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.
Disclosing Client Information In Connection With a Quality Review
The Professional Ethics Executive Committee (PEEC) of the AICPA has issued a proposed interpretation regarding threats to the client confidentiality rules for tax professionals who undergo quality reviews. The AICPA is updating the rule to explicitly permit quality reviews for tax professionals which are voluntary so long as certain safeguards are used.
Enhancing Audit Quality: 2018 Mid-Year Progress Report
The AICPA has issued a mid-year update on their Enhancing Audit Quality Initiative. The update includes insights into improvements made over the past years as well as areas for continued improvement. The update is data driven and includes information regarding the AICPA’s outreach efforts and plans for the remainder of 2018.
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