Genuine Learning Blog: FAF Reviews PCC
The Financial Accounting Foundation has opened an opportunity for stakeholders to provide feedback on the effectiveness of the Private Company Council (PCC). The review request [...]
The Financial Accounting Foundation has opened an opportunity for stakeholders to provide feedback on the effectiveness of the Private Company Council (PCC). The review request [...]
By Jaclyn Veno, CPA, Galasso Learning Solutions LLC This article originally appeared in the Winter 2024 issue of the South Carolina CPA Report The issuance of new ASUs by the [...]
IESBA has issued a Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability [...]
In December, the International Auditing and Assurance Standards Board issued the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA [...]
The AICPA & NASBA issued updated CPE Standards in January 2024. They made changes to definitions and clarified group internet based rules. They also addressed [...]
In December, FASB issued a proposed chapter of the Conceptual Framework on measurement. The proposal identifies 2 systems of measurement: entry prices and exit prices. [...]
In December, FASB issued a proposed ASU that helps organizations determine whether a transaction is an induced conversion or an extinguishment. The topic comes from [...]
In November 2023, the DOL issued their Audit Quality study that found that 30% of ERISA audits from 2020 (prior to the adoption of SAS [...]
In January 2024, GASB issued Statement 102, Certain Risk Disclosures which provides additional risk information to users beyond those currently required. The standard focuses on [...]
The AICPA issued their 2023 Trends report which provides data on trends related to supply and demand for accounting students as well as trends related [...]
2023 is in the record books. This blog will review the standards that were issued by the FASB, AICPA and GASB throughout the year. This [...]
In response to the requests of investors for more disaggregation, the FASB has issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU will require [...]
The AICPA's Assurance Services Executive Committee (ASEC) recently issued an exposure draft to provide a framework for stablecoin issuers to present information about stablecoins and [...]
On December 13th, the FASB issued ASU 2023-08 to improve the accounting for and disclosure of certain crypto assets. This new standard responds to feedback [...]
Building on last week's blog, this week's looks at another COVID-19 report issued by GAO which looks at the common fraud schemes found. The report, [...]
In November 2023, FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires public companies to provide additional disclosures about their segments which were [...]
GAO has issued two COVID fraud related reports. This week's blog looks at the first one which focuses on some of the insights and lessons [...]
The AICPA is proposing changes to the peer review standards. This update includes proposed changes for quality management with effective dates that would tie to [...]
While we often think of accounting and auditing when we think standards, tax professionals are also subject to standards which are changing effective January 1, [...]
This blog will cover the second phase of the International Non-Profit Accounting Guidance by looking at Exposure Draft 2 and its proposed guidance for nonprofits. [...]
The AICPA has released their 2023 National Management of an Accounting Practice (MAP) Survey Executive Summary. This summary can help firms benchmark themselves against the [...]
The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation [...]
The AICPA's Auditing Standards Board has issued a proposed SSAE to conform the attestation standards with the new quality management suite. Comments are due December [...]
The FASB has issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60) Recognition and Initial Measurement, to address diversity in practice with respect to the [...]
On October 5th, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to [...]
This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We'll also review some resources that [...]
Last month the FASB issued their investor outreach report which outlines the outreach performed by the FASB to get feedback from investors as part of [...]
OMB has updated regulations with respect to the domestic preferences provisions in the Build America, Buy America Act of the Infrastructure Investment and Jobs Act. [...]
By Walda Wildman, CPA All kinds of big companies are playing up their compliance with ESG standards. However, those companies haven’t had any codified standards to use in preparing [...]
In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine [...]