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...
Changes to the Disclosure Requirements for Income Taxes
https://youtu.be/E0ygQ69NKFw As part of the Disclosure Framework Project, FASB has issued a revised proposed ASU related to Income Taxes (Topic 740). The Proposed ASU, Disclosure Framework- Changes to the Disclosure and Requirements for Income Taxes, adds new...
Q1 2019 in Review
https://youtu.be/cDshpHtgIKA Our quarterly blog addresses the standards issued during the prior quarter. The first quarter of 2019 was pretty light. The first three ASUs of 2019 weren’t issued by the FASB until March. Addressing niche topics like the definition of...
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