Accounting & Auditing – Page 4 – Tennessee Society of CPAs

Stakeholder Alert: Crucial Details of AICPA’s and NASBA’s CBE Proposal

By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA On Sept. 12, 2024, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) jointly proposed a new initiative in the form of an Exposure Draft aimed at enhancing the pathways to Certified Public Accountant (CPA) licensure.1 This proposal, referred to as […]

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PCAOB Adopts Rule Amendment To Enhance the Usefulness of Audit Firm Registration Information

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-adopts-rule-amendment-to-enhance-the-usefulness-of-audit-firm-registration-information

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AICPA Board Updates Peer Review Standards

Accounting & Auditing /

The AICPA Peer Review Board recently approved a standards update intended to align peer review standards more closely with new quality management (QM) standards and to clarify and enhance current technical guidance. Peer Review Standards Update (PRSU) No. 2, Reviewing a Firm’s System of Quality Management and Omnibus Technical Enhancements, is expected to be published

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FASB Issues Standard That Improves Disclosures about Income Statement Expenses

Accounting & Auditing, Regulatory News /

https://www.fasb.org/news-and-meetings/in-the-news/fasb-issues-standard-that-improves-disclosures-about-income-statement-expenses-419833

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GASB Issues Guidance on Disclosure of Certain Capital Assets

Accounting & Auditing, Regulatory News /

https://gasb.org/news-and-meetings/in-the-news/gasb-issues-guidance-on-disclosure-of-certain-capital-assets-419622

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FASAB Issues SFFAS 64, Management’s Discussion and Analysis: Rescinding and Replacing SFFAS 15, and SFFAC 10, Omnibus Concepts Amendments 2024: Amending SFFAC 2 With Note Disclosures and MD&A Concepts and Rescinding SFFAC 3

Accounting & Auditing /

https://files.fasab.gov/pdffiles/sffas_64_sffac_10_joint_nr.pdf

FASAB Issues SFFAS 64, Management’s Discussion and Analysis: Rescinding and Replacing SFFAS 15, and SFFAC 10, Omnibus Concepts Amendments 2024: Amending SFFAC 2 With Note Disclosures and MD&A Concepts and Rescinding SFFAC 3 Read More »

An Update to the Quality Management Standards

Accounting & Auditing, Members Only /

By: Josh McGowan, DBA, CPA, and Ventsi Stamenov, Ph.D. SAS 146, entitled Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, was issued as part of the “suite of quality management standards.” The quality management standards were issued as a result of peer reviews and related concerns from regulators about engagement

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Regulating an Evolving Profession: Summary of Current PCAOB Standard-Setting Activities

Accounting & Auditing, Members Only, Regulatory News /

By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA The quality of financial reports encourages, fosters and promotes public trust, which is an important tenet of public confidence. Quality speaks to the preeminence, completeness, accuracy and value of financial information. The need for quality financial information is amplified in a fast-paced dynamic economy with more complex transactions,

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