Journal of Accountancy, May 7)
  • GLS Video: Peer Review Board Provides COVID-19 Delays
• PEEC Provides 1-year Delay  (Journal of Accountancy, April 22)
  • Leases
  • State & Local Government Affiliates
  • Information System Services
  • GLS Video: PEEC Delays and Exposure Draft

Yellow Book

• CPE Exceptions  (General Accounting Office, May 7)

OMB

• A number of items of relief and delays
  • For Those Impacted and Receiving COVID19 Funding (OMB memo, March 7)
  • GLS Video: OMB M-20-11/UG Administrative Relief if Directly Impacted by COVID-19

• For Those Impacted Operationally (OMB memo, March 19)
  • GLS Video: OMB COVID-19 Operations: How A&A Regulators are Addressing COVID-19

GASB

• GASB 95 Delays GASB 83, 84, 87, 88, 89, 90, 91, 92, 93

FASB

• FASB has proposal to delay leases for private entities and all nonprofits as well as private company franchisors
  • GLS Video: FASB Effective Dates for Certain Entities

Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.