Taking a big first step towards a global nonprofit accounting framework, IFR4NPO has issued the first of 3 expected exposure drafts for public comment. The exposure draft addresses scope and basic framing for the development of a new global framework for nonprofit organizations. Comments are due March 31.
Quarter 3 of 2022 is in the books. We’ll review the accounting and auditing (and ethics) standards issued by standard setters this quarter.
The AICPA’s Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for profit entities. The TQA requires entities to evaluate whether the transaction is exchange or nonexchange and if nonexchange whether the entity is acting as a principal or an agent.
The AICPA’s Professional Ethics Executive Committee (PEEC) delayed 3 interpretations at its May meeting. In addition, it has issued an exposure draft addressing record requests and updates the interpretation regarding acts discreditable. Comments are due September 30th.
This week the Peer Review Board of the AICPA voted to grant a six-month extensions for peer reviews, corrective actions, and implementation plans that had original due dates between January 1 and September 30, 2020. The delays, consistent with other standard setters, are trying to assist firms who are struggling with COVID19. As firms assist clients with obtaining assistance and work to audit in a remote environment, the delay is to provide relief. The additional six months is optional and if a firm and the reviewer are ready and able, they can continue as scheduled. The extension is automatic and does not have to be requested.
