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.
In November 2023, the DOL issued their Audit Quality study that found that 30% of ERISA audits from 2020 (prior to the adoption of SAS 136) were materially nonconforming. We’ll review the scope of the DOL’s review, their findings and recommendations for the future.
The AICPA issued their 2023 Trends report which provides data on trends related to supply and demand for accounting students as well as trends related to the CPA exam. The report continues to show a drop in bachelor and masters degrees with an increase in demand from firms. The report is really helpful as the visuals show the trends across decades to provide perspective!
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!
The AICPA’s Assurance Services Executive Committee (ASEC) recently issued an exposure draft to provide a framework for stablecoin issuers to present information about stablecoins and the assets that back them. While the FASB recently issued ASU 2023-08 which included subsequent recognition, presentation and disclosure requirements of crypto assets, ASEC is focusing this ED on token issuers and the need for a set of guidelines to share information about tokens. Comments are due January 29, 2024.
Building on last week’s blog, this week’s looks at another COVID-19 report issued by GAO which looks at the common fraud schemes found. The report, published in November, provides an update on the types of frauds and the outcome of the work done to bring fraudsters to justice.
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.