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Audit & Assurance

January 2019 Audit & Assurance Newsletter

FASB tweaks leases standard with new update

FASB recently issued an Accounting Standards Update (ASU) that clarifies how to apply the new leases standard when accounting for sales taxes, certain lessor costs, and certain requirements related to variable payments in contracts.

ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, modifies ASU No. 2016-02, Leases (Topic 842). ASU No. 2018-20 should reduce lessors’ implementation and ongoing costs related to the new leases standard, according to a FASB news release. read more    – Journal of Accountancy

FASB proposal would address lessor implementation challenges

FASB recently issued a proposal that would address challenges that lessors may encounter as they implement the board’s new lease accounting standard. read more    – Journal of Accountancy

FASB proposes extending two GAAP alternatives to not-for-profits

FASB is proposing that not-for-profits be permitted to use two GAAP alternatives that are currently available only to private companies. read more    – Journal of Accountancy

ASB changes align GAAS with PCAOB standards

The AICPA’s Auditing Standards Board (ASB) voted to issue a new auditing standard, Omnibus Statement on Auditing Standards — 2019, that will more closely align standards for auditors of nonpublic clients to the auditing standards of the PCAOB, in order to enhance audit quality in an effective and efficient manner. read more    – Journal of Accountancy

GASB proposes implementation guide for fiduciary activities standard

GASB recently published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities. read more    – Journal of Accountancy

New standard proposed for forensic services engagements

The AICPA Forensic and Valuation Services Executive Committee (FVSEC) has developed and recently issued for comment a standard for engagements of forensic services. read more    – Journal of Accountancy

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