IESBA has issued a Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting which was issued in January 2024. It establishes a third pillar of ethics, including independence, standards to complete the infrastructure of international standards being developed by other standard setters and regulators and support public trust in sustainability-related information. Comments are due May 10, 2024.
2023 is in the record books. This blog will review the standards that were issued by the FASB, AICPA and GASB throughout the year. This high level review will help you identify which standards you should check out in more detail! Happy New Year!
This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We’ll also review some resources that were issued by various standard setters that can be useful.
On July 21, the Office of Chief Counsel at the IRS issued a memorandum to address noncompliance with ERTCs. The memorandum provides responses to various scenarios that employers have been trying to make to qualify as “eligible employers”. Companies have been trying to take advantage of supply chain disruptions during the pandemic to receive tax credits, even though they might not be eligible to receive tax credits. This problem has been placing auditors in uncomfortable situations, as auditors now need to consider NOCLAR with ERTCs as well as revenue recognition issues.
The second quarter of 2023 was a slower one for standard setters. We’ll look at the standards that were issued and proposed from April through June of 2023 at the FASB, GASB and AICPA.
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed a new definition of publicly traded company and has revised the definition of public interest entity as part of their IESBA convergence. The definition explains when AICPA independence standards would apply and when related ethics standards like PCAOB and NAIC standards would apply. Comments are due September 15.
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