The Financial Accounting Foundation has opened an opportunity for stakeholders to provide feedback on the effectiveness of the Private Company Council (PCC). The review request includes several questions to help evaluate the impact and progress of the PCC and determine if any changes are needed. Comments are due May 31, 2024.
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.
In December, the International Auditing and Assurance Standards Board issued the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). The ISA for LCE standards will allow auditors to provide reasonable assurance for audits of general purpose financial statements by following a scaled back audit approach appropriate for less complex entities. ISA for LCE is effective for audits beginning on or after December 15, 2025 with early adoption permitted.
The AICPA & NASBA issued updated CPE Standards in January 2024. They made changes to definitions and clarified group internet based rules. They also addressed the often requested “hybrid” which is not an actual program type for NASBA sponsors. We’ll review the key changes and how they are impacting GLS’s operations.
In December, FASB issued a proposed chapter of the Conceptual Framework on measurement. The proposal identifies 2 systems of measurement: entry prices and exit prices. It provides the underlying theory that the board would use when determining which measurement system is appropriate when developing GAAP. Comments are due March 20, 2024.
In December, FASB issued a proposed ASU that helps organizations determine whether a transaction is an induced conversion or an extinguishment. The topic comes from stakeholder questions and was debated by the Emerging Issues Task Force (EITF). Comments are due March 18.
The Genuine Learning Newsletter contains important A&A updates, must-read current events in the industry, links to our latest video blogs, and so much more.