April 2019 Audit & Assurance Newsletter

FASB modifies definition of ‘collections’

FASB recently issued a standard aligning its definition of “collections” with the definition used in the American Alliance of Museums’ Code of Ethics for Museums.

Accounting Standards Update No. 2019-03Not-for-Profit Entities (Topic 958): Updating the Definition of Collections, applies to all entities, including business entities, that maintain collections. But FASB states that accounting for collections is primarily an issue for certain not-for-profits. read more
– Journal of Accountancy

AICPA issues guidance on prior-period audits

A newly revised AICPA Technical Question and Answer (TQA) provides nonauthoritative guidance for performing an audit and reporting on an entity’s prior-period financial statements. read more   – Journal of Accountancy

Yellow Book revisions update independence guidance

Auditors performing engagements under generally accepted government auditing standards (GAGAS) are subject to new rules reinforcing the principles of transparency and accountability under revisions published by the U.S. Government Accountability Office (GAO) in July 2018. read more  – Journal of Accountancy

Lease accounting: A private company perspective

By now, most public companies in the United States have adopted the new lease accounting standards as required on Jan. 1, 2019. Companies with noncalendar fiscal year ends will adopt the new standards sometime over the next few months. read more  – Journal of Accountancy

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