GASB Implementation Guidance Update—2021
This week’s blog looks at the recently proposed GASB Implementation Guide for 2021 which provides questions and answers on a variety of topics ranging from derivative instruments and fiduciary activities to leases and nonexchange transactions. Comments are due February 15, 2021.
SLG Client Affiliate IG
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 of affiliate for State and Local Governments. However, the new rules were complex so the AICPA has released a decision tree for identifying affiliates as well as a variety of tools that firms can use to determine their compliance with the independence standards.
Proposed SAS – Use of Specialists and External Pricing Sources
The AICPA’s Auditing Standards Board has issued some proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional application guidance for AU-C 501, 540 and 620. Comments are due February 4, 2021.
Proposed Targeted Improvements to Leases & Scope of Reference Rate Reform
https://youtu.be/kmSPaQrk_IQ This week's blog includes two proposals from the FASB. The first proposed ASU addresses three implementation issues identified in implementation of ASU 2016-02, Leases. The second proposal addresses the scope of reference rate reform. Both...
2020 Report to the Nations
https://youtu.be/S83NcpsWbcQ Biennially the Association for Certified Fraud Examiners releases its Report to the Nations. The 2020 version provides insight into the type of fraud that were most common, who perpetrated the fraud and how they were caught. The report...
Fraud & COVID – A 2020 ACFE Report
https://youtu.be/LOyi7k9xqZ8 We all know that COVID is impacting businesses in more ways than one. Unsurprisingly, we've seen an uptick in fraud during the COVID era. The ACFE has issued its September 2020 report providing interesting insights into fraud during COVID...
Staff Augmentation ED
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 also offers two areas currently not addressed in the proposal as potential changes where PEEC is looking for additional feedback. Comments are due December 8, 2020.
Q3 2020 in Review
Each quarter we review what issued as final standards during the quarter. While the Genuine Learning Blog focuses on what’s coming down the pike and tries to encourage participation in due process, we also know its important to be aware of what get’s finalized. The blog looks at the items issued by the AICPA, FASB and GASB that will be effective in the near future.
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