ASB has issued its second ASU of 2021 addressing a new practical expedient for revenue recognition. "ASU 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606): Practical Expedient," offers private [...]
The World Economic Forum released its 2020 Future of Jobs Report, which looks at the impact of technology on the job market. The report addresses the impact of COVID, a [...]
In 2019, the AICPA issued a consultation paper for feedback on the projects Professional Ethics Executive Committee should address. After evaluating feedback, PEEC has issued its Strategy and Work Plan [...]
FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the [...]
AICPA's Auditing Standards Board (ASB) issued SSAE 22, Review Engagements, completing the update of the attestation standards. SSAE 19 modernized AUPs, SSAE 21 modernized examinations, and now SSAE 22 will [...]
The AICPA has released its new CPA Exam Blueprint, which outlines the format and content of the exam. Following a deep review of the topics covered in 2019, the Final [...]
The Financial Accounting Standards Board (FASB) has issued its clarification to ASU 2020-04 for Reference Rate reform. The first ASU of 2021 focuses on the scope of the practical expedients [...]
Galasso Learning Solutions is kicking off 2021 with our annual year in review. This episode focuses on the standards issued in 2020 by the AICPA, FASB and GASB. It provides [...]
The AICPA has updated its Practice Aid on Accounting for and auditing of digital assets to address more niche Codification topics. The update includes discussion of accounting for broker dealers [...]
It’s possible to find a cloud software vendor that is nimble to user feedback for its programs to boost efficiencies By David Knoble, CPA, CGMA (SCACPA Member since 2010) [...]
Since the start of All-Inclusive Membership, SCACPA has worked hard to make sure our CPE offerings meet the needs of South Carolina CPAs. That means we schedule the courses [...]
Let’s look at the recently proposed GASB Implementation Guide for 2021. It provides questions and answers on topics ranging from derivative instruments and fiduciary activities to leases and nonexchange transactions. [...]
The South Carolina Association of CPAs is sending an advisory to its members that the South Carolina Department of Labor, Licensing and Regulation has begun issuing courtesy notice email [...]
The AICPA has rolled out a Toolkit to Assist Firms in identifying affiliates under the new ET Section 1.224.020. In June 2019, the PEEC rolled out a new definition [...]
This is a continuation on the adaptation of COVID delays. Issued: November 2020 What questions do you have? Send your questions to melisa@galassolearningsolutions.com Tune in to the Galasso Learning [...]
The AICPA's Auditing Standards Board has issued proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional [...]
SCACPA’s flagship event, Virtual Fall Fest 2020, is here! To find your online session, go to our Welcome Page at www.scacpa.org/classroom. We’re adopting and innovating so you can earn [...]
This installment of the Genuine Learning Blog includes two proposals from the FASB. One proposed ASU addresses three implementation issues identified in implementation of ASU 2016-02, Leases. The other proposal [...]
The Association for Certified Fraud Examiners biennially releases its “Report to the Nations.” The 2020 version provides insight into the types of fraud that were most common, who perpetrated [...]
The CPE Committee of 16 is essential in ensuring that SCACPA provides the continuing education that members want. The team is responsible for defining, documenting and identifying sessions and [...]
The AICPA's Professional Ethics Executive Committee (PEEC) is re-proposing an interpretation for staff augmentation. This proposal would further limit the ability of firms to offer staff augmentation services. The proposal [...]
McGriff Insurance Special Alert: Watch for IRS Notices 972CG Note: The following is based on an IRS compliance alert from SCACPA partner McGriff Insurance concerning the Affordable Care Act: [...]
If you thought we were done with Revenue Recognition and Topic 606, you would definitely be surprised to hear that the Financial Accounting Standards Board (FASB) issued an exposure [...]
The AICPA has issued a Technical Q&A titled “Accounting for Lease Components in Type A Life Care Contracts by Continuing Care Retirement Communities.” Issued in August, the TQA addresses [...]
UPDATE: The South Carolina Board of Accountancy has released its announcement on this development. It is re-printed at the bottom of this post. The BOA's announcement includes a reminder [...]
Cryptocurrency is becoming a more recognized transaction with more entities participating in this ecosystem. The AICPA has issued nonauthoritative guidance on accounting and auditing digital assets. FASB does not [...]
The AICPA has issued a proposed SAS to clarify and improve the risk assessment standards. For the past few years, the AICPA has focused its audit quality initiatives on [...]
The AICPA has issued nonauthoritative guidance from its Materiality Working Group of the Assurance Services Executive Committee (ASEC), designed to assist practitioners in determining when there is a material [...]
ASU 2020-06 is designed to reduce complexity and improve comparability for convertible instruments and contracts in an entity’s own equity. Issued: August 2020 What questions do you have? Send [...]
FASB has issued a proposed Concept Statement addressing the definition of elements of financial statements. The 10 key elements (assets, liabilities, equity etc.) are getting an update to better [...]