EAQ – Audit Risk Assessment Tool
As part of the AICPA’s enhancing audit quality initiative, the AICPA has started to create forms and templates firms can use to document their considerations in areas where deficiencies have been found. The AICPA recently released a risk assessment template that assists firms with proper documentation and consideration of the risk assessment suite. It even includes videos! The template can be found at: https://www.aicpa.org/interestareas/frc/auditattest/riskassessment.html
Credit Losses – Improvements to Topic 326
FASB has issued an exposure draft to make two updates to the credit loss standard. The first proposal would delay the effective date for nonpublic entities by one year. In addition, the exposure draft clarifies that operating leases are not in the scope of Topic 326. Comments are due in September.
Narrow Scope Improvements for Lessors
FASB has just released an exposure draft containing narrow-scope improvements for lessors. The draft addresses sales taxes collected from lessees, certain lessor costs paid directly by lessees, and variable payments for contracts with lease and non-lease components. Comments are due September 12, 2018.
Conduit Debt Obligations Exposure Draft
GASB has issued an exposure draft that will reduce diversity in practice regarding the definition of conduit debt as well as the appropriate recognition and measurement. They also addressed a type of arrangement typically called a lease that would be addressed by this proposed standard in lieu of GASB 87 which addresses other lease agreements.
Private Company Council Revenue Memos
https://youtu.be/3hfJsOdXSz8 FASB has issued two new memos to help entities in implementing the new revenue recognition standard. The memos address implementation issues related to enforceability of a contract, short cycle manufacturing and out of pocket costs. The...
Proposed Changes to Attestation Standards
The AICPA has issued a proposed SSAE which would make significant changes to all three engagements covered by the attestation standards. This blog will look at the changes to the reports, procedures and requirements that can have a major impact. Comments are due to the AICPA in October.
Updating the Definition of Collections
Updating the Definition of Collections
Q2 2018 in Review
In Q2 2018, a handful of final standards were issued by various standard setters. This blog will highlight those final standards issued by the AICPA, FASB, and GASB during the last 3 months.
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