Nov 21, 2019 | Ethics, Genuine Learning
The AICPA’s Professional Ethics Executive Committee (PEEC) is asking for feedback on future standard setting items. They have identified potential issues and practice areas where either updated standards are needed or additional member education. They are looking for your input to determine whether they are on the right track. Did they miss anything? Anything on there not really necessary? It’s your opportunity to help set the agenda for the committee that writes the Code of Professional Conduct. Comments are due by February 28, 2020.
Oct 30, 2019 | Auditing
Happy Halloween! This short blog will address a new Technical Q&A that the AICPA issued regarding the proper reporting for comparative financial statements in the year of adoption of SAS 134. The effective date and the fact that you can’t early adopt, created some questions as to what the proper format would be in the year of adoption. The TQA offers two methods of presentation for auditors to choose between.
Sep 26, 2019 | Auditing
The AICPA has issued another proposed SAS titled Auditing Accounting Estimates & Related Disclosures. The proposal was issued in August 2019. The project was driven by high rates of nonconformity found in auditing estimates as it is the most common audit issue detected by practice monitoring programs worldwide. The standard addresses risk assessment and response as well as audit procedure interweaving its requirements with other sections of the audit standards. Comments are due November 22, 2019.
Sep 19, 2019 | Auditing, Genuine Learning
The AICPA has issued a proposal to align the 800 section of the auditing standards with SAS 134. The proposal addresses special purpose frameworks, single financial statements and elements as well as summary financial statements. The goal was to align the report with some modifications due to topics. Comments are due October 28, 2019.
Sep 4, 2019 | Accounting
The AICPA has published the Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies guide. The guide is intended to help preparers, auditors, and valuation specialists with the accounting for and valuation of portfolio company investments held by investment companies that fall under the scope of FASB’s Accounting Standards Codification ASC 946, Financial Services—Investment Companies. The guide was developed by the AICPA PE/VC Task Force which includes members from the PE/VC industry, auditors, valuation practitioners, and AICPA staff.
