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Audit & Assurance

February 2020 Audit & Assurance Newsletter

ARSC further converges SSARSs with international standards and aligns closer with GAAS

The AICPA Accounting and Review Services Committee (ARSC) recently issued a new Statement on Standards for Accounting and Review Services (SSARS) that amends four sections of SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, to more closely align them with the auditing standards in AICPA Professional Standards, where appropriate, and with the international standards for review engagements. read more    – Journal of Accountancy

FASB proposes changes to not-for-profits’ reporting of gifts-in-kind

FASB recently issued a Proposed Accounting Standards Update (ASU) designed to improve transparency in how not-for-profit organizations present and disclose contributed nonfinancial assets. read more    – Journal of Accountancy

FASB clarifies interaction between standards

FASB recently issued a standard that is intended to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives. read more    – Journal of Accountancy

New GASB standard addresses lease accounting, OPEB, other issues

Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were recently addressed in an omnibus standard issued by GASB. read more    – Journal of Accountancy

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