June Audit & Assurance Newsletter

FASB supersedes outdated guidance related to Circular 202

FASB recently issued amendments to accounting rules to supersede outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges.

Circular 202 has been rescinded and is no longer relevant. FASB issued Accounting Standards Update No. 2018-06Codification Improvements to Topic 942, Financial Services — Depository and Lending, to supersede the guidance within FASB ASC Subtopic 942-740, Financial Services — Depository and Lending — Income Taxes, that has been rescinded by the Office of the Comptroller of the Currency. read more    – Journal of Accountancy

New compilation and review report requirements issued

The AICPA Accounting and Review Services Committee recently issued a new standard containing revised compilation and review reporting requirements. read more    – Journal of Accountancy

Valuation of portfolio company investments addressed in AICPA working draft

The AICPA recently issued a working draft of an Accounting and Valuation Guide that provides guidance for financial reporting purposes regarding the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies within the scope of FASB Accounting Standards Codification (ASC) 946, Financial Services — Investment Companies. read more
Journal of Accountancy

Software companies balk at disclosure rule for cloud setup costs

Software companies are pushing back against a proposed change by accounting regulators for how they are required to attribute costs associated with moving data to the cloud. read more    – Bloomberg BNA

GASB rule sheds light on tax abatements

A rule issued by the Governmental Accounting Standards Board calls for state and local governments to disclose information about costs associated with tax abatements offered to companies. This rule has proved useful for journalists interested in shedding light on these arrangements. read more    – CPA Letter Daily/Columbia Journalism Review

GASB issues implementation guidance

GASB recently issued implementation guidance that is intended to clarify, explain, or elaborate on some of the board’s accounting standards for state and local governments. read more    – Journal of Accountancy

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