2023 National Management of an Accounting Practice (MAP) Survey
The ACFE has issued their 2024 Report to the Nations. It provides an overview of fraud schemes as well as an update on the avatar of a fraudster.
Disclosure and Classification of Certain Capital Assets
The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation of new assets like lease assets and subscriptions assets in GASB 87 and 96 there have been questions about how disclosures should be presented. GASB’s proposal would separate out intangible assets, lease assets and subscription assets separately by their respective classes of assets. Comments are due January 5, 2024.
Proposed SSAE to Conform with Quality Management
The ACFE has issued their 2024 Report to the Nations. It provides an overview of fraud schemes as well as an update on the avatar of a fraudster.
OMB Proposes Changes to the Uniform Guidance
The ACFE has issued their 2024 Report to the Nations. It provides an overview of fraud schemes as well as an update on the avatar of a fraudster.
Q3 2023 in Review
At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company’s cash flows. Comments are due October 30.
FASB’s Investor Outreach Report – 2022-2023
The ACFE has issued their 2024 Report to the Nations. It provides an overview of fraud schemes as well as an update on the avatar of a fraudster.
Revisions to OMB Guidance for Grants and Agreements
OMB has updated regulations with respect to the domestic preferences provisions in the Build America, Buy America Act of the Infrastructure Investment and Jobs Act. The updates come after public comment was sought. The effective date for the revised guidance is...
Concept Stmt: Chapter 5, Recognition and Derecognition
In August, the FASB issued Chapter 5 of the Conceptual Framework, Recognition and Derecognition. The chapter addresses the criteria that would be used to determine when an element should be recognized in the financial statements. As concept statements are not...
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.