The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022. GASB [...]
This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the [...]
The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that [...]
The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of [...]
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued their suite of standards related to quality control. [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed changes to a few interpretations to align the verbiage around ownership with previously issued interpretations related to loans. The proposed [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID19 related funding [...]
FASB has issued an Invitation to Comment to gather feedback about the operability of leveraging IAS 20 for government grants for for-profit entities in the US. The ITC does [...]
The GLS team had a great time this week in Las Vegas for the ENGAGE conference. The team was able to interact with clients and colleagues both at the [...]
The AICPA has issued a TQA in May addressing reporting and dating issues related to Other Information (OI) received after the date of the auditor's report. SAS 137 added [...]
The FAF has issued a draft strategic plan for the FASB, GASB and FAF for public comment. The draft reviews the vision, mission and values of the FAF and [...]
GAO has issued in 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to [...]
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12th which is much better than the previous years that [...]
The PCAOB has issued a staff spotlight looking at some auditor considerations when using a service provider in the confirmation process. It encourages auditors to evaluate whether they have [...]
FASB has issued a proposal to amend the sunset provision in ASU 2020-04 due to the extension of LIBOR into 2024. In addition, it has proposed to expand the [...]
OMB has updated the 2021 Compliance Supplement for two programs - Provider Relief Funds and Coronavirus State and Local Fiscal Recovery Funds. DHHS can removed the special test & [...]
The AICPA has proposed significant changes to AU-C 600 and the requirements of a group audit. Some changes are definitional, but the new standard also includes a more risk-based [...]
On March 9th, President Biden issued an executive order encouraging the federal government to research and respond to the use of digital assets including cryptocurrency. It goes so far [...]
The SEC has proposed new environmental, social and governance (ESG) reporting and disclosure requirements for public companies. For larger companies, it would also include an attestation requirement regarding greenhouse [...]
As NASBA gets ready to transition the CPA exam to its new format, current students were eager to know what happens if a part they passed changes and how [...]