June 2019 Audit & Assurance Newsletter

FASB extends GAAP alternatives to not-for-profits

Not-for-profit financial statement preparers will be able to take advantage of two GAAP alternatives that FASB originally developed for private companies.

FASB issued a standard Thursday that will make not-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. read more    – Journal of Accountancy

FASB eases transition to credit losses standard

FASB recently issued new accounting rules that are designed to ease the transition to the board’s new credit losses standard by providing an option to measure certain types of assets at fair value. read more    – Journal of Accountancy

FASB proposes simplifying accounting for income taxes

Rules for accounting for income taxes would be simplified under a proposal issued recently by FASB that is designed to reduce cost and complexity. read more    – Journal of Accountancy

ASB seeks alignment of materiality definitions

The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the definition used by other U.S. regulatory bodies. read more    – Journal of Accountancy

ASB enhances communication in auditors’ reports

Over the last several years, leaders of the accounting profession have sought ways for auditors to be able to communicate more information that’s important to users of financial statements and auditors’ reports. read more    – Journal of Accountancy

GASB proposes guidance for subscription-based IT arrangements

State and local governments would account for subscription-based information technology arrangements under many of the same provisions they use for lease accounting under a proposal published recently by GASB. 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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