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!
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.
GAO has issued two COVID fraud related reports. This week’s blog looks at the first one which focuses on some of the insights and lessons learned from the fraud in the COVID-19 response. GAO has made both Congressional as well as agency recommendations to help prevent similar fraud in the future.
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.
On October 5, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to increase the Single Audit threshold to $1m. There are also changes proposed to the title of 2 CFR 200 as well as changes to various sections. Comments are due December 4, 2023.
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.
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.