The ASB is seeking comments on a proposed SSAE exposure draft designed to align concepts related to quality management standards with standards for audits, reviews, and compilations. Comments on the exposure draft of the SSAE, Amendments to the Attestation Standards for Consistency with the Issuance of AICPA Standards on Quality Management, will be accepted through December 1. The SSAE would become effective for engagements performed beginning on or after December 15, 2025 consistent with the transition to quality management.
Additionally, on September 15, the AICPA’s Professional Ethics Executive Committee (PEEC) approved revisions to align the Code of Professional Conduct with international standards on attest client fees and to clarify members’ ethical responsibilities when allowable collaboration for professional qualifications and competencies crosses the line into cheating.
GASB issued an exposure draft, Disclosure and Classification of Certain Capital Assets, that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures in light of the issuance of GASB 87 and 96, which create right of use assets. Comments are due by January 5, 2024.
OMB issued a preliminary draft of their proposed changes to the Uniform Guidance. A formal final release is expected in early October. One change noted was an increase in the Single Audit threshold from $750,000 to $1 million. However, the draft may have more changes before it is finalized for comment. Comments will be due 60 days after formal issuance.
Finally, on September 7, the FASB voted to issue a crypto assets standard that was in the works in previous months that will require entities to report on fungible crypto holdings using fair value measurement in lieu of the intangible model, which would have been cost minus impairment. After reviewing shareholder feedback received on the exposure draft, the board voted to issue the final standard with an effective date for fiscal years beginning after December 15, 2024.
Stay tuned for more updates next month!