The FASB issued one Proposed ASU impacting Disclosure Enhancement and Evaluation of Certain Digital Assets, which was covered in a recent blog. The FASB also met 3 times in August on topics ranging from contractual sale restrictions and electricity contracts to accounting for changes in debt and a revenue recognition agenda request. No ASUs were issued this month.
The GASB met twice in August and addressed several key proposals, including Revenue and Expense Recognition, Infrastructure Assets, Voluntary Digital Financial Reporting, and Going Concern Uncertainties and Severe Financial Stress. The board also reviewed the proposed technical plan for the final third of 2026. No statements or proposals were issued this month.
The Auditing Standards Board met in August and approved SAS 151, which addresses the auditor’s responsibility for fraud. The SAS is expected to be issued in the next few weeks. They also continued their work on the attestation standards and going concern. ARSC is scheduled to meet in September.
At its August meeting, PEEC approved a revised definition of attest engagement team. They also discussed firm mergers and acquisitions, the ASEC third-party assessments working group status, and engagements subject to SSAEs, in addition to updates around international standards.
We continue to await the issuance of the 2026 Compliance Supplement and also the outcome of the 2026 Uniform Guidance proposal. We know many firms are again unhappy with the timeliness of the supplement for 6/30 year-ends.
