The long awaited changes by the AICPA to Risk Assessment have been issued. SAS 145, which will be effective in 2023, updates several definitions and provides clarity on areas that had [...]
The AICPA has issued a proposal to update key terminology and certain ethics interpretations to better align with changes made by the SEC. The AICPA issued a temporary enforcement [...]
Governmental Accounting Standards Board (GASB) has issued GASB Statement 98 renaming the Comprehensive Annual Report to the Annual Comprehensive Financial Report. The standard eliminates an unintended consequence when the acronym [...]
The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a [...]
This week's GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has issued a proposal to revise the rules around unpaid fees. The current rules use a one year period with no considerations [...]
The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items [...]
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent [...]
Genuine Learning Blog – FASB Proposal: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those [...]
This week's blog addresses part 2 of the IFR4NPO Consultation Paper. The second part of the paper focuses on NFP Specific Financial Reporting Issues. The project is looking for [...]
The AICPA is in the process of updating the CPA exam and is looking for CPAs to give them feedback as to whether their plan meets the needs of [...]
Genuine Learning Blog: AICPA Fraud Risk Frameworks: Have you seen an increase in fraud during the pandemic?
The AICPA has provided a Fraud Risk Framework document to help CPAs and their clients visual the types of fraud in 3 major sectors. The one pagers help put [...]
The AICPA Auditing Standards Board has proposed the most significant changes regarding quality management since 2006 with three new interrelated quality management standards which will impact CPA firms at both [...]
The AICPA has issued a TQA addressing questions about how for profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received [...]
SINGLE AUDIT CONSIDERATIONS- Pandemic relief assistance makes many entities subject for the first time. Are they aware? Are they ready?
Single Audit Considerations Melisa Galasso In response to the devastating effect of the global pandemic on the US economy, Congress passed several laws (the CARES Act, CAA and ARPA) [...]
Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is [...]
GASB has issued a proposed Omnibus Exposure Draft. The ED addresses implementation issues for leases, PPP and SBITA as well as targeted accounting guidance. It also addresses the delay in [...]
Genuine Learning Blog: FASB’s Agenda Consultation – Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here’s your chance.
Have you ever wanted to influence the topics that FASB covers in its standard setting? Well, now here's your chance. Today, Financial Accounting Standards Board (FASB) issued its Invitation [...]
It's time to wrap up the second quarter of 2021. The quarter was pretty slow for issuances of final standards. In this blog, we'll give an executive overview of [...]
What does the Champlain Towers condo collapse mean to SC CPAs? CPAs who audit, advise, or participate in HOAs now have much to consider.
What could the Champlain Towers condo collapse mean to SC CPAs? The moral of the tragic Champlain Towers story is that CPAs who audit, advise, or participate in HOAs [...]