Proposed SAS – External Confirmations
The AICPA’s Auditing Standards Board is proposing changes to external confirmations. The standard clarifies what qualifies as an external confirmation and adds new requirements around the confirmation of cash and cash equivalents. Comments are due to the ASB by June 30, 2025.
Private Equity & the Profession: PEEC’s Proposed Independence Guidance
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a discussion memorandum to gather feedback on alternative practice structures, including those with private equity investments, and impacts on independence.
Severe Financial Stress & Probable Dissolution Disclosures PV
On March 19, 2025, GASB released its Preliminary Views on Severe Financial Stress and Probable Dissolution Disclosures, introducing significant changes to how financial statement users are informed about risks to a government’s financial condition and legal existence.
Exposure Draft: SSAE Section 210
On February 25th, 2025, the AICPA issued Proposed SSAE: Scope Limitations in a Review Engagement.
Invitation to Comment on Intangible Assets
The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value.
TQA Opinion Unit
On November 19, 2024, Technical Q&A 6950.25 was issued, offering key guidance on how auditors should approach opinion unit classification when a governmental fund is reclassified from major to nonmajor under GASB Statement No. 100.
Q1 2025 in Review
In our Q1 2025 in Review Blog, we look at the standard setting activities of the FASB, GASB and AICPA. The first quarter had a flurry of activities with promises of more standards coming down the pike. This is a great way to keep up to date during busy season without getting in the weeds!
2025 AICPA Regional Council & UAA Exposure Draft
In this week’s blog, we take a closer look at the UAA Exposure Draft and the recent AICPA Regional Council Meeting. The AICPA hosted four Regional Council Meetings across the country, with each location bringing together different state council members. The discussions were engaging, energizing, and focused on the future of the CPA profession.
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