Accounting & Auditing

Accounting and Auditing

Turning the Corner: FASB Updates Effective Periods Beginning After Dec. 15, 2023

Accounting & Auditing, Members Only, Regulatory News /

By: Dr. Amelia Hart, CPA, and Steve Sledge, CPA As practitioners and clients turn the corner from busy season and begin planning and risk assessment in the coming months, now is a good time for a refresher on recently promulgated updates as well as current Financial Accounting Standards Board (FASB) exposure drafts and projects with […]

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PCAOB Adopts New Quality Control Standard With a Risk-Based Approach Designed to Drive Continuous Improvement in Audit Quality

Accounting & Auditing, Regulatory News /

The Public Company Accounting Oversight Board (PCAOB) today adopted a new standard designed to lead registered public accounting firms to significantly improve their quality control (QC) systems.

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FASAB Issues Statement of Federal Financial Accounting Standards 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1

Accounting & Auditing /

The chair of the Federal Accounting Standards Advisory Board (FASAB or “the Board”), George A. Scott, announced today that the Board issued Statement of Federal Financial Accounting Standards (SFFAS) 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1.

FASAB Issues Statement of Federal Financial Accounting Standards 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1 Read More »

FASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards

Accounting & Auditing, Regulatory News /

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves generally accepted accounting principles (GAAP) by adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718, Compensation—Stock Compensation.

FASB Issues Standard That Clarifies Accounting Guidance Related to Profits Interest Awards Read More »

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