Public-Private Partnerships
https://youtu.be/zvXx4Gsehbw Governmental Accounting Standards Board (GASB) has issued an Exposure Draft titled Public-Private and Public-Public Partnerships and Availability Payment Arrangements (fondly referred to as triple p). The ED provides guidance for PPP...
New Data Collection Form
https://youtu.be/eu5Hn1kKLcU Office of Management and Budget has issued the new Data Collection Form for use in years 2019 through 2021. There are a quite a few changes auditors (and auditees) should be aware of including customizable SEFAs, an auditee EIN edit check,...
Amendments to the Description of the Concept of Materiality
https://youtu.be/2CHLg8YsuMk The AICPA’s Auditing Standards Board issued an exposure draft of a proposed SAS and proposed SSAE titled Amendments to the Description of the Concept of Materiality. When effective, the proposed amendments would impact the description of...
Subscription-Based Information Technology Arrangements
https://youtu.be/rLJgJrZF9xA This blog addresses a new exposure draft issued by GASB relating to accounting and financial reporting for subscription-based information technology arrangements (SBITAs). Cloud computing arrangements and other hosting type services have...
Simplifying the Accounting for Income Taxes
https://youtu.be/B2LCqzlEqIo As part of its Simplification Initiative, FASB has issued an Exposure Draft proposing changes to ASC Topic 740, Income Taxes. The proposal would simplify the accounting for income taxes by removing certain exceptions in the area of...
Proposed ASU: Disclosure Requirements
https://youtu.be/iJU15VYSGto FASB has issued an Exposure Draft for Disclosure Improvements on Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The proposed amendments are intended to clarify or improve disclosure and...
Definition of Direct Care of Collection Items
https://youtu.be/gcctm_Ksmgg In March 2019, the FASB issued an ASU changing the definition of a collection to allow proceeds of a sale of a collection item to be used for the “direct care” of existing collection items. However, ASU 2019-03, did not address the...
Certified in the Valuation of Financial Instrument Credential
https://youtu.be/EsuIrZXJlwA The AICPA is rolling out a new certification for valuation professionals. The CVFI will focus on valuation of financial instruments like credit default swaps, complex bonds, mortgage-backed securities and other derivatives. The credential...
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