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January 2021 Audit & Assurance Newsletter


FASB clarifies scope of reference rate relief

FASB recently issued guidance that is designed to clarify which derivatives are eligible for certain optional expedients and exceptions under the board’s new standard that creates accounting relief for reference rate reforms. read more    – Journal of Accountancy

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB recently issued a proposal that is designed to reduce complexity and cost for certain private companies and not-for-profits, related to goodwill assessments performed in response to triggering events. read more    – Journal of Accountancy

FASB addresses revenue contracts with customers acquired in a business combination

FASB recently proposed a new accounting standard that is designed to increase consistency in the accounting for revenue contracts with customers acquired in a business combination. read more    – Journal of Accountancy

New attestation standard clarifies work effort of review engagements

The AICPA Auditing Standards Board (ASB) recently issued a new standard that is designed to make it clear that the objective of a review engagement is to obtain limited assurance about whether any material modifications should be made to the subject matter in order for it to be in accordance with (or based on) the criteria. read more    – Journal of Accountancy

For more information, please contact our audit professionals at aaalerts@windes.com or toll free at 844.4WINDES (844.494.6337).

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