PCAOB Outlines Priorities for 2023 Inspections
The Public Company Accounting Oversight Board has outlined its priorities for 2023 inspections in a recently released staff report.
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FASAB Issues Statement To Clarify Lease Terms
The Federal Accounting Standards Advisory Board recently issued Statement of Federal Financial Accounting Standards 61, Omnibus Amendments 2023, Leases-Related Topics II.
View MoreCOSO Releases Internal Control Guidance for Sustainability Reporting
The Committee of Sponsoring Organizations of the Treadway Commission recently released a study providing supplemental guidance for applying its Internal Control-Integrated Framework to sustainability reporting.
View MoreFASB Updates Accounting for Tax Credit Investments
The Financial Accounting Standards Board recently issued an Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.
View MorePCAOB Proposes Modernization of Core Auditing Standards
The Public Company Accounting Oversight Board recently issued for public comment a proposed new standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit.
View MoreFASB Issues Update to Leases Guidance
The Financial Accounting Standards Board recently issued an Accounting Standards Update intended to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control.
View MoreSEC Accepts 2023 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board recently announced the U.S. Securities and Exchange Commission has accepted the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2023 DQC Rules Taxonomy, which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”
View MoreFASAB Issues Technical Bulletin on Reimbursable Work Agreements
The Federal Accounting Standards Advisory Board recently issued Technical Bulletin 2023-1, addressing intragovernmental accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant Statements.
View MoreAICPA PEEC Seeks Feedback on Proposed Changes to Code of Professional Conduct
The AICPA Professional Ethics Executive Committee recently released for public comment two exposure drafts intended to align its Code of Professional Conduct with that of the International Ethics Standards Board for Accountants, as well as clarify members' ethical responsibilities regarding the sharing of CPE examination answers.
View MorePeer Review Focus Areas for ERISA Audits
One of the many specialized areas CPAs can focus on is audits of employee benefits plans, which are subject to the Employee Retirement Security Act of 1974 (ERISA). There is typically elevated risk in these engagements because the Department of Labor (DOL) oversees the Form 5500 filings to which the audited financial statements are attached.
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