2018 Compliance Supplement
The 2018 Compliance Supplement has been released. This year it’s a “mini” supplement, in that it does not completely replace last year’s version. This blog will explain the major changes and updates and also walk you through how the new supplement works with last year’s 2017 supplement. The 2018 Supplement is effective for fiscal years ending June 30, 2018 and beyond.
AICPA Accounting and Valuation Guide: Valuation of Portfolio Company Investments
This week the AICPA recent issued a working draft guide designed to help entities work through some of the more complicated areas related to valuation for portfolio company investments. This guide is full of practical guidance and examples to help preparers, auditors and valuation specialists when dealing with fair value for private entities. Comments are due on August 15, 2018.
Proposed ASU Collaborative Arrangements
Due to the implementation deadlines for Topic 606, FASB has issues a proposed ASU that will help companies decide whether a collaborative arrangement should be in the scope of Topic 606. This will help address diversity in practice and leverages the concepts of customer and distinct goods and services already found in Topic 606.
Behind the Scenes at GLS
During this slow week in accounting news, Melisa provides a brief look behind the scenes at Galasso Learning Solutions. We went live with a new website and introduced an exciting new webinar offering available directly to you.
Proposed Changes to DCF
The Federal Audit Clearinghouse (FAC) has issues proposed revisions to the Data Collection Form (DCF). This form is used to make the results of Single Audits publicly available. Non-federal entities and their auditor’s should review the proposed changes and consider providing feedback.
Q1 2018 in Review
Q1 was a relatively quiet quarter in terms of final standards. The FASB issued five Accounting Standard Updates (ASUs) and 5 Staff Q&As related to the tax cuts and jobs act (TCJA). The AICPA issued an interpretation and two TPAs. GASB had no final standards issued during the quarter.
Proposed Ethics Interpretation – Information System Services
The AICPA’s Professional Ethics Executive Committe (PEEC) is proposing some revisions to independence rules related to financial information systems. Addressing the issues of self review and management participation, the interpretation provides updated guidance regarding when independence is impaired for work performed as a non attest service related to a clients IT systems.
Proposed ASU: Cloud Computing
FASB has issued a proposed ASU to clarify the proper accounting for implementation costs of cloud computing arrangements that are part of a service contract. The proposal would permit the capitalization of cost in compliance with the software for internal use guidance.
Disclaimer: The information contained within this blog is provided for informational purposes only. Viewing this material does not qualify for CPE credit. Additionally, this general knowledge is not intended to substitute for obtaining accounting, legal, or financial advice from a professional accountant with specific knowledge of your organization. Finally, watching this blog and/or subscribing to the newsletter do not create an accountant-client relationship.
