Auditing & Accounting

A Blog to Keep You On the HEDGE OF YOUR SEAT!The FASB released its Exposure Draft on Hedging Accounting in September 2024, and it's a game changer! With [...]

The AICPA has proposed changes to the independence guidance for 529 plans. The original interpretations has deemed 529 plans to be direct financial interests. Due to changes [...]

The proposed joint data standards for the Financial Data Transparency Act (FDTA) were issued in August 2024. The public is invited to make comments on the proposed [...]

In July 2024, the Employee Benefit Plan Audit Quality Center (EBPAQC) Executive Committee issued an important letter warning auditors conducting ERISA employee benefit plan audits about the [...]

This past July, the AICPA's National Pipeline Advisory Group (NPAG) related its Accounting Talent Strategy Report to address the accounting talent shortage. This report was based off of [...]

GLS is celebrating their 300th blog! This one is a very exciting one! The FASB has issued a proposed ASU, DERIVATIVES SCOPE REFINEMENTS AND SCOPE CLARIFICATION FOR [...]

 The AICPA's Financial Reporting Executive Committee has issued an early working draft of chapter 8, "Inferring Value From Transactions in a Private Company's Securities," and chapter 9, [...]

The AICPA's Digital Assets Working Group has updated the Digital Assets Practice Aid. The AICPA updated this practice aid by adding two new chapters on auditing the valuation [...]

Both the AICPA and FASB are nonprofit organizations that make their financial statements available to the public. Both organizations also have a December fiscal year end which [...]

Through the Enhancing Audit Quality initiative, the AICPA promotes high quality auditing and assurance, with a focus on subject matter that has created challenges for practitioners. According [...]

The AICPA's Professional Ethics Executive Committee (PEEC) has issued another proposed interpretation, this one addressing recruiting as a nonattest service. The proposal provides updated guidance on the [...]

The AICPA's Professional Ethics Executive Committee (PEEC) is proposing changes to the tax services rules with respect to independence. As part of their IESBA convergence, the rules [...]

GASB 103, Financial Reporting Model Improvements, was issued by the GASB. This standard does not make the sweeping changes to governmental funds proposed in earlier versions of the [...]

The AICPA has released a proposal of Chapter 8 of the Not-for-Profit A&A Guide on Programmatic Investments. The chapter provides context as to the impact of CECL [...]

The PCAOB has issued a Spotlight - Root Cause Analysis – An Effective Practice To Drive Audit Quality which provides details on how root cause analysis has [...]

In April, IESBA issued new guidance to provide ethical considerations for tax planning performed by those in public practice as well as those in industry. The guidance [...]

The IAASB has issued their 2024-2027 Strategy & Work Plan titled Elevating Trust in Audit & Assurance. The document lays out the strategic priorities of the IAASB [...]

The International Ethics Standards Board for Accountants (IESBA) has issued their 2024-2027 Strategy and Work Plan titled TOWARDS A MORE SUSTAINABLE FUTURE: ADVANCING THE CENTRALITY OF ETHICS. [...]

GAO issued their Improper Payments: Information on Agencies' Fiscal Year 2023 Estimates report (GAO-24-106927) on March 26, 2024 which provides details on the $236 billion in improper [...]

The GASB is soliciting user feedback for their project on Going Concern Uncertainties and Severe Financial Stress—Potential Disclosures. The survey should take about 15 minutes to complete [...]

This week's blog will look at the hot topics discussed at the 2024 AICPA Regional Council Meetings held last week in NY, Dallas, LA & Chicago. While [...]