FASAB Issues Updates to Technical Releases
The Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board recently issued technical releases, including one regarding implementation guidance for leases.
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AICPA GAQC Seeking Auditor Feedback
Due to the historic amount of federal pandemic funding, the AICPA Government Audit Quality Center is seeking auditor feedback on how it can best support auditors, particularly those who work with single audits.
View MorePCAOB Releases Review of 2021 Inspections
The Public Company Accounting Oversight Board recently released “Observations From the Target Team's 2021 Inspections,” sharing findings gathered from its 2021 inspections as well as focus areas for 2022 inspections.
View MoreSEC Adopts Pay Versus Performance Disclosure Rules
The Securities and Exchange Commission recently adopted amendments to its rules to require registrants to disclose information reflecting the relationship between executive compensation actually paid by a registrant and the registrant’s financial performance.
View MorePCAOB Seeks Public Comment on Five-year Strategic Plan
The Public Company Accounting Oversight Board recently released a draft of its five-year strategic plan, inviting the public to comment on how the organization will pursue its mission of protecting investors from 2022 to 2026.
View MoreSEC Accepts 2022 Q3 Supplemental GAAP Taxonomy
The Financial Accounting Standards Board recently announced that the U.S. Securities and Exchange Commission has accepted the 2022 Q3 Supplemental GAAP Taxonomy, which includes improvements to the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy.
View MoreIRS Provides Compliance Relief to Benefit Plan Sponsors
The IRS recently issued Notice 2022-33, extending the deadline for compliance with certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019, the Bipartisan American Miners Act of 2019 and the Coronavirus Aid, Relief, and Economic Security Act.
View MoreFASB To Issue New Rules on Supply Chain Finance Programs Later This Year
The Financial Accounting Standards Board recently approved new rules that will require companies to disclose information about the key terms of supply chain finance programs.
View MoreAuditing Standards Board Issues Quality Management Standards: Introduces Risk-based Approach
In June 2022, two senior committees of the American Institute of Certified Public Accountants (AICPA) issued new quality management standards.
View MoreFASB Proposes Changes to Transition Requirements in Long-duration Insurance Guidance
The Financial Accounting Standards Board recently issued a proposed Accounting Standards Update that would amend transition guidance in ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), for contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the LDTI effective date.
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